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The Tension Between The Near- And Medium-Terms
Today’s news highlights the dilemma facing the Fed at this week’s meeting. This, for instance, from Bloomberg: The first Covid-19 vaccine shots were administered by U.S. hospitals Monday, the initial step in a historic drive to immunize millions of people as deaths passed the grim milestone of 300,000. And this, also from Bloomberg: New York is headed toward a second full shutdown if Covid-19 cases and hospitalizations continue at their current pace, Governor Andrew Cuomo said. But we also have this from the New York Federal Reserve: The November Survey of Consumer Expectations shows that consumers’ year-ahead ... (full story)