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  • Fed slashes rates, rips open crisis tool kit to cushion coronavirus blow

    first_imgThe US Federal Reserve slashed rates back to near zero, restarted bond buying and joined with other central banks to ensure liquidity in dollar lending to help put a floor under a rapidly disintegrating global economy during the escalating coronavirus pandemic.And in a dramatic move that underscored the depth of the economic threat as businesses shutter and potentially millions of jobs evaporate, the Fed encouraged banks to use the trillions of dollars in equity and liquid assets built up as capital buffers since the financial crisis to support firms and people whose lives have been upended by the virus.“The effects of the coronavirus will weigh on economic activity in the near term and pose risks to the economic outlook. In light of these developments, the Committee decided to lower the target range,” the Fed said, adding that it is “encouraging banks to use their capital and liquidity buffers as they lend to households and businesses who are affected by the coronavirus.” Topics : The Fed cut rates to a target range of 0 percent to 0.25 percent and said it would expand its balance sheet by at least US$700 billion in coming weeks.Read also: Government allocates $8b to stimulate economy as businesses, workers suffer from COVID-19 impacts“The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals,” the Fed said.The Fed and other major foreign central banks also cut pricing on their swap lines to make it easier to provide dollars to financial institutions facing stress in credit markets. The Fed, the Bank of Canada, European Central Bank, Bank of England, Bank of Japan and Swiss National Bank had set up swap lines in the financial crisis.center_img It was the third time this month the US central bank took emergency action outside of a regularly scheduled policy meeting to protect financial markets and the economy.On March 3, it cut interest rates by a half of a percentage point and last week in the face of an accelerating market meltdown it injected cash into short-term funding markets and launched a wave of Treasury security purchases.On Sunday, the Fed took further steps to boost liquidity in the US financial system.It lowered the primary credit rate by 150 basis points to 0.25 percent in order to encourage banks to tap its emergency lending window. Depository institutions may borrow from this so-called discount window for periods as long as 90 days, pre-payable and renewable by the borrower on a daily basis, it said.Read also: What rout? Two newcomers defy gloomy market openingThe Fed also said it would support US banks that began to tap the capital and liquidity buffers they built up in the aftermath of the 2008 financial crisis and would reduce reserve requirement ratios to 0 percent effective on March 26.“This action eliminates reserve requirements for thousands of depository institutions and will help to support lending to households and businesses,” the Fed said.Policymakers were not due to hold their next interest-rate setting meeting until Tuesday and Wednesday.President Donald Trump called the actions “good news” that “makes me very happy.”last_img read more

  • Hogan drives home with top Modified Madness cash

    first_imgBy Mike McGuire DAVENPORT, Iowa (May 23) – A very long green flag run ended with Scott Hogan in victory lane Friday night at Davenport Speedway. Hogan caught race-long leader Darin Duffy with three circuits left in the 50-lapper and held on to the checkers in the $2,000 to win IMCA Xtreme Motor Sports Modified Madness feature.The green light stayed on for the last 34 laps and the main event had the look of its first repeat winner in Duffy. He started on the pole and led the first 47 laps before the third-starting Hogan charged by coming to the flagstand.“Fifty laps is a long time and there were just two yellows. It got really dicey there for a while,” admitted Hogan, already on the Fast Shafts All-Star Invitational ballot. “(Doug) Crampton was right there, too, but we got through the lapped traffic OK and then got spread out again.” Duffy was higher up on the oval when Hogan used the middle line to complete the pass for the lead. He’d go on to take the win by a couple car lengths just before catching up with more lapped cars.Duffy, “B” winner Crampton, Richie Gustin and Chris Zogg completed the top five. Forty-three IMCA Modifieds were in the pits Friday at Davenport. Feature results – 1. Scott Hogan; 2. Darin Duffy; 3. Doug Crampton; 4. Richie Gustin; 5. Chris Zogg; 6. Mitch Morris; 7. Dean McGee; 8. Tim Current; 9. Kurt Kile; 10. Ray Cox Jr.; 11. Eric Barnes; 12. Jake Bowman; 13. Kelly Meyer; 14. Dan Klatt; 15. Brian Mullen; 16. Bob Dominacki; 17. Josh Starr; 18. Jason Masengarb; 19. Tony VonDresky; 20. Doug Nigh.Heat winners were Kile, Gustin, Zogg, Bowman and Cox. “B” feature winners were Crampton and Dominacki.last_img read more

