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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