WHAT YOU NEED TO KNOW
- Hurricane Ida made landfall in Louisiana last night on the 16th anniversary of Hurricane Katrina, coinciding with a massive surge in COVID-19 cases throughout the state. Although some hospitals evacuated staff and patients, New Orleans hospitals planned to endure the brunt of the storm. Neighboring Mississippi, dealing with its own COVID-19 surge, also faced continued strain on its healthcare system as the storm hit the coast.
- I’m Waiting for Hurricane Ida With COVID-19 – The Atlantic
- How does Ida compare with Katrina? – The New York Times
- @ProfB: What is happening with Ida in Louisiana is why we need all the money for infrastructure. People will not be able to live in certain parts of Southern Louisiana for a long time. No electricity, cell towers, roofs blowing off of a hospital.. and that’s what we know right now.
- @TheLastWord: Dr. Mark Kline, Physician-in-Chief of Children’s Hospital New Orleans, tells @CapehartJ that his “staff is exhausted” due to a surge of children infected with Covid-19 and “the last thing in the world that we need right now is a category four storm.”
- Inflation in the last 12 months rose to its fastest pace in roughly thirty years as consumer spending in July saw a low increase amid a rise in delta variant cases. Slow consumer spending in July supports the view that economic growth is likely to stagnate in the third quarter, although the Commerce Department noted rising wages and businesses exporting more goods may suggest the sluggish growth is temporary.
- Consumer confidence, construction spending, nonfarm payrolls – Associated Press
- U.S. Household Income Jumped in July as Spending Growth Slowed – The Wall Street Journal
- In an annual economic conference, Federal Reserve Chair Jerome Powell emphasized the economy’s progress toward reaching the benchmarks for rolling back the Fed’s pandemic-related support programs, indicating a possible cut to its asset purchases this year. While Powell said job seekers are expected to help reach maximum employment, analysts noted that assessing maximum employment is difficult due to irregular economic activity during the pandemic.
- Pandemic jobless benefits expire soon. Don’t expect employment to suddenly soar – CNN
- @Schuldensuehner: Real yields fall sharply after Jackson Hole highlighting Powell’s commentary represented pure dovishness. One such comment: “The pattern of low inflation likely reflects sustained dis-inflationary forces, including technology, globalization, and perhaps demographic factors”.
- Americans planning to travel Labor Day weekend may face difficulties reaching European destinations as the EU will recommend a halt to nonessential travel from the United States amid a surge in U.S. COVID-19 cases. The news comes as the TSA said travel in the U.S. plummeted since the beginning of August.
- European Union To Remove The U.S. From Its ‘Safe Travel’ List – Forbes
- How Americans Are Planning to Travel Over Labor Day Weekend 2021 – Condé Nast Traveler
- @DaveKeating: Hearing this will become official tomorrow. The EU has become tired of waiting for Biden to end the US entry ban on Europeans. With no reciprocity forthcoming, and with US Covid case rates soaring, Americans will again be restricted from entering the EU.
- Parents are grappling with the safety of in-person classes as students across the country return to school alongside a rise in coronavirus cases amongst children. While Los Angeles County has taken the step of indefinitely requiring weekly coronavirus tests for both students and faculty, the risk for unvaccinated students remains high as a California elementary school teacher recently infected half of her class after briefly unmasking.
- Another Back-to-School Hurdle: Not Enough Bus Drivers – Bloomberg
- Virtual schools saw little disruption, got equal virus aid – Associated Press
“Treasury Demand Shows Resilience as Fed Signals Bond-Buying Pullback” – The Wall Street Journal / SOURCE: Tradeweb ICE Closes
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