short-term corporate debt and another to keep funding flowing to key banks. Shortly before midnight on Wednesday, March 18, the Fed announced a program to rescue embattled money market funds by offering to effectively take hard-to-sell securities off their hands.

But by the end of that week, everything was a mess. Foreign central banks and corporations were offloading U.S. debt, partly to raise dollars companies needed to pay interest and other bills; hedge funds were nixing a highly leveraged trade that had broken down as the market went haywire, dumping Treasurys into the choked market. Corporate bond and commercial real estate debt markets looked dicey as companies faced credit rating downgrades and as hotels and malls saw business prospects tank.

The world’s most powerful central bank was throwing solutions at the markets as rapidly as it could, and it wasn’t enough.

hit newswires at 8 a.m., well before American markets opened. The Fed promised to buy an unlimited amount of Treasury debt and to purchase commercial mortgage-backed securities — efforts to save the most central markets.

serve as a lender of last resort to troubled banks. On March 23, it pledged to funnel help far beyond that financial core. The Fed said it would buy corporate debt and help to get loans to midsize businesses for the first time ever.

It finally worked. The dash for cash turned around starting that day.

The March 23 efforts took an approach that Mr. Lehnert referred to internally as “covering the waterfront.” Fed economists had discerned which capital markets were tied to huge numbers of jobs and made sure that every one of them had a Fed support program.

On April 9, officials put final pieces of the strategy into play. Backed by a huge pot of insurance money from a rescue package just passed by Congress — lawmakers had handed the Treasury up to $454 billion — they announced that they would expand already-announced efforts and set up another to help funnel credit to states and big cities.

The Fed’s 2008 rescue effort had been widely criticized as a bank bailout. The 2020 redux was to rescue everything.

The Fed, along with the Treasury, most likely saved the nation from a crippling financial crisis that would have made it harder for businesses to survive, rebound and rehire, intensifying the economic damage the coronavirus went on to inflict. Many of the programs have since ended or are scheduled to do so, and markets are functioning fine.

But there’s no guarantee that the calm will prove permanent.

“The financial system remains vulnerable” to a repeat of last March’s sweeping disaster as “the underlying structures and mechanisms that gave rise to the turmoil are still in place,” the Financial Stability Board, a global oversight body, wrote in a meltdown post-mortem.

Industry players are already mobilizing a lobbying effort, and they may find allies in resisting regulation, including among lawmakers.

“I would point out that money market funds have been remarkably stable and successful,” Senator Patrick J. Toomey, Republican of Pennsylvania, said during a Jan. 19 hearing.

Matt Phillips contributed reporting.

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How the Federal Reserve Affects Inequality

As stock markets set new highs, Karen Petrou is mad about monetary policy. Ms. Petrou, co-founder and managing partner of Federal Financial Analytics, a Washington-based consultancy, got so angry that she wrote a book about it, “Engine of Inequality: The Fed and the Future of Wealth in America.” In it, she draws a direct connection between the Federal Reserve’s decisions and the rich getting richer, with others struggling to get by.

“My book shows monetary policy makes the mess and can clean it up,” Ms. Petrou told DealBook. “The Fed makes markets bulletproof and sets rates so low that the only way to make money is in stocks.” In 2020, it doubled down on that approach in response to the pandemic downturn, “so the financial system got more bulletproof,” she said. The wealthiest 1 percent of Americans own more than half of all stocks, she noted, so a rich few grew even wealthier this past year. As she described it in the book:

When financial rates of return are above that of broader economic growth, inequality speeds up in a cumulative way, just like a gassed-up engine driven by someone with a heavy foot on the pedal.

Monetary policymakers have traditionally denied any role in driving inequality, Ms. Petrou said. But in 2016, she presented her thesis to central bankers and was surprised to find heads nodding. Evidence of the growing wealth divide, accelerated by policies meant to stabilize the economy after the 2008 financial crisis, seemed to make officials more inclined to listen. But her theory has been bolstered, again, by a year of market ebullience fueled by Fed policy, she said. (That has also prompted the Fed to think more expansively about its mission.) The stimulus was intended to stabilize the economy in a time of crisis, but has benefited the wealthiest most of all, widening the divide.

