Evening Briefing: Fed hints at pulled back stimulus measures

September 22, 2021

By Remy Tumin

Good evening. Here's the latest at the end of Wednesday.

Jerome Powell, chairman of the Fed, in July.Sarahbeth Maney/The New York Times

1. The Federal Reserve signaled it may soon pull back from pandemic stimulus measures.

The central bank could soon slow the asset purchases it has been using to cushion the economy, officials said, and raise interest rates in 2022. The statement suggests policymakers are preparing to pivot away from full-blast monetary help as the economy recovers. A formal announcement could come as soon as the Fed's next gathering in November.

But the virus persists and many adults remain unvaccinated, preventing a full return to normal. External threats loom, including China's slowing economy.

Stocks rallied on Wednesday after four straight days of losses.

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The U.S. Capitol on Wednesday.Sarahbeth Maney/The New York Times

2. President Biden's economic agenda faces a make-or-break moment.

Biden hosted a series of meetings today with Democratic lawmakers to smooth over deep divisions: Moderates are pressing for quick action on the $1 trillion bipartisan infrastructure bill, but progressives in the House are demanding approval first of a $3.5 trillion social policy plan. Without consensus, Democrats will not have enough votes to send either to Biden's desk.

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At the same time, Senate Republicans have warned that they will block legislation to keep the government funded and lift the limit on federal borrowing, threatening a shutdown and a first-ever debt default.

Separately, bipartisan police reform talks collapsed, all but ending the possibility that Congress would act on an issue that Biden had promised to tackle.

President Biden convenes a virtual summit during the U.N. General Assembly at the White House.Doug Mills/The New York Times

3. President Biden called on leaders, pharmaceutical executives and civil society organizations to "go big" on the global fight against the coronavirus crisis.

Speaking at a virtual summit on the sidelines of the U.N. General Assembly, Biden cited two urgent goals: vaccinating the world and solving an oxygen-supply crisis. "It's an all-hands-on-deck crisis," Biden said.

Earlier on Wednesday, Pfizer announced a deal with the Biden administration to sell 500 million doses to the U.S. that would be donated to nations in need of Covid shots. Some activists said it's not enough.

Biden also spoke with President Emmanuel Macron of France for the first time since the diplomatic rift over the deal with Australia. The two leaders agreed to meet in Europe next month.

People over the age of 65 were among the first to get vaccinated in Los Angeles in February.Philip Cheung for The New York Times

4. Scientific advisers to the C.D.C. are meeting today and tomorrow to decide which Americans should get booster shots of the Pfizer-BioNTech coronavirus vaccine — and when.

It follows a dramatic exchange at the F.D.A. last week, when advisers overwhelmingly rejected a proposal to offer Pfizer booster shots for Americans over 16, but then voted unanimously in favor of third doses for some high-risk people and those older than 65. Depending on their verdict, booster shots could be offered to most Americans — or a select few.

Even as virus numbers appear to be slowing, people with serious conditions are waiting weeks for non-Covid surgeries as hospitals are inundated once again.

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5. America's murder rate rose by nearly 30 percent in 2020, F.B.I. data shows.

But our crime analyst found a sign that the increase has slowed in 2021: The increase in murders this summer does not appear to be as large as the record spike last summer.

The national rate still remains about one-third below the rate in the early 1990s. About 77 percent of reported murders in 2020 were committed with a firearm, the highest share ever reported, up from 67 percent a decade ago.

There have been more than 115 anti-Asian crimes reported in New York this year. In 2019, there were three. The family of Than Than Htwe, who immigrated from Myanmar with her husband in hopes of better opportunity for her son, believes that her death resulted from such an attack.

Lava from a volcanic eruption flows on the island of La Palma.Emilio Morenatti/Associated Press

6. Lava from a volcanic eruption on one of the Spanish Canary Islands has sent thousands fleeing.

The eruption on La Palma — the first major one there in 50 years — has destroyed hundreds of homes, though there have been no reports of deaths or injuries. Some experts warned that lava might continue to spew for weeks.

One major danger is from powerful blasts that might be set off if the lava flow reaches the ocean, causing the water to expand explosively into steam and fragment the lava. Another concern is the possible release of toxic gases from reactions between the lava and the seawater.

A man was charged in the thefts of two paintings, including this landscape by van Gogh.Groninger Museum

7. Dutch prosecutors say DNA traces helped them identify the suspect in two daring art heists.

Nils M. was no rookie art thief. But he left behind DNA on a smashed picture frame and a strap when, prosecutors say, he stole paintings by van Gogh and Frans Hals last year. The suspect, identified without his full surname because of Dutch privacy laws, denies the charges.

Prosecutors are seeking a prison sentence of eight years for what they described as "exceptional crimes," committed with an as yet unidentified partner.

The paintings — the van Gogh was valued at about $2.9 million, and the Hals between $11.7 million and $17.6 million — have not been recovered. A three-judge panel is expected to rule on the case tomorrow.

Michael Gandolfini pursued acting because he was "craving an answer" about whether he'd be good at it.Devin Oktar Yalkin for The New York Times

8. In "The Many Saints of Newark," Michael Gandolfini plays the role made famous by his late father, James. But being family hardly prepared him to be the boss.

When Michael agreed to audition for the role of a younger Tony Soprano for the film, which is set roughly 30 years before the start of the HBO drama, he had only seen glimpses of the pilot.

And when he stepped inside the role, Gandolfini said, "not only was it the feeling of my dad — it was like, Tony Soprano is a [expletive] hard character."

Before "Many Saints" arrives on Oct. 1, here's a guide to who's who in the fictional New Jersey mob world.

Betty Reid Soskin in Wildcat Canyon Regional Park near her home.Chanell Stone for The New York Times

9. "What gets remembered depends on who is in the room doing the remembering."

That phrase is something of a mantra for Betty Reid Soskin, the oldest active ranger in the National Park Service, who turned 100 today. She has become both an icon of the service and an unlikely celebrity, "sort of like Bette Davis, Angela Davis and Yoda all rolled into one."

Often the only person of color in the room, Soskin has fought to ensure that American history includes the stories that are overlooked. But few have been more remarkable than hers.

Since its inception in 1916, the park service has worked to tell the story of the American outdoors. These Black stewards help share those stories.

Consider Flamingo Queen begonia to brighten the darker days.Kevin Morykwas

10. And finally, the best houseplants to help you through winter.

Today is the first day of fall in the Western Hemisphere, and it's time to start thinking ahead when it comes to your indoor greenery. Margaret Roach, our garden columnist, asked the staff at Steve's Leaves Inc. in Lewisville, Texas, for standout houseplants among their 2,000 varieties.

Among their favorites: a Syngonium called Marble, adaptable from shady to partially sunny conditions; for a bright window, a begonia known as Flamingo Queen; and hoyas, also known as wax plants. Grouping houseplants — especially begonias — on trays together creates a happier microclimate. A humidifier or a terrarium can also do the trick. Roach is eyeing Peperomia Fuzzy Mystery for its name alone.

Have a verdant night.

Angela Jimenez compiled photos for this briefing.

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