CAC action 40

by Lindsay Dunsmuir and Howard Schneider

STOCKHOLM, Jan 10 (Reuters) – The US Federal Reserve’s (Fed) independence from political influence is essential to its ability to fight inflation, and that requires it to stay away from issues such as climate change, which are outside its scope. congressional mandate, US central bank president Jerome Powell said on Tuesday.

“Restoring price stability when inflation is high may require measures that are not popular in the short term as we raise interest rates to slow the economy. The lack of direct political control over our decisions makes it possible to take these necessary measures regardless of short-term political factors,” he said in a statement prepared for a conference on central bank independence organized by the Bank of Sweden.

But “we must stick to our model and not get bogged down in seeking perceived social benefits that are not closely tied to our statutory purposes and powers,” he added.

“Tackling new objectives, however laudable, without a clear statutory mandate would weaken the case for our independence,” he continued.

The need for the US central bank to manage inflation through interest rates and other policies is “well understood and widely accepted,” he said.

Jerome Powell recalled that this is sanctioned by a federal law which entrusts the Fed with the mission of promoting employment as much as possible and keeping prices stable.

For Jerome Powell, even though the Fed’s banking regulatory powers give it a role in ensuring that financial institutions understand the potential risks they face from climate change, “without explicit legislation from Congress, it would be inappropriate for US banking to use its monetary policy or surveillance tools to promote a greener economy or to achieve other climate-related goals”.

We are not and will not be a “climate decision maker,” said Jerome Powell.

“Decisions on policies to directly address climate change should be made by elected public bodies and therefore reflect the will of the people expressed in the polls,” he said.

Jerome Powell’s stance on the issue contrasts with that of major European central banks, which have built green economy goals into their policies.

The Fed chairman admits, however, that political leaders are more divided on the issue on the other side of the Atlantic.

(Report Howard Schneider; French version Claude Chendjou, edited by Blandine Hénault)

The failure of the Nancy roundup remains a little-known page in the history of World War II. This roundup was to take place on July 19, 1942, three days after the roundup of the Vel d’Hiv in Paris. It was aimed primarily at foreign Jews in the city and was to be performed by police officers from the Foreigners Department of the Nancy Police Station. However, these police officers decided, the day before, to derail this raid, thus committing an act of collective disobedience unique in France.

(CercleFinance.com) – The U.S. trade deficit fell sharply to $61.5 billion in November 2022, down from $77.8 billion the previous month (which was revised from an initial estimate of $78.2 billion ), according to the Department of Commerce.

This 21% month-on-month decline, much larger than market expectations, reflects a 6.4% contraction in imports of goods and services, to $313.4 billion, for a mere 2% slowdown in exports , to 251.9 billion.

(CercleFinance.com) – U.S. jobless claims fell by 19,000 in the week-ending Dec. 26, to 204,000 versus 223,000 (revised from an initial estimate of 225,000) the week prior, according to the Labor Department .

The four-week moving average – seen as a better indicator of the underlying trend in the labor market – shows a decline of 6750 on a weekly basis to settle at 213,750.

Finally, the number of people receiving regular benefits also decreased, by 24,000, to reach 1,694,000 during the week of December 19, the latest week available for this statistic.

The city of Lyon plans to raise its property tax by 9% to offset soaring energy prices.

Abolishing the house tax on principal residences is a common argument put forward by mayors to raise the property tax. But the City of Lyon has come up with a justification, to say the least strange, to justify an increase in the tourist tax of 9%, or 5 euros per month on average: the ” unprecedented energy crisis “. The surge in energy costs, in particular the explosion in the price of electricity, and inflation, have caused the Municipality’s bill to rise by at least 30 million euros, explains the Municipality. The increase in the tax on buildings in 2023 will therefore have to compensate for the explosion in the cost of energy.

For Maître Sylvain Grataloup, president of the local chamber of the National Union of Property Owners (UNPI) of Lyon, these 9% are added to the further 7% voted in the budget. ” This is 16% higher than the rate which was 29% in 2022. We are around 45% “, he warns. According to the municipality, this is a controlled increase in property tax. ” Necessary and controlled, this increase aims to sustainably maintain the level of public service, developing its quality and continuing to invest “, argues Audrey Henocque, first deputy mayor in charge of finances, who emphasizes the maintenance of municipal equipment: museums, libraries and swimming pools, “ without any price increase ».

What Maestro Sylvain Grataloup replies: “ Collective structures benefit landlords and tenants, but here it is the landlords who pay for everything “. He suggests ” make part of the property tax recoverable from the tenant as for the household waste tax », instead of an increase in property tax for landlords.

The owners, privileged?

