The Latest Powell says tariffs immigration slow housing

WASHINGTON — The Latest on Federal Reserve Chairman Jerome Powell’s presentation of the Fed’s semi-annual monetary report to the Senate Banking Committee. (all times local):11:40 a.m.Federal Reserve Chairman Jerome Powell says homebuilders are having a harder time building lower-cost housing because of higher tariffs and tougher immigration policies.“The homebuilders feel like they’ve been hit by a perfect storm here,” Powell tells the Senate Banking Committee in his second day of testimony before Congress.Higher tariffs have increased costs for construction materials, he says, and tighter immigration enforcement has made it harder for builders to find workers. Even though the Fed has kept rates low and mortgage rates have fallen, those factors have pushed developers to build higher-priced homes to cover the bigger costs.Powell, under questioning from Sen. John Kennedy, Republican of Louisiana, says legal and illegal immigration can help the U.S. economy by increasing the size of the workforce. When asked whether illegal immigration lowers US wages, Powell said that extensive research on the subject “has not reached a clear conclusion.”___10:55 a.m.Powell says before the Senate Banking Committee that very low unemployment rates no longer necessarily push up inflation. A relationship between the two existed “50 years ago” but that has gotten “weaker and weaker and weaker,” Powell said.Powell’s comments in a second day of testimony on Capitol Hill suggest the Fed is more comfortable keeping short-term interest rates low and suggests that Fed policymakers may cut rates at its meeting later this month. For decades, economists assumed that low unemployment — such as the current jobless rate of 3.7% — meant that employers would have to raise pay to attract and keep workers, and in turn would then raise prices to cover higher wage costs. Many Fed officials historically would then support raising interest rates to forestall what was called a “wage-price spiral.”But now, Powell says, the unemployment rate can likely fall much further than in the past without sparking inflation, which means that interest rates can also stay lower.“I think we’re learning all of those things,” he says.___Federal Reserve Chairman Jerome Powell, testifying for a second day before Congress, is delivering the same message: that the central bank is prepared to cut interest rates to support the economy, raising hopes that the first reduction in its key policy rate in a decade could happen later this month.Powell’s prepared testimony to the Senate Banking Committee is identical to the remarks he delivered Wednesday before the House Financial Services Committee on Wednesday.In his opening comments, Powell says that “uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook.”The Associated Press read more

East London doctor charged with 118 sexual offences

first_imgDetectives last night refused to comment further on the investigation or charges.Anyone with concerns or questions about the investigation can call 0800 011 4253. Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily  Front Page newsletter and new  audio briefings. A doctor from east London has been charged with more than 100 sexual offences including abusing a child, after a major investigation by Scotland Yard detectives.Manish Shah is accused with a total of 118 counts of assault, the Metropolitan Police said.His charges include 65 counts of assault by penetration contrary to Section 2 of the Sexual Offences Act 2003.He is also accused of 52 counts of sexual assault contrary to section 3 of the Act.The 47-year-old is also charged with one count of sexual assault on a child under 13, contrary to section 7 of the Act, a police statement said last night (WED).Detectives from the complex case unit of Scotland Yard’s Child Abuse and Sexual Offences Command are understood to have launched an investigation after allegations of sexual assault were reported in 2013.The offences were alleged to have occurred in East London between June 2004 and July 2013 and are understood to relate to 54 separate victims.After being charged, Shah, of Brunel Close in Romford, was bailed to appear at Barkingside Magistrates’ Court on Thursday August 31.The NHS has set up a dedicated hotline for people who may be concerned about the investigation, police said.last_img read more

Bjerringbro Silkeborg celebrate away win in Schaffhausen

← Previous Story NO ONESTA PARTY IN PARIS: Dinart will lead France at WCh 2017! Next Story → Italian Serie A: the opening of the 2016/17 season bjerringbro-silkeborgEHF CL The best Danish team Bjerringbro Silkeborg celebrated an important win at the start of the VELUX EHF Champions League Group A. Danes beat Swiss Kadetten Schaffhausen 25:24 (10:12). Despite good shooting mood of Hungarian playmaker Gabor Csaszar, who netted 11 times, away team had more players on the level necessary for important success.Johan Hansen netted seven goals, Nikolaj Markussen and Sebastian Skube added five each to ruin handball party in front of 2.100 domestic fans.In two opening matches of Group C and D, there were no winners. Chehkovskie Medvedi played 28:28 with Naturhouse La Rioja, while HBC Nantes survived a long trip to Ukrainian East – Zaporozhye, where they played 26:26 against home side – Motor. read more