“If the Fed takes the punch bowl away, slowly and carefully, there will be a small cost to the markets,” Ms. Petrou said, capturing the debate many investors are having about how long the central bank can — or should — keep the gas pedal down. Since inequality undermines economic growth, and markets have had a long bullish run, “shared turbulence” is worth it for shared prosperity, she said. Improvements in education policy may manifest in broader wealth gains over 10 years, Ms. Petrou suggested, but monetary policy takes effect rapidly — as the pandemic has shown — so “changes will not just be constructive, but significant and fast.”

President Biden says all adult Americans should be eligible for Covid vaccines by May 1. He delivered the news in his first prime-time address, hours after he signed the $1.9 trillion relief bill into law. Lawmakers are already discussing another big spending bill, on infrastructure, which could come this summer.

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Coupang Shares Jump After Blockbuster I.P.O.

The stock of Coupang, a start-up in South Korea that is sometimes called the Amazon of South Korea, drifted after trading publicly for the first time in New York on Thursday.

Coupang — the company’s name is a mix of the English word “coupon” and “pang,” the Korean sound for hitting the jackpot — was founded by a Harvard Business School dropout and has shaken up shopping in South Korea, an industry long dominated by huge, button-down conglomerates.

The initial public offering raised $4.6 billion and valued Coupang at about $85 billion, the second-largest American tally for an Asian company after Alibaba Group of China in 2014. Coupang’s shares rose 6.6 percent on Friday as trading began, but fluctuated throughout the morning.

Coupang is South Korea’s biggest e-commerce retailer, its status further cemented by people stuck at home during the pandemic and those in the country who crave faster delivery. In a country where people are obsessed with “ppalli ppalli,” or getting things done quickly, Coupang has become a household name by offering “next-day” and even “same-day” and “dawn” delivery of groceries and millions of other items at no extra charge.

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Target Sheds Office Space in Switch to Flexible Work Model: Live Updates

work effectively in a remote setting. Empty office buildings are putting a squeeze on city budgets, which are heavily reliant on property taxes.

Salesforce, the software company based in San Francisco, adopted a flex model in which most of its employees would be able to come into the office one to three days a week. In a bet that more people would work from home after the pandemic ends, Salesforce acquired the workplace software company Slack in December.

After the move, Target said it would still occupy about three million square feet of office space in the Minneapolis area.

“It’s not easy to say goodbye to City Center, but the Twin Cities is still our home after all these years,’’ Target’s chief human resources officer, Melissa Kremer, said in an email to employees.

Microsoft offices in Beijing. Microsoft owns LinkedIn, which has operated in China by conforming to the authoritarian government’s tight restrictions on the internet.
Credit…Wu Hong/EPA, via Shutterstock

LinkedIn has stopped allowing people in China to sign up for new member accounts while it works to ensure its service in the country remains in compliance with local law, the company said this week, without specifying what prompted the move. A company representative declined to comment further.

Unlike other global internet mainstays such as Facebook and Google, LinkedIn offers a version of its service in China, which it is able to do by hewing closely to the authoritarian government’s tight controls on cyberspace.

It censors its Chinese users in line with official mandates. It limits certain tools, such as the ability to create or join groups. It has given partial ownership of its Chinese operation to local investors.

In 2017, the company blocked individuals, but not companies, from advertising job openings on its site in China after it fell afoul of government rules requiring it to verify the identities of the people who post job listings.

The backdrop to the suspension of new user registrations is not clear. The government has previously blocked internet services that it believes to be breaking the law. In 2019, Microsoft’s Bing search engine was briefly inaccessible in China for unclear reasons. Microsoft also owns LinkedIn.

