FT News Briefing Fed eyes low rates until 2023, Trump calls for stimulus, Snowflake IPO
Sep 17, 2020
The Federal Reserve plans to maintain low interest rates through 2023, signaling ongoing support for the economy. President Trump is urging Senate Republicans to enhance their economic stimulus proposal amid challenges. Excitement is building around Snowflake's initial public offering, which has rapidly gained attention as the largest-ever software IPO. The rise of cloud computing demand during the pandemic has fueled Snowflake's growth, despite concerns about its valuation and competition from tech giants.
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Fed’s Low Rate Strategy
- The Federal Reserve signals no interest rate increases until at least the end of 2023.
- This reflects the economic damage from the coronavirus and the Fed's new approach to inflation.
Trump’s Push for Stimulus
- President Trump urges Republicans to increase their stimulus proposal.
- He believes a larger package is needed to boost the US economy.
Snowflake’s IPO Success
- Snowflake, a cloud computing company, doubled in value during its IPO, exceeding expectations.
- Its success is attributed to revenue growth and the increased demand for remote work solutions.