For New Yorkers, the thought of another statewide lockdown, that only allows businesses deemed essential to remain open, is less than welcome by many. But the state's Lieutenant Governor Kathy Hochul said if people adhere to newly implemented guidelines, another shutdown can be avoided.
“That is really our last-resort situation, having put this economy, the city of New York, the entire state of New York, through a really excruciating time for our businesses,” Hochul told Cheddar.
Starting Friday, new guidelines require bars, restaurants with liquor licenses, and gyms to close at 10 p.m. Private gatherings have also been limited to 10 people.
New York Governor Andrew Cuomo is implementing the new guidelines as case numbers surge not just in the Empire State, but even more nationwide, in what is expected to be the next wave of the virus, Hochul said.
“It’s all driven by the numbers. We’ve been monitoring the infection rate, the rate of transmission, very closely for months now, and it’s sad to say that we’ve actually become experts on this having been, as you said, the epicenter,” she added.
While New York made strides in reducing the number of infections and deaths over the summer, Hochul said recent holiday travel and private gatherings, where people are likely to be less responsible when it comes to masking up, played a part in rising numbers.
“Think about our healthcare workers who’ve never left the frontlines all this time and now they’re wondering why everybody isn’t following the rules to keep them safe and their loved ones safe,” she continued.
Prepared for COVID-19’s Next Wave
Still, the lieutenant governor said the state is mostly ready to take on the next wave of the virus.
“We actually did foresee a spike in cases, predicted this over the summer,” Hochul said.
Hospitals, according to Hochul, are now better equipped to handle a surge in patients and were required to stockpile three months' worth of PPE. Rapid testing has become more widely available across the state, however, some places are running low, she said.
The state has also begun crafting plans to distribute a vaccine once it becomes available. Those plans include going directly into communities and places of worship, where some of the highest rates of infection and transmission have been recorded, and help spread awareness through local leaders, Hochul said.
While being proactive is only part of what will help New York beat the virus, Holchul said the plan will only work if everyone can get on the same page for the greater good.
President Donald Trump said he has decided to lower his combined tariff rates on imports of Chinese goods to 47% after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking.
The Federal Reserve cut its key interest rate Wednesday for a second time this year as it seeks to shore up economic growth and hiring even as inflation stays elevated. The move comes amid a fraught time for the central bank, with hiring sluggish and yet inflation stuck above the Fed’s 2% target. Compounding its challenges, the central bank is navigating without much of the economic data it typically relies on from the government. The Fed has signaled it may reduce its key rate again in December but the data drought raises the uncertainty around its next moves. Fed Chair Jerome Powell told reporters that there were “strongly differing views” at the central bank's policy meeting about to proceed going forward.
U.S. and Chinese officials say a trade deal between the world’s two largest economies is drawing closer. The sides have reached an initial consensus for President Donald Trump and Chinese leader Xi Jinping to aim to finalize during their high-stakes meeting Thursday in South Korea. Any agreement would be a relief to international markets. Trump's treasury secretary says discussions with China yielded preliminary agreements to stop the precursor chemicals for fentanyl from coming into the United States. Scott Bessent also says Beijing would make “substantial” purchases of soybean and other agricultural products while putting off export controls on rare earth elements needed for advanced technologies.
A new poll finds most U.S. adults are worried about health care becoming more expensive.
The White House budget office says mass firings of federal workers have started in an attempt to exert more pressure on Democratic lawmakers as the government shutdown continues.
President Donald Trump says “there seems to be no reason” to meet with Chinese leader Xi Jinping as part of an upcoming trip to South Korea after China restricted exports of rare earths needed for American industry. The Republican president suggested Friday he was looking at a “massive increase” of import taxes on Chinese products in response to Xi’s moves. Trump says one of the policies the U.S. is calculating is "a massive increase of Tariffs on Chinese products coming into the United States." A monthslong calm on Wall Street was shattered, with U.S. stocks falling on the news. The Chinese Embassy in Washington hasn't responded to an Associated Press request for comment.
Most members of the Federal Reserve’s interest-rate setting committee supported further reductions to its key interest rate this year, minutes from last month’s meeting showed.
From Wall Street trading floors to the Federal Reserve to economists sipping coffee in their home offices, the first Friday morning of the month typically brings a quiet hush around 8:30 a.m. eastern, as everyone awaits the Labor Department’s monthly jobs report.
The Supreme Court is allowing Lisa Cook to remain as a Federal Reserve governor for now.
Rep. John Moolenaar has requested an urgent briefing from the White House after Trump supported a deal giving Americans a majority stake in TikTok.