President Biden addressed the nation after signing the nearly $1.9 trillion stimulus package into law. That jolt of spending, and the easing of virus restrictions, has fed into fears about inflation.
Credit…Doug Mills/The New York Times

U.S. stock futures dropped on Friday, indicating the S&P 500 would pull back from the record high it set on Thursday when markets start trading. Another jump in bond yields has rocked equity markets, which also fell in Europe, as investor digested news about the rapid pace of vaccinations in the United States.

S&P 500 futures predicted the benchmark index would open 0.8 percent weaker, and Nasdaq futures dropped 1.6 percent. The yield on 10-year Treasury notes surged 7 basis points, or 0.07 percentage point, to 1.61 percent.

On Thursday, President Biden promised that all adults would be eligible for the vaccine by May 1, signaling a possible return to normality in the summer. As more businesses and services open up, the economy should also be feeling the effects of Mr. Biden’s nearly $1.9 trillion stimulus package, the American Rescue Plan, which he signed into law on Thursday. It provides another round of direct payments to American taxpayers, sending checks of up to $1,400, and more money for state and local governments and industries including airlines.

But so much good news has also fed into fears about inflation, or that central banks will begin to pull back on their stimulus measures, which have helped keep asset prices high.

Higher interest rates and tighter central bank policies are now considered to be the single biggest threat to so-called risk assets, mainly stocks, according to a Bank of America survey of fund managers.

Several tech companies, including Tencent and Baidu, were fined by China’s antitrust regulator over past acquisitions. Shares in Tencent dropped 4.4 percent on Friday after Bloomberg reported that this was just the start of a crackdown on the tech giant. Last year, the target was Alibaba.

Shoppers wait in line at an outlet mall in Southaven, Miss. on Saturday. Many Americans are set to benefit from the new economic relief plan.
Credit…Rory Doyle for The New York Times

The economic relief plan that is headed to President Biden’s desk has been billed as the United States’ most ambitious antipoverty initiative in a generation. But inside the $1.9 trillion package, there are plenty of perks for the middle class, too.

An analysis by the Tax Policy Center published this week estimated that middle-income families — those making $51,000 to $91,000 per year — would see their after-tax income rise by 5.5 percent as a result of the tax changes and stimulus payments in the legislation. This is about twice what that income group received as a result of the 2017 Tax Cuts and Jobs Act.

Here are some of the ways the bill will help the middle class.

Americans will receive stimulus checks of up to $1,400 per person, including dependents.

The size of the payments are scaled down for individuals making more than $75,000 and married couples earning more than $150,000. And they are cut off for individuals making $80,000 or more and couples earning more than $160,000. Those thresholds are lower than in the previous relief bills, but they will still be one of the biggest benefits enjoyed by those who are solidly in the middle class.

The most significant change is to the child tax credit, which will be increased to up to $3,600 for each child under 6, from $2,000 per child. The credit, which is refundable for people with low tax bills, is $3,000 per child for children ages 6 to 17.

The legislation also bolsters the tax credits that parents receive to subsidize the cost of child care this year. The current credit is worth 20 to 35 percent of eligible expenses, with a maximum value of $2,100 for two or more qualifying individuals. The stimulus bill increases that amount to $4,000 for one qualifying individual or $8,000 for two or more.

After four years of being on life support, the Affordable Care Act is expanding, a development that will largely reward middle-income individuals and families, since those on the lower end of the income spectrum generally qualify for Medicaid.

Because the relief legislation expands the subsidies for buying health insurance, a 64-year-old earning $58,000 would see monthly payments decline to $412 from $1,075 under current law, according to the Congressional Budget Office.

One of the more contentious provisions in the legislation is the $86 billion allotted to fixing failing multiemployer pensions. The money is a taxpayer bailout for about 185 union pension plans that are so close to collapse that without the rescue, more than a million retired truck drivers, retail clerks, builders and others could be forced to forgo retirement income.

The legislation gives the weakest plans enough money to pay hundreds of thousands of retirees their full pensions for the next 30 years.