The measure taken by the municipality of Lyon will affect 30% of the inhabitants, since a third of the inhabitants own at least one home. The most precarious workers will be exempt from this increase, as well as elderly people over 75 with low incomes and beneficiaries of the solidarity allowance for the elderly or the allowance for disabled adults. Maître Sylvain Grataloup regrets that the owners are considered as ” privileged”. “The nineteenth-century plan no longer exists and yet we have a “very nineteenth-century” look at the owners . First there was rent control and now the property tax hike ».

The city compares with Marseille, Nantes, Istres and Toulon which have all raised this local tax. For owners of a 40m² one-bedroom in Lyon, the increase will be 33 euros per year, or 2.75 euros per month. For owners of a T3 of 75 m², the increase will be €43 per year, or €3.6 per month and those with a T4 of 100 m², will have to pay an additional €178, or €14.8 per month , specifies BFM Lyon. The decision, which recalls the one taken by Paris PS mayor Anne Hidalgo in November, will be presented to the next city council on January 19. The mayor of Paris then invoked the energy crisis but also climate change and the impact of Covid-19 on the City’s finances. All arguments seem valid to justify the property tax increase.

Emotion and concern remained strong Tuesday around Buffalo Bills player Damar Hamlin, who is still hospitalized “in critical condition” after suffering cardiac arrest following a horrific shock sustained Monday during a NFL championship game.

“Damar Hamlin spent last night in the intensive care unit and remains there today in critical condition at the University of Cincinnati Medical Center,” the New York State franchise tweeted.

The day before he had announced that the 24-year-old had “gone into cardiac arrest after a shock during the game against the Bengals. His heart started beating again on the field and he was transferred to the hospital for tests and treatment. He is currently sedated and in good criticism”.

Hamlin initially received medical first aid quickly, lasting more than half an hour, with ESPN reporting that CPR was performed. We were then playing the first quarter between the Bills and Bengals, and the “safety” (defensive player), who is in his second season in the NFL, had just collapsed on the floor, immediately after recovering from a violent shock during a tackle, at of his chest.

The bulletin board announcing the postponement of the Cincinnati-Buffalo game after a Bills player felt uncomfortable in the middle of an NFL game on January 2, 2023 in Cincinnati (GETTY IMAGES NORTH AMERICA / Dylan Buell)

A terrifying sequence seen on a national channel by millions of viewers, watching this match between two Super Bowl candidates, in a packed stadium suddenly silenced. Inside, players from both teams gathered around him, many of them kneeling in prayer. Some were in tears.

– A very rare accident –

When transferred to hospital, Hamlin was on oxygen and was joined by family members present at the match. Fans of both teams gathered spontaneously, candles in hand, in front of the medical facility located about six kilometers from the stadium.

The NFL, which postponed the game indefinitely, “has not yet made a decision regarding its possible resumption at a later date,” it said in a statement Tuesday, adding it would not have any event that does not take place this week.

The governing body of this collective sport, the most popular and most violent in America, until now has had to deal mainly with the growing concerns about the concussions suffered by players following blows received to the head.

Already strict, the protocol in force was further strengthened last October, with a ban on any player from resuming a game in the event of an observed global motor instability factor, whatever the reason.

Fans of the Buffalo Bills and Cincinnati Bengals gather outside the hospital in Cincinnati, Ohio, where player Damar Hamlin was admitted the night of January 2-3, 2023 (GETTY IMAGES NORTH AMERICA/Dylan Buell)

A decision made following a controversy during a match between Miami and Buffalo at the end of September. Dolphins quarterback Tua Tagovailoa was present on the field despite a violent shock received a few days earlier and had to be carried out on a stretcher after suffering a concussion.

Fractures and ligament ruptures are also very common, but an accident such as cardiac arrest is extremely rare.

– Lively emotion –

There is only one precedent, dating back to 1971, when Chuck Hughes, player of the Detroit Lions, was a victim during a match against the Chicago Bears, without having previously suffered a shock. He had a family history and died in the hospital as both teams worked to finish the game.

Many NFL stars have posted messages of support on social media or to remind people of the risks of the sport. “Moments like this show in a different light what it’s like to play the sport you love,” wrote legendary Tampa Bay Buccaneers quarterback Tom Brady.

Los Angeles Lakers (NBA) star LeBron James recalled that “the health of the players in all sports comes first. It was a terrible thing to see.”

Buffalo Bills quarterback Josh Allen in shock after teammate Damar Hamlin is unwell in the middle of an NFL game, January 2, 2023 in Cincinnati (GETTY IMAGES NORTH AMERICA / Kirk Irwin)

Even President Joe Biden who “heard of the horrific news” was moved, hoping “that Hamlin’s health improves quickly,” according to the White House spokesman.

On Tuesday, Hamlin’s family expressed their “heartfelt gratitude” for supporting Damar “during this difficult time,” in a statement.

She praised “the players, kind words, and donations from fans around the country” as well as “the first responders and medical professionals at the University of Cincinnati Medical Center who have provided her with exceptional care.”