FT News Briefing US stimulus talks end, Macy’s buys stake in Swedish fintech
Oct 7, 2020
Donald Trump halted negotiations on a new fiscal stimulus package, leaving the economic outlook uncertain. Economists warn that hidden unemployment figures may be far worse than reported, posing risks to recovery efforts. Meanwhile, Macy's is investing in Klarna, a leading Swedish fintech, to reinvent its retail strategy as online shopping evolves. The rising trend of buy now, pay later services is shifting consumer behaviors, pushing traditional retailers to adapt or face challenges.
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Trump's Stimulus Gambit
- Trump halting stimulus talks is puzzling, especially given his trailing poll numbers.
- This move might consolidate the Republican base but risks worsening economic hardship.
Powell's Plea for Stimulus
- Federal Reserve Chairman Jerome Powell urged for fiscal stimulus.
- He believes continued monetary and fiscal policy support is crucial for a robust economic recovery.
Hidden Unemployment
- Official unemployment figures may not reflect the true extent of joblessness.
- Hidden unemployment, including furloughed workers and discouraged workers, could be significantly higher.