A drill ship contracted by ExxonMobil off the coast of Guayana in 2018. The temptation to produce more when prices rise has not disappeared completely, especially for countries like Guyana that want to pump as much oil as they can while oil is still valuable.
Credit…Christopher Gregory for The New York Times

Even as they are making more money thanks to the higher oil and gasoline prices, industry executives pledged at a recent energy conference that they would not expand production significantly. They also promised to pay down debt and hand out more of their profits to shareholders in the form of dividends.

“I think the worst thing that could happen right now is U.S. producers start growing rapidly again,” Ryan Lance, chairman and chief executive of ConocoPhillips, said at the IHS CERAweek conference.

Scott Sheffield, chief executive of Pioneer Natural Resources, a major Texas producer, predicted that American production would remain flat at 11 million barrels a day this year, compared with 12.8 million barrels immediately before the pandemic took hold.

Even the Organization of the Petroleum Exporting Countries and allied producers like Russia surprised many analysts this month by keeping several million barrels of oil off the market, The New York Times’s Clifford Krauss reports. OPEC’s 13 members and nine partners are pumping roughly 780,000 barrels of oil a day less than at the beginning of the year even though prices have risen by 30 percent in recent months.

Chevron said this week that it would spend $14 billion to $16 billion a year on capital projects and exploration through 2025. That is several billion dollars less than the company spent in the years before the pandemic, as the company focuses on producing the lowest-cost barrels.

“So far, these guys are refusing to take the bait,” said Raoul LeBlanc, a vice president at IHS Markit, a research and consulting firm. But he added that the investment decisions of American executives could change if oil prices climb much higher. “It’s far, far too early to say that this discipline will last.”

Shoppers in Southaven, Miss. Higher spending seems almost certain in the months ahead as vaccinations prompt Americans to get out and about, deploying savings.
Credit…Rory Doyle for The New York Times

While the Biden administration’s stimulus bill, which will funnel nearly $1.9 trillion to American households, made its way through Congress, some politicians and economists began to raise concerns that it would unshackle a long-vanquished monster: inflation.

The worries reflect expectations of a rapid economic expansion as businesses reopen and the pandemic recedes. Millions are still unemployed, and layoffs remain high, The New York Times’s Nelson Schwartz and Jeanna Smialek report. But for workers with secure jobs, higher spending seems almost certain in the months ahead as vaccinations prompt Americans to get out and about, deploying savings built up over the last year.

Healthy economies tend to have gentle price increases, which give businesses room to raise wages and leave the central bank with more room to cut interest rates during times of trouble.

Over the long term, inflation can be a concern because it hurts the value of many financial assets, especially stocks and bonds. It makes everything from milk and bread to gasoline more expensive for consumers, leaving them unable to keep up if salaries stall. And once inflation becomes entrenched, it can be hard to subdue.

Inflation is expected to increase in the coming months as prices are measured against weak readings from last year. Analysts surveyed by Bloomberg expect the Consumer Price Index to hit an annual rate of 2.9 percent from April through June, easing to 2.5 percent in the three months after that before easing gradually to year-over-year gains of 2.2 percent in 2022, based on the median projection.

But those numbers are nothing like the staggering price increases of the 1970s, and evidence of renewed inflation is paltry so far.

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As Oil Prices Rise, Executives Aim to Keep Them High

HOUSTON — Even as oil and gasoline prices rise, industry executives are resisting their usual impulse to pump more oil out of the ground, which could keep energy prices moving up as the economy recovers.

The oil industry is predictably cyclical: When oil prices climb, producers race to drill — until the world is swimming in petroleum and prices fall. Then, energy companies that overextended themselves tumble into bankruptcy.

That wash-rinse-repeat cycle has played out repeatedly over the last century, three times in the last 14 years alone. But, at least for the moment, oil and gas companies are not following those old stage directions.

An accelerating rollout of vaccines in the United States is expected to turbocharge the American economy this spring and summer, encouraging people to travel, shop and commute. In addition, President Biden’s coronavirus relief package will put more money in the pockets of consumers, especially those who are still out of work.

to less than zero.

