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                                                                                                 u.s. news Diahuebs 5 November 2020

                               Jittery public awaits fate of race in bitterly divided US



            (AP)  —  With  a  bitterly  divided  into  sanity  or  otherwise  sought  ref-
            America  failing  to  deliver  a  de-  uge from the perplexity and possible
            cisive  result  for  either  party,  a  further delays.
            jittery  public  awaited  clarity
            Wednesday over the fate of a race  Jason Klemm, a 49-year-old actor in
            that remained too early to call.    Philadelphia,  sipped  vodka  from  a
                                                7-Eleven  cup  Wednesday  morning
            Across  the  country,  sleep-deprived  in Rittenhouse Square, trying to ease
            voters  kept  TV  screens  tuned  to  his nerves after staying glued to tele-
            newscasts  while  refreshing  maps  vision coverage until 4 a.m., then ris-
            checkered with blue and red that de-  ing after a nap. As returns continued
            livered no clear answers. “There will  streaming in, Klemm felt better than
            be a lot of confusion, a lot of chaos,”  he  did  a  few  hours  earlier  that  his
            said Lewis Stevens, 47, a graphic de-  candidate,  Biden,  could  prevail,  but
            signer  and  film  producer  in  Detroit  he knew it would fall short of what
            who voted for former Vice President  he’d hoped for.
            Joe Biden. “I’m anticipating court le-                                  In Michigan, where Biden held a nar-  sidering switching from red wine to
            gal battles, the whole nine yards.”  “I  would  have  liked  a  miracle  last  row lead, 78-year-old Jerry Stutzman,  tequila. Even as they held out hope,
                                                night but it didn’t happen,” said Kl-  who  cast  his  vote  for  Trump,  ex-  they knew they hadn't won what they
            Votes were still being counted across  emm,  whose  state  showed  Trump  pressed disappointment about delays  wanted: a nationwide repudiation of
            the country and likely will be for days  leading  with  many  votes  still  un-  in returns but said he wouldn’t lose  Trump.
            to come as Biden and President Don-  counted. “But every time I walk away  any  sleep  over  it.  “You’ve  got  to  be
            ald Trump both remain short of the  and  come  back  later,  it’s  a  little  bit  careful what you stress over,” the re-  “I honestly feel like I’m going to have
            necessary 270 electoral votes to win.  better for Biden.”               tired  businessman  said.  “I  will  keep  a heart attack before the end of this,”
            Nothing was out of the ordinary in                                      positive. I’m not going to bury myself  said Denice Asbell. “I feel like it’s slip-
            that process beyond a predicted surge  In  North  Carolina,  where  Demo-  in the sand. There’s always challenges  ping. I’m scared to say this out loud,
            of mail-in votes, but the lack of cer-  crats clung to hope despite a lead for  in the world and you’ve got to learn  but the potential for us to see the win
            tainty wore on a public exhausted by  Trump, Kyle Holland, an 18-year-old  to live with them.”Elsewhere in the  that we wanted is slipping away.”
            a  seemingly  endless  campaign,  and  student  voting  in  his  first  election,  state, the sentiment was far less calm.
            all the attacks, vitriol and costly TV  thought his choice of Trump would                                   Asbell's  daughter,  13-year-old  Rhe-
            commercials that go with it.        prevail.                                                                gan  Stallworth,  reflected  the  angst
                                                “I think he looks in pretty good shape.  At a Fems for Dems gathering in the  of  a  divided  country  as  she  braced
            The  verdict  will  be  delivered  by  a  I mean, it’s not gonna be a blowout  affluent Detroit suburb of Bloomfield  for the outcome in a country where
            handful  of  swing  states  with  razor-  or anything, but I think he’s gonna be  Hills, women routinely moaned and  many don't understand the beliefs of
            thin margins likely to lead to recounts  able to get to 270 electoral votes," said  dropped their heads into their hands  the  opposing  side.  “It’s  like  putting
            and  legal  challenges.  Voters  there  Holland, who lives in Faison, North  as the returns came in throughout the  your life in the hands of a nation that
            took deep breaths, coaxed themselves  Carolina.                         night and early morning, some con-  you don’t trust,” said Stallworth.


