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Superior morning.
Ferguson is stepping down from the helm of their $1.2 trillion cash management firm following March, but he has been in the news recently as a possible appointment at a Biden government. While he did not create the very first round draft decisions, my guess is he will eventually wind up back in authorities –possibly since the very first African-American seat of the Federal Reserve Board.
We requested Ferguson in regards to the market, and if we were led toward a different financial recession. His response:
“The total economy is approximately 3 percent or so smaller today than it had been in the conclusion of this past year, and many businesses are still fighting. And though the unemployment rate comes down, we have 10 million Americans jobless and we’re concerned about long term jobless….
“So I think the likelihood of a double dip appear to have gone and I’d urge Congress and the new government to think really critically about the next round of stimulation.”
He also spoke about how the pandemic has improved inequality:
“This collection of disasters that we have seen…a medical crisis, an economic meltdown, and also a racial justice catastrophe…have {} the profound inequities which exist across several dimensions. For me the most telling statistics is that African Americans constitute approximately 13 percent of the inhabitants but roughly 23 percent of people who have expired from COVID-19.”
You can hear the Complete meeting on Apple or even Spotify.
Also this afternoon, Fortune editors have been releasing their yearly Crystal Ball forecasts for 2021. Wondering where the S&P 500 will finish the year? Or exactly what the amount of oil would be? Or that billionaire will purchase an NFL team? Have a look at the responses, here.
News below.
Alan Murray
@alansmurray
[email protected]