That bizarre day seems to have become seared into the memories of oil executives. The industry was forced to idle hundreds of rigs and throttle many wells shut, some for good. Roughly 120,000 American oil and gas workers lost their jobs over the last year or so, and companies are expected to lay off 10,000 workers this year, according to Rystad Energy, a consulting firm.

Yet, even as they are making more money thanks to the higher prices, industry executives pledged at a recent energy conference that they would not expand production significantly. They also promised to pay down debt and hand out more of their profits to shareholders in the form of dividends.

“I think the worst thing that could happen right now is U.S. producers start growing rapidly again,” Ryan Lance, chairman and chief executive of ConocoPhillips, said at the IHS CERAweek conference, an annual gathering that was virtual this year.

several million barrels of oil off the market. OPEC’s 13 members and nine partners are pumping roughly 780,000 barrels of oil a day less than at the beginning of the year even though prices have risen by 30 percent in recent months.

rising concerns about climate change reduce the demand for fossil fuels in favor of electric and hydrogen-powered vehicles. Russia has been pressing Saudi Arabia to loosen production caps, while Kazakhstan, Iraq and several other countries are exporting more. Even Iran and Venezuela, which have struggled to sell oil because of U.S. sanctions, are beginning to export more.

attacked American military forces.

Some tensions in the region could ease if the Biden administration and Iranian officials restart negotiations on a new nuclear agreement to replace the one that was negotiated by the Obama administration and abandoned by the Trump administration. Iran would then most likely export more oil.

Of course, U.S. oil executives have little control over those geopolitical matters and say they are doing what they can to avoid another abrupt reversal.

“We’re not betting on higher prices to bail us out,” Michael Wirth, Chevron’s chief executive, told investors on Tuesday.

Chevron said this week that it would spend $14 billion to $16 billion a year on capital projects and exploration through 2025. That is several billion dollars less than the company spent in the years before the pandemic, as the company focuses on producing the lowest-cost barrels.

“So far, these guys are refusing to take the bait,” said Raoul LeBlanc, a vice president at IHS Markit, a research and consulting firm. But he added that the investment decisions of American executives could change if oil prices climb much higher. “It’s far, far too early to say that this discipline will last.”

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Coupang, South Korea’s Answer to Amazon, Debuts in I.P.O.

SEOUL, South Korea — The small white delivery trucks zip down streets all over South Korea. The uniformed workers send photos of safely delivered packages to impatient customers. Workers can move so fast, their employer promises, that it calls the service “rocket delivery.”

The trucks and the operation belong to Coupang, a start-up founded by a Harvard Business School dropout that has shaken up shopping in South Korea, an industry long dominated by huge, button-down conglomerates. In a country where people are obsessed with “ppalli ppalli,” or getting things done quickly, Coupang has become a household name by offering “next-day” and even “same-day” and “dawn” delivery of groceries and millions of other items at no extra charge.

The company, which is sometimes called the Amazon of South Korea, is set to get a big endorsement on Thursday from Wall Street. Its shares are expected to begin trading in an initial public offering that will raise $4.2 billion and value the company at about $60 billion, the second-largest American tally for an Asian company after Alibaba Group of China in 2014. On Wednesday its shares were priced at $35, according to a person close to the company.

Coupang may need the money. South Korea’s big conglomerates, called chaebol, and others are building their own delivery networks as Coupang plans its expansion. It faces other issues, too, such as growing concerns about working conditions after the death of several Coupang warehouse and delivery workers that some relatives and labor activists blamed on overwork and poor labor practices.

likes to say, “Our mission is to create a world where customers wonder ‘How did I ever live without Coupang?’”

an e-commerce giant.

As competition heats up, superfast ​delivery is quickly becoming the new norm, weakening the novelty of Coupang’s “rocket delivery” service.

a statement.

And it continues to pitch itself as an essential service for busy South Koreans.

