FT News Briefing Biden edges towards victory, Bank of England stimulus, Uber earnings miss
Nov 6, 2020
Joe Biden inches closer to victory as Trump cries foul over election results. The Federal Reserve holds steady on rates, while the Bank of England rolls out a massive stimulus package to combat the second lockdown. Meanwhile, Uber's earnings fall short of expectations despite a rebound in ride-sharing. The podcast also examines Proposition 22, which allows gig economy firms to sidestep worker benefits by classifying employees as independent contractors.
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Contrasting Approaches
- Joe Biden expressed confidence in winning the presidency, while Donald Trump made unsubstantiated claims of election fraud.
- The differing tones between the two candidates highlighted their contrasting approaches.
Pennsylvania's Pivotal Role
- Pennsylvania holds a pivotal role in determining the election outcome, with its results potentially securing Biden's victory.
- Even if Trump wins Pennsylvania, Biden still has other paths to the presidency.
Fed Maintains Course
- The Federal Reserve maintained its existing monetary policy, keeping interest rates low until the economy achieves full employment and higher inflation.
- Fed Chairman Jay Powell reiterated the need for further fiscal stimulus from Congress and the White House.