Fed still in crisis-fighting mode as recovery appears to moderate The pace of the recovery in economic activity and employment has moderated in recent months, with weakness concentrated in the sectors most adversely affected by the pandemic, the Fed s policy-setting committee said in the statement.
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Howard Schneider and Ann Saphir / Reuters | 4:20 pm, Jan. 27, 2021 ×
WASHINGTON, Jan 27 (Reuters) - The Federal Reserve on Wednesday left its key overnight interest rate near zero and made no change to its monthly bond purchases, pledging again to keep those economic pillars in place until there is a full rebound from the pandemic-triggered recession.
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Jan 25 (Reuters) - When Randall Stephenson joined 180 of his peers leading many of the richest U.S. companies in signing the Business Roundtable pledge on the “purpose of a corporation” in August 2019, the then-chief of AT&T Inc promised to look out for the interests of all the wireless carrier’s stakeholders, not just shareholders.
Two months later, the Dallas-based company outlined a plan for cost reductions that also prioritized dividends and stock buybacks for shareholders, succumbing to pressure from $41 billion hedge fund Elliott Investment Management LP.
Activist investor Elliott had said its proposals would deliver “substantial benefits” for shareholders, consumers and employees, but not everybody came out ahead.
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