In a letter to potential investors, Mr. Kim put forward an example of a quintessential Coupang shopper: a working mother who, late at night, realizes she has forgotten to go shopping, and then places an order online through Coupang.

“When she opens her eyes, it’s like Christmas morning,” wrote Mr. Kim. “The order is waiting at her front door.”

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Companies That Rode Pandemic Boom Get a Reality Check

Will the online shopping and entertainment habits forged in confinement continue to accelerate the trends toward e-commerce and video streaming?

No one knows for sure, but the view of Bay Area technologists and investors, not surprisingly, leans toward a long-term Covid bump for tech companies.

Rich Wong, a general partner at Accel, a Silicon Valley venture capital firm, sees “a truly credible case” that the growth of “these digital transformations have actually increased by a major step and, with that, the size of the opportunity in technology and venture investing.”

Stock market gyrations can shelve plans by start-ups to sell shares to the public. But the gaming site Roblox, which is popular among children and tweens and has thrived in the stay-at-home economy, made its stock-market debut on Wednesday. After its first day of trading, Roblox was valued at $45 billion, up from $4 billion just over a year ago.

At the end of last week Coursera, the digital learning network, filed the documents necessary to go public in the coming weeks. The company and its venture backers are convinced that adult education and skills training will increasingly be online, and that investors will agree. In its filing, Coursera reported that its revenue jumped 59 percent last year, to $294 million.

So far, there is little evidence of a retreat from online life in general.

SimilarWeb, an online data provider, compared traffic at the top 100 websites in the United States during last March and April, when web use spiked at the start of the pandemic, with the first two months of this year. Total traffic was up more than 12 percent this year. No “peak web” yet.

Mr. Readerman, portfolio manager for Endurance Capital Partners, has been a technology company analyst and investor for 30 years. He is mainly a longer-term investor in companies he views as tech innovators with strong managements.

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Inflation Fear Lurks, Even as Officials Say Not to Worry

While the Biden administration’s ambitious effort to salve the pandemic’s deep economic wounds made its way through Congress, proponents insisted that funneling $1.9 trillion to American households and businesses wouldn’t unshackle a long-vanquished monster: inflation.

Officials at the Federal Reserve, responsible for balancing the job needs of Americans with price pressures that could erode their buying power, have said there is little cause for worry.

Yet as the legislation moved toward the finish line, inflation prospects increasingly influenced political commentary and Wall Street trading.

The worries reflect expectations of a rapid economic expansion as businesses reopen and the pandemic recedes. Millions are still unemployed, and layoffs remain high. But for workers with secure jobs, higher spending seems almost certain in the months ahead as vaccinations prompt Americans to get out and about, deploying savings built up over the last year.

said in an interview with Bloomberg Television last week.

In addition to the $1.9 trillion about to pour forth, Mr. Dimon said, $1 trillion in savings that piled up during the pandemic remain unspent.

The inflation fixation has been one driver behind a sharp sell-off in government bonds since the start of the year, pairing with a stronger growth outlook to push yields on 10-year notes up to about 1.5 percent, from below 1 percent. Bonds, like stocks, tend to lose value when inflation expectations grow, eroding asset values.

“I would not buy 10-year Treasurys,” Mr. Dimon said.

The volatile bond trading prompted several unnerving days on Wall Street last week. High-flying tech stocks — previously seen as a haven for those chasing market-beating yields — were particularly upended, though broad share indexes remain near record highs.

“I would suspect there’s a pretty good chance you’re going to see rates going up,” Mr. Dimon said. “And people are starting to worry about that.”

Mr. Powell said this month, making it clear that he expected the coming increase to be transitory.

The Fed earned an inflation-fighting reputation in the 1970s and 1980s, when it eventually contained runaway prices with double-digit interest rates that caused a recession. But price gains have been slow for decades, and Mr. Powell and his colleagues have been working to ensure that consumers and businesses don’t start to expect ever-lower inflation.

