{"id":110722,"date":"2021-03-22T15:24:57","date_gmt":"2021-03-22T15:24:57","guid":{"rendered":"https:\/\/myfintale.com\/?p=110722"},"modified":"2021-03-22T15:24:57","modified_gmt":"2021-03-22T15:24:57","slug":"feds-powell-says-delayed-stimulus-payments-present-short-term-challenges","status":"publish","type":"post","link":"https:\/\/myfintale.com\/economy\/feds-powell-says-delayed-stimulus-payments-present-short-term-challenges\/","title":{"rendered":"Fed's Powell says delayed stimulus payments present short-term challenges"},"content":{"rendered":"

People feel something different than what Jerome Powell is telling them: Market Strategist<\/h2>\n

Slatestone Wealth’s Kenneth Polcari breaks down where to invest now on ‘Wall Street.’<\/p>\n

Federal Reserve Chairman Jerome Powell said Monday the coronavirus pandemic exposed weaknesses in the global payment system, including the delays in stimulus check deliveries to millions of Americans.<\/p>\n

"At the absolute acute phase of the crisis, there was a need to get support payments to people quickly," Powell said during a Bank of International Settlements conference. "Our regular payment system, which gets things there in a few days, was challenged to deliver massive, millions, hundreds of millions of payments really quickly."<\/p>\n

FED HOLDS RATES NEAR ZERO, BUT LIFTS GROWTH OUTLOOK AS US ECONOMIC RECOVERY STRENGTHENS<\/strong><\/p>\n

The federal government took about two weeks to start distributing the first round of $1,200 cash payments in April, and about one week to send the second round of checks, worth $600, in January.<\/p>\n

But with the severity of the crisis, which forced an unprecedented shutdown of the nation's economy, causing the unemployment ranks to swell in a matter of days, Powell said that timing was essential.<\/p>\n

BIDEN'S COVID RELIEF BILL INCLUDES BILLIONS FOR STATES THAT DON'T NEED IT<\/strong><\/p>\n

"You could see spending pick up immediately after the payments arrived," he said. "So people were really, with their companies closed down and on furlough, they were in need of quickness."<\/p>\n

GET FOX BUSINESS ON THE GO BY CLICKING HERE<\/strong><\/p>\n

Powell also said the pandemic highlighted the disparate impact of "so many things" on poor and lower-income communities and showed the need for great inclusiveness in the U.S. financial system. For instance, he noted that lower-income Americans were less likely to have access to remote access to financial services, even though they were in dire need of support.<\/p>\n

"It underscores what is already a high priority for us," he said. "Which is the need to have a greater, more inclusive payment system and a more inclusive economy.'<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

People feel something different than what Jerome Powell is telling them: Market Strategist Slatestone Wealth’s Kenneth Polcari breaks down where to invest now on ‘Wall […]<\/a><\/p>\n<\/div>","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"yoast_head":"\nFed's Powell says delayed stimulus payments present short-term challenges - my finance tale<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/myfintale.com\/economy\/feds-powell-says-delayed-stimulus-payments-present-short-term-challenges\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fed's Powell says delayed stimulus payments present short-term challenges - my finance tale\" \/>\n<meta property=\"og:description\" content=\"People feel something different than what Jerome Powell is telling them: Market Strategist Slatestone Wealth’s Kenneth Polcari breaks down where to invest now on ‘Wall [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/myfintale.com\/economy\/feds-powell-says-delayed-stimulus-payments-present-short-term-challenges\/\" \/>\n<meta property=\"og:site_name\" content=\"my finance tale\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-22T15:24:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/myfintale.com\/wp-content\/uploads\/2018\/07\/hlEkZEkoAFOdOleNHWuK.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Vogel\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Vogel\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/myfintale.com\/economy\/feds-powell-says-delayed-stimulus-payments-present-short-term-challenges\/\",\"url\":\"https:\/\/myfintale.com\/economy\/feds-powell-says-delayed-stimulus-payments-present-short-term-challenges\/\",\"name\":\"Fed's Powell says delayed stimulus payments present short-term challenges - 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