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News From the Control Tower - 2/18/2021 Thumbnail

News From the Control Tower - 2/18/2021

News from the Control Tower: Our weekly curated list of news stories affecting you and your finances.

This week’s reads include:

1. Real unemployment rate closer to 10 percent, says Fed Chair Jerome Powell

"We are still very far from a strong labor market whose benefits are broadly shared," Powell said.

2. America’s billionaire philanthropists gave away more during the pandemic. But there’s a catch.

We need more transparency in the world of charity.

3. How the Fossil Fuel Industry Convinced Americans to Love Gas Stoves

And why they’re scared we might break up with their favorite appliance.

4. Borrowing Binge Reaches Riskiest Companies

Demand for corporate debt has offered lifelines to struggling firms that can borrow at interest rates once reserved for the safest type of bonds

5. Citibank Loses Bid to Recall $500 Million in Mistaken Repayment of Revlon Loan

A Citigroup safeguard that requires three people to approve a transaction before it is executed broke down after a contractor checked the wrong box on a digital payment form.

Bonus: Stories of Slavery, From Those Who Survived It

The Federal Writers’ Project narratives provide an all-too-rare link to our past.