Federal Reserve, Bill Bynum, FED discussed on Marketplace


S. And see a nation struggling to manage covert 19. I get e mails and text messages from all over the world just kind of shaking their head. What is happening? Why? The U. S response been so ineffective Looking at the US from beyond our borders. We take a global view of America. It's the world Stay with us for the world That's coming up at six tonight. Right here on K c U Increasing clouds are expected across most of our listening area for tonight, followed by patchy fog. Scotts Valley residents can expect mostly clear skies followed by patchy fog overnight tonight. This is marketplace. I'm Kai raised all we would be remiss if we did not mention a big speech coming tomorrow from Fed Chair J. Powell. The title. Monetary Policy Framework Review. Is. I think we can all agree a tad dry What It's going to mean in real life, though, says economist him Dewey at the University of Oregon. And dry it all My expectation is the Fed's going to basically loosen up how they've been thinking about their 2% inflation target. Specifically, the Fed will actually try to overshoot there 2% target a little bit to make up for periods of undershooting, the 2% target. And that's a big deal because central bankers today are still really, really leery of inflation, flashing back as they do to the 19 seventies, and Paul Volker and a prime rate of 21, a half percent But what is this speech going to mean? For you and me where you're going to notice? A difference is maybe over the longer run like in this recovery, the Fed will probably won't raise interest rates as early as it did in the previous recovery. So maybe as a result of that the recovery is a little bit faster. And that would mean jobs that that broom or quickly that wages that grew more quickly and then maybe inflation was a little bit higher. And as so often happens with the Fed pal, merely talking about higher inflation could just nudge the economy all by itself. Even the expectation that policy will be easier for longer could actually induced some of us to take economic activity now because it improves our confidence about the future. Tim doing at the University of Oregon there with the setup for Jay Paul's big speech tomorrow on inflation, it's all virtual. By the way, the Fed conference tomorrow You can watch pal speech. So you should you so choose. Go to the Kansas City. Feds. YouTube site YouTube dot count slash Kansas City Fed There are few things more important when it comes to building wealth in this economy than access to a bank or some other kind of financial institution. Yet, according to a study by the Federal Reserve a couple of years ago, black Americans are three times more likely to be unbanked or underbanked than whites are. And that leads me to a guy by the name of Bill Bynum. He is the CEO of Hope Credit Union in Jackson, Mississippi. Bynum grew up though. In Jim Crow, North Carolina. When I was a kid, My grandmother took me to a credit union that was in the garage of the vice principal of our segregated school in North Carolina. You have to be the town called Bynum, which is probably named after someone who known my ancestors on DH. The credit union. Provided financial.

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