The Full Belmonte, 3/11/2023
“Three years ago, the World Health Organization declared the spread of what was then called the novel coronavirus to be a pandemic. Some 4,200 Covid-19 deaths had been confirmed at that point. Almost 7 million would follow, though the true number of lives lost is believed to be much higher. In March of 2020, the pathogen had already spread to more than 100 countries. Horrific waves would sweep across Europe and the US, which for much of the pandemic suffered the worst death toll of all. No part of the planet would be untouched, as India later suffered a crushing surge and, more recently, China after the sudden lifting of precautions. The constant wail of sirens that punctured the night in cities like New York—an initial epicenter of the global disaster—has receded. But with close to 1,000 confirmed Covid-19 deaths every day all over the world, the pandemic isn’t over. —David E. Rovella [Bloomberg]
February’s better-than-expected jobs report
Alex Wong/Getty Images
“The US economy added 311,000 jobs in February, according to Labor Bureau statistics released Friday.” [Vox] [CNBC / Jeff Cox]
“Though down from January when employers added 504,000 to payrolls, the figure is higher than expected. The Federal Reserve will likely continue raising interest rates to tame inflation and slow growth.” [Vox] [Guardian / Dominic Rushe]
“Wages rose more slowly in February; while bad for workers, higher wages can lead to higher costs to consumers.” [Vox] [Associated Press / Christopher Rugaber]
“The leisure and hospitality sectors led job creation last month, adding 105,000 positions, as consumers shifted from buying goods to services.” [Vox][CNN / Alicia Wallace]
“Meanwhile, the unemployment rate rose slightly from a 53-year low to 3.4 percent, a sign the economy could be cooling.” [Vox] [Reuters / Lucia Mutikani ]
Michael Cohen to Testify at Grand Jury as Likely Trump Indictment Looms
Mr. Cohen, Donald J. Trump’s former fixer, is the key witness in a case built around a hush money payment to Stormy Daniels.
By Ben Protess, William K. Rashbaum, Jonah E. Bromwich and Maggie Haberman
March 10, 2023
“Michael D. Cohen, the former fixer who for years did Donald J. Trump’s dirty work, is expected to testify before a Manhattan grand jury next week, a sign that prosecutors are poised to indict the former president for his role in paying hush money to a porn star, according to people with knowledge of the matter.
The Manhattan district attorney’s office has already questioned at least seven other people before the grand jury hearing evidence about the hush money deal, according to several other people with knowledge of the inquiry, potentially making Mr. Cohen the last witness.
Once he has testified, nearly every crucial player in the hush money matter will have appeared before the grand jury — with the exception of the porn star herself, Stormy Daniels, who may not be called to testify.
It would be highly unusual for a prosecutor in a high-profile white-collar case to go through a weekslong presentation of evidence — and question nearly every relevant witness — without intending to seek an indictment.
Mr. Cohen’s testimony is the second strong indication that the district attorney, Alvin L. Bragg, will ask the grand jury to indict the former president, possibly as soon as this month. The first came when Mr. Bragg’s prosecutors informed Mr. Trump’s lawyersthat if he wanted to testify before the grand jury, he could do so next week, people with knowledge of the matter said. Such offers almost always indicate an indictment is close.
In New York, potential defendants have the right to answer questions in the grand jury shortly before they are indicted, but they rarely testify, and Mr. Trump is likely to decline the offer…..” Read more at New York Times
“SVB’s Silicon Valley Bank became the biggest US lender to fail in more than a decade following a run by depositors. California state watchdogs took possession of the bank and appointed the Federal Deposit Insurance Corp. as receiver. Here’s the latest.
While SVB’s blowup blindsided most of the market, at least one corner of Wall Street spied trouble ahead. Bets against regional banks have been winners of late as concerns about balance sheets started rippling through the financial system. For weeks, short sellers pushed bearish interest in a regional bank exchange-traded fund higher, until it peaked at about 78% of shares outstanding—the highest level in at least a year.
For everyday folks, the SVB failure is stoking fear for their savings. People with money in commercial banks and retirement accounts may hear echoes of the financial crisis. Many are wondering if their money is safe.
US Treasury Secretary Janet Yellen warned lawmakers that failure to pay US government bills, a move being threatened by Republicans, ‘will produce economic and financial collapse,’ and that a GOP plan to prioritize some payments over others ‘is just default by another name.’” [Bloomberg]
Janet Yellen, US Treasury secretary, center, departs following a House Ways and Means Committee hearing in Washington Friday. Photographer: Al Drago/Bloomberg
“Valparaiso University in Indiana plans to sell works by Georgia O’Keeffe and others to raise $10 million for dorm renovations.” [New York Times]