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News From the Control Tower - 6/3/2020

This week's reads feature:

1. Economist Mohamed A. El-Erian and Michael Spence discuss how a disproportionate share of the health and economic burden has fallen on those least able to bear it.

"Long-term damage to people and to the economy accumulates as time passes, and it becomes even more costly to reverse. ... The damage will fall disproportionately on poorer households, which in turn will consume less and slow the revival of demand and hence the pace of recovery. "

The Great Unequalizer: The Pandemic Is Compounding Disparities in Income, Wealth, and Opportunity

2. The wealth gap between races has compounded in the United States over generations.

How Big is the Racial Wealth Gap?

3. African-Americans working in China face overt housing discrimination and are left to their own devices to fend against abuses by the Chinese government.

‘We Need Help’: Coronavirus Fuels Racism Against Black Americans in China

4. Companies’ interactions with their communities affect their ESG score (a measure of a company’s social values) in the S&P 500.

How companies interact with their communities is noted in ESG scoring, index manager says

5. This is not a traditional news story, but a recording of the speech Tyrone Ross gave at the Inside ETFs conference earlier this year.  Mr. Ross tells the story of being advised to change his name to “Tyler” when he first started working on Wall Street and he urges all of us to do the work of helping those less fortunate than us. 

 A Life-Changing Story on Wall Street

Bonus: The Fed just released a new comic book, “A Story of Interest”.  It’s not half bad!

Get your copy (and more resources for teachers) here: https://www.newyorkfed.org/outreach-and-education/comic-books