Healthy economies tend to have gentle price increases, which give businesses room to raise wages and leave the central bank with more room to cut interest rates during times of trouble. If inflation drops too low, it risks price declines that are especially painful for debtors, whose debts stay the same even as prices and wages fall.

Fed officials revised their framework for setting monetary policy last summer, saying that instead of shooting exactly for 2 percent inflation, they would aim for 2 percent on average — welcoming inflation that runs faster some of the time.

Inflation is expected to increase in the coming months as prices are measured against weak readings from last year. Analysts surveyed by Bloomberg expect the Consumer Price Index to hit an annual rate of 2.9 percent from April through June, easing to 2.5 percent in the three months after that before easing gradually to year-over-year gains of 2.2 percent in 2022, based on the median projection.

the index rose 0.1 percent.

Gasoline prices alone were up 6.4 percent in February. But over all, the data matched projections, suggesting that inflation remains under control, despite a recent rise in prices for commodities like oil and copper. Stock markets rose on the news, with the Dow Jones industrial average reaching a new high.

“Outside of another buoyant advance in energy prices in February, consumer price inflation remains very tame,” said Kathy Bostjancic, chief U.S. financial economist at Oxford Economics.

The inflation concerns among some investors are a turnaround from the aftermath of the 2007-9 recession, which was followed by a decade of frustratingly slow growth in the United States and Europe. For much of that time, deflation, or falling prices, was a leading cause of anxiety among investors and economic experts.

Frequently Asked Questions About the New Stimulus Package

The stimulus payments would be $1,400 for most recipients. Those who are eligible would also receive an identical payment for each of their children. To qualify for the full $1,400, a single person would need an adjusted gross income of $75,000 or below. For heads of household, adjusted gross income would need to be $112,500 or below, and for married couples filing jointly that number would need to be $150,000 or below. To be eligible for a payment, a person must have a Social Security number. Read more.

Buying insurance through the government program known as COBRA would temporarily become a lot cheaper. COBRA, for the Consolidated Omnibus Budget Reconciliation Act, generally lets someone who loses a job buy coverage via the former employer. But it’s expensive: Under normal circumstances, a person may have to pay at least 102 percent of the cost of the premium. Under the relief bill, the government would pay the entire COBRA premium from April 1 through Sept. 30. A person who qualified for new, employer-based health insurance someplace else before Sept. 30 would lose eligibility for the no-cost coverage. And someone who left a job voluntarily would not be eligible, either. Read more

This credit, which helps working families offset the cost of care for children under 13 and other dependents, would be significantly expanded for a single year. More people would be eligible, and many recipients would get a bigger break. The bill would also make the credit fully refundable, which means you could collect the money as a refund even if your tax bill was zero. “That will be helpful to people at the lower end” of the income scale, said Mark Luscombe, principal federal tax analyst at Wolters Kluwer Tax & Accounting. Read more.

There would be a big one for people who already have debt. You wouldn’t have to pay income taxes on forgiven debt if you qualify for loan forgiveness or cancellation — for example, if you’ve been in an income-driven repayment plan for the requisite number of years, if your school defrauded you or if Congress or the president wipes away $10,000 of debt for large numbers of people. This would be the case for debt forgiven between Jan. 1, 2021, and the end of 2025. Read more.

The bill would provide billions of dollars in rental and utility assistance to people who are struggling and in danger of being evicted from their homes. About $27 billion would go toward emergency rental assistance. The vast majority of it would replenish the so-called Coronavirus Relief Fund, created by the CARES Act and distributed through state, local and tribal governments, according to the National Low Income Housing Coalition. That’s on top of the $25 billion in assistance provided by the relief package passed in December. To receive financial assistance — which could be used for rent, utilities and other housing expenses — households would have to meet several conditions. Household income could not exceed 80 percent of the area median income, at least one household member must be at risk of homelessness or housing instability, and individuals would have to qualify for unemployment benefits or have experienced financial hardship (directly or indirectly) because of the pandemic. Assistance could be provided for up to 18 months, according to the National Low Income Housing Coalition. Lower-income families that have been unemployed for three months or more would be given priority for assistance. Read more.

