If you find the current economy a bit confusing, don’t worry: So does the nation’s top economic official, Federal Reserve Chair Jerome Powell. At a highly anticipated news conference Wednesday, Powell said the Fed was sticking by its bedrock economic forecast: COVID-19 will eventually fade, which, in turn, will enable supply chain bottlenecks to unsnarl.
Stocks on Wall Street fell broadly Thursday, closing out September with their worst monthly loss since the beginning of the pandemic. The S&P 500 ended the month 4.8% lower, its first monthly drop since January and the biggest since March 2020, when the viral outbreak rattled markets as it wreaked havoc with the global economy.
For such a volatile year, the White House race between President Donald Trump and Democratic challenger Joe Biden has been remarkably consistent. With Election Day just eight weeks away, Biden is maintaining the same comfortable lead in most national polls that he enjoyed through the summer. He also has an advantage, though narrower, in many