  • Purple & Bold: Kobe inspired, encouraged and made ’em think

    first_img“He’s like, ‘Good luck with in the playoffs, you’re gonna do your thing.’ And then at the end he’s like, ‘When the symphony plays and the maestro comes in and the lights shine and they point at you, it’s your time to come in and solo. And you’ll know it because you prepared for this moment.’“Only Kobe would say and describe it in that way.”Steve Nash, himself a cerebral basketball mind, said on the TNT broadcast that he loved the way his adversary-turned-teammate put things. Because it always made him think.“I remember after we beat him in the ’06 in the playoffs, we were at a Nike shoot together and he came to me and he said, ‘How do you trust your teammates?’ ” Nash recalled. “And inside, I thought, first of all, that’s a sign of respect. And I thought to myself, with a smile, ‘Well, I have to trust my teammates, ’cause I ain’t anywhere near the player you are…’“But when I walked away from the conversation, I have to admit I went, ‘Was he Jedi mind-tricking me?’ Or was he telling me, ‘Just so we’re clear on the ledger, you had a better team.’“I love this about the Kobe Bryant. I love this about Kobe Bryant!”So many memories.“One of my favorite moments is All-Star weekend, his last All-Star,” said Dwyane Wade, a superstar opponent and good friend of Bryant’s, on TNT. “My son is on a court rebounding for us and Kobe says, ‘Zaire, come down here.’ And Zaire looks at me and he’s nervous like, ‘Should I go?’“And I say, ‘You better go get your Kobe moment!’ ”— Mirjam SwansonEditor’s note: Thanks for reading the Purple & Bold Lakers newsletter. To receive the newsletter in your inbox, sign up here.All SCNG’s extensive Kobe coverageAll of the Southern California News Group’s extensive Kobecoverage – For links to photos, news stories, columns, features and more, start here.Remembering Kobe – In lieu of a game, there was a wake at Staples Center.Photos – You have to see the fresh murals Kobe inspired. You gotta love L.A.From the jump – Jim Alexander writes about Kobe’s rare drive and determination.A unique story – Kevin Modesti on Kobe’s triumphs and tragedy.‘Don’t need no boy for that!’ – Kobe championed Gianna and the women’s game.Thebest of – The greatest legends and tall tales about Kobe.Cheering for Kobe – A ticket to SoCal life for many Asian Americans.At Mamba Academy – Players, coaches learned of the helicopter tragedy together.‘Never fly on a helicopter together’ – Kobe and Vanessa Bryant had a deal. Newsroom GuidelinesNews TipsContact UsReport an Error Editor’s note: This is the Wednesday, Jan. 29 edition of the Purple & Bold Lakers newsletter. To receive the newsletter in your inbox, sign up here.So many memories. Such great impact.Derek Fisher, pushing bravely forward, as Kobe Bryant would expect, took a few minutes Tuesday to call and talk about about his longtime Laker teammate, touching on what he learned during their time together, lessons thatFisher tries to implement now as head coach of the L.A. Sparks.It was a gift, Fisher said, “having been able to see what an athlete is capable of when they really dedicate and commit themselves to their craft, to being the greatest player and the best version of themselves that’s humanly possible. I saw it on a daily basis and so there’s no excuse for the rest of us to act like it’s not possible: I’ve seen a human being do it.center_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREUCLA alum Kenny Clark signs four-year contract extension with Packers“There will be moments and opportunities to reflect even more on what he accomplished and what his legacy represents when we reconvene for camp this year,” he promised.Jordin Canada, the former UCLA star and WNBA champion for the Seattle Storm, grew up in L.A., one of the legions of young players inspired not just by Bryant’s skills, but by the work behind them.“As a kid, maybe about 5 or 6 years old, I used to sit on the couch with my dad and watch all the Lakers games,” she said Tuesday in a phone conversation. “And I remember, as I got older and got into the sport, watching his game and being in awe of him. He inspired me, he inspired me to want to be better. He motivated me to work harder. Just his mentality and the way he carried himself on the court, how he took the game and his craft so seriously, and how he continuously worked — his work ethic is something I’ll never forget.”All that work was preparation to be able to perform, beautifully, when the moment was right.“In ’08, we made the playoffs and I was in practice and I get out and I have this crazy voicemail,” said Sparks star Candace Parker during TNT’s emotional “Remembering Kobe” special that happened Tuesday night inside Staples Center as fans continued to gather to mourn outside.last_img read more

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