                       Fed confronts a shaky US economy that likely needs more help



            (AP) — Federal Reserve officials are meeting                                                     from the outbreak. The central bank later modi-
            this week with the economy facing growing  Most economists say that unlike Congress, the cen-    fied the rationale for its bond purchases by saying
            threats from a resurgence of the coronavirus  tral bank may already have provided almost all the  they would help support the economy — the same
            and from Congress' failure to provide any fur-  help it can for the economy through its low-rate  reason it gave during earlier bond purchases that it
            ther aid for struggling individuals and busi-   policies. Fed officials themselves, including Chair  engineered to bolster the weak recovery from the
            nesses.                                         Jerome Powell, have sounded a similar message.   2008 financial crisis.

            Yet the Fed will likely end its latest policy meeting  In  March,  when  the  pandemic  first  struck,  the  In the past, critics have asserted that the Fed's ag-
            Thursday by deciding to wait before determining  Fed cut its key rate to an ultra-low range of 0% to  gressive bond buying risked destabilizing financial
            whether or how to expand the economic support  0.25%. In August, it announced that it planned to  markets  and  triggering  runaway  inflation.  That
            it  has  been  supplying  through  ultra-low  interest  keep rates near zero even after inflation has exceed-  hasn't happened. And given the rising threat of an-
            rates. The central bank has been buying Treasury  ed the Fed's 2% annual target level. And in Septem-  other economic setback, many economists say the
            and mortgage bonds to hold down long-term bor-  ber, the policymakers signaled that their key rate  Fed  will  eventually  increase  the  size  of  its  bond
            rowing rates to encourage spending. And it has kept  would likely stay near zero at least through 2023  purchases  or  shift  the  mix  of  those  securities  to
            its key short-term rate, which influences many cor-  — and possibly longer.                      longer-term securities — or perhaps some of both.
            porate and individual loans, near zero.
                                                            Yet in recent weeks, various Fed officials have ex-  “While Congress is deadlocked, the only game in
            The Fed's meeting comes against the backdrop of  pressed concern that even more assistance might  town is monetary policy,” said Sung Won Sohn, an
            an anxiety-ridden election week, with the results of  be  needed,  especially  if  the  virus  forces  another  economics  professor  at  Loyola  Marymount  Uni-
            Tuesday's voting still uncertain, and an escalation  round of lockdowns in the United States similar to  versity in Los Angeles. “They have to do what they
            of the virus across the country. The economy and  what Europe is already experiencing.           can.”
            the job market have weakened again after initially
            strong  bounce-backs  from  the  pandemic-fueled  “The Fed is going to be very worried about the risk  At a news conference he will hold Thursday, Pow-
            recession that erupted in early spring. If the rise in  of a double-dip recession given the lack of further  ell won't likely reveal much about the Fed’s pos-
            confirmed COVID cases were to cause widespread  support  by  Congress,”  said  Diane  Swonk,  chief  sible future moves. That is especially so given that
            business shutdowns or restrictions as cold weather  economist at auditing firm Grant Thornton.   the policymakers may be holding out hope that a
            arrives, consumers might cut back on spending and                                                logjam  can  be  broken  and  more  economic  relief
            further slow the economy.                       Some Fed watchers think the policymakers may be  can  be  enacted  during  a  “lame-duck”  session  of
                                                            discussing whether to increase the power of their  Congress between now and early January.
            Heightening  the  risks,  the  multi-trillion-dollar  other major program — a bond buying effort that
            stimulus  aid  that  Congress  passed  in  March  and  is intended to boost the economy by lowering lon-  “The Fed is hoping beyond hope that we get a fresh
            that  helped  sustain  jobless  Americans  and  ailing  ger-term borrowing rates. But any such announce-  rescue  package  from  Congress  soon,”  said  Mark
            businesses has expired. Lawmakers have failed thus  ment won't likely be made until a future meeting.  Zandi, chief economist at Moody’s Analytics. “Fed
            far to agree on any new rescue package, clouding  In mid-March, when the virus first hit hard, the  officials have made it pretty clear they need help
            the future for the unemployed, for small business-  Fed  accelerated  its  bond  purchases  to  try  to  ease  from Congress at this point.”
            es and for the economy as a whole.              disruptions in the Treasury bond market resulting
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