WILMINGTON, Del. (AP) — President Joe Biden is back in Delaware with moving on his weekend to-do list. Biden flew aboard Air Force One on Friday for the first time as president. He says he went home to help his wife figure out what other “stuff” they need in the White House. Biden made the trip even though the Centers for Disease Control and Prevention recommends that Americans put off travel at this time because of the coronavirus pandemic. The White House said the trip would be far less risky for Biden than the sort of commercial travel that people are being urged to put on hold.
The Federal Reserve Bank of San Francisco’s top official offered reassurances Wednesday that the Fed would continue its aggressive stimulus tools for as long as they’re needed to guide the nation’s economy through its uneven recovery.John C. Williams, president and chief executive officer at the Federal Reserve Bank of San Francisco, repeated Federal Reserve Chairman Ben Bernanke’s statement made in June that the Fed could begin to reduce its purchase of securities later this year, eventually ending its asset purchase program around the middle of next year. Williams spoke at the Embassy Suites hotel in downtown Portland to dozens of business and banking leaders.Williams emphasized that such an action would be based on “substantial improvement” in the economy, and said the unemployment rate remains a valid measure of economic improvement, even though it overlooks people who have left the workforce.The regional Federal Reserve leader estimated that the national unemployment rate, which was 7.4 percent in July, would drop to about 7 percent by the middle of next year. Even when it cuts its purchase of long-term securities, Williams said theFed would provide a continued economic stimulus by maintaining its low interest rate to banks for as long as the unemployment rate is above 6.5 percent. He estimated that the nation won’t reach that unemployment rate until the first half of 2015.