Now there is a belief that economic growth will ramp up at least temporarily, thanks to relief from Capitol Hill and increased vaccinations across the country.

The about-face was noted Wednesday by the economist Bernard Baumohl in a letter to clients. “If you suddenly feel the ground shaking beneath you, it’s not because an earthquake struck,” he wrote. “What you’re experiencing is a wild stampede of Wall Street bulls trampling over their previous softer economic forecasts and now charging ahead with near frothy upward revisions to G.D.P. growth and inflation projections for 2021.”

he said this month. “When they arrive, we will consider raising interest rates. We’re not intending to raise interest rates until we see those conditions fulfilled.”

Fed officials have been less concrete about what might prod them into slowing their vast bond purchases, which they have been using to make many types of borrowing cheaper and bolster demand. Officials have said they would like to see “substantial” progress before tapering off their buying, and have repeatedly said they will signal any change far in advance.

The Fed will meet in Washington next week and release a fresh set of policymakers’ economic projections next Wednesday. Although the Fed looks at the Consumer Price Index, it bases its policy on a different gauge of price trends, which tends to run slightly lower.

“It is possible that participants will project higher 2021 inflation, especially if the Fed staff forecast incorporates policy effects on inflation or a reopening demand surge in select categories,” Goldman Sachs economists wrote last week. “Signaling awareness of these transient boosts to inflation in advance might make it easier for Fed officials to credibly downplay them later.”

The Goldman analysts expect the Fed’s projections to suggest that it might make one rate increase in 2023. Previously, Fed officials had not penciled in any rate increases through the end of that year.

Over the long term, inflation can be a concern because it hurts the value of many financial assets, especially stocks and bonds. It makes everything from milk and bread to gasoline more expensive for consumers, leaving them unable to keep up if salaries stall. And once inflation becomes entrenched, it can be hard to subdue.

But most mainstream economists doubt that a sustained bout of troublesome inflation is on its way.

“The inflation narrative has switched to concerns about rising prices,” said Rubeela Farooqi, chief U.S. economist at High Frequency Economics. “For the Fed, price response to the economy reopening is seen as transitory and is unlikely to cause too much angst, given inflation pressures are not expected to be sustained.”

And Mr. Dimon, the JPMorgan Chase chief, signaled that inflation fears needed to be put in perspective. “I would put that on the things to worry about,” he said, but “I wouldn’t worry too much about it” — certainly not compared with taming the pandemic itself.

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Roblox Soars 43% on First Day of Trading as Gaming Booms

Roblox has also enriched many developers, who make its games and digital accessories. Many of the developers are teenagers and young adults who grew up on the platform. They split their profits 50-50 with the company.

Those who create the most popular Roblox games can earn six-figure salaries. One developer, Anne Shoemaker, 21, said she had earned more than $500,000 from the platform, most of it since the pandemic began. She has used some of the money to hire two employees and a dozen contractors, she said.

The pandemic-fueled success, she said, has “been the push that I needed to have Roblox be my full-time job.”

After delaying its December listing, Roblox was supposed to go public in January. But it pushed that date back after the Securities and Exchange Commission asked the company to change the way it calculated its revenue. Roblox has since complied.

At an investor event last month, Craig Donato, the company’s chief business officer, said Roblox was trying to add more users, largely by appealing to international audiences and older gamers. The company is working toward more polished graphics, more complex games and increasingly lifelike avatars, he said.

The eventual goal, the company has said, is to create a “metaverse,” a concept mostly reserved for science fiction that describes a shared online universe where people can live and interact as though they were there in person. Roblox holds business meetings on the platform and has promoted virtual concerts within its universe.

“Just as the mail, the telegraph, the telephone, text and video are utilities for collaborative work, we believe Roblox and the metaverse will join these as essential tools for business communication,” Mr. Baszucki said during the investor day. “Ultimately, someday we may even shop within Roblox.”

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