The super economists

Powell, Warning of a Possible Virus Fallout, Is Slammed Again by Trump The virus could affect the global economy, the Federal Reserve head told Congress. He also signaled comfort with leaving interest rates unchanged. WASHINGTON — Federal Reserve Chair Jerome H. Powell warned lawmakers on Tuesday that the coronavirus epidemic sweeping China could pose broader economic risks, even as he signaled that the central bank is comfortable holding interest rates steady for now. “We are closely monitoring the emergence of the coronavirus, which could lead to disruptions in China that spill over to the rest of the global economy,” Mr. Powell told House Financial Services Committee members. The central bank chief is also set to testify before the Senate Banking Committee on Wednesday. The Fed is treading cautiously as the economy continues to add jobs but inflation remains low. An initial trade deal with China has eased one major source of economic uncerta...

Amazon Powers Ahead With Robust Profit The internet giant posted increases in revenue and profit after shoppers flocked to it during the holiday season. SAN FRANCISCO — Amazon sold a lot of things to a lot of people in the last three months of 2019, as speedy shipping shortened the time between “I want it” and “It’s here.” That was expected. What no one anticipated was that profits would also shoot up. On Thursday, Amazon said it had earned $6.47 a share in the quarter, up from $6.04 a year earlier. Analysts had forecast $4.04 a share, and some would not have been surprised if it had been less. Amazon went wide last year with one-day shipping for members of its Prime service, and “fast” is usually synonymous with “expensive.” Not this time. Amazon said more customers joined Prime in the fourth quarter than ever before, pushing worldwide membership to 150 million households. That total was also more than analysts expected. It was 100 million less than two years ago...

      Trump Just Signed the U.S.M.C.A. Here’s What’s in the New NAFTA     A trade agreement with Mexico and Canada revises Mexico’s labor laws and encourages more auto production in North America. WASHINGTON — President Trump signed the revised North American Free Trade Agreement into law on Wednesday, fulfilling a campaign promise to rewrite “one of the worst trade deals” in history. “Today we are finally ending the NAFTA nightmare,” Mr. Trump said during a White House signing ceremony, calling the new trade deal a “colossal victory” for farmers, factory workers, and other countries. Much of the new United States-Mexico-Canada Agreement simply updates the 25-year-old NAFTA, with new laws on intellectual property protection, the internet, investment, state-owned enterprises and currency. But the 2,082-page pact also includes significant changes in several key areas, including provisions designed to incentivize car production in N...