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Bank of Japan Will Relax Its Market Stimulus: Live Updates

also lowered bank capital requirements, which drew criticism.

As a result, the debate over whether to extend the exemptions had been a heated one.

Bank lobbyists and some market analysts have argued that the Fed needed to keep the exemption in place to prevent banks from pulling back from both lending and their role as key bond buyers and sellers. But lawmakers and researchers who favor stricter bank oversight argued that the exemption chipped away at the protective cash buffer that banks had built up in the wake of the financial crisis, leaving them less prepared to handle shocks.

The decision the Fed made took a middle road: It both ended the exemption and opened the door to future changes to how the leverage ratio, which banks have long opposed, is calibrated. The goal is to keep capital levels stable, but also to make sure that growth in government securities and reserves on bank balance sheets — a natural side effect of government spending and the Fed’s own policies — does not prod them to pull back.

“Because of recent growth in the supply of central bank reserves and the issuance of Treasury securities, the Board may need to address the current design and calibration of the SLR over time,” the Fed said in its release, adding that the goal would be “to prevent strains from developing that could both constrain economic growth and undermine financial stability.”

The Fed said that it would “shortly seek comment” on measures to adjust the leverage ratio. And it said that it would make sure that any changes “do not erode the overall strength of bank capital requirements.”

Charles Rettig, the Internal Revenue Service commissioner, last year. He said the I.R.S. was planning to automatically issue refunds to taxpayers that were eligible for new tax breaks.
Credit…Anna Moneymaker for The New York Times

Taxpayers who already filed their 2020 returns should not amend them to take advantage of tax breaks that were created by the new $1.9 trillion pandemic relief legislation, the Internal Revenue Service commissioner, Charles Rettig, told lawmakers on Thursday, saying that the I.R.S. would automatically send refunds to those who qualify.

Mr. Rettig, speaking at a congressional hearing, was referring to a provision in the law that provides a tax exemption on the first $10,200 of jobless benefits collected in 2020 by unemployed workers whose households earned less than $150,000.

“We believe that we will be able to automatically issue refunds associated with the $10,200,” Mr. Rettig said.

According to The Century Foundation, about 40 million Americans received unemployment insurance last year.

The tax changes included in the most recent stimulus bill passed earlier this month, along with tax changes in the December aid package and the rush to disburse economic impact payments, have put severe pressure on the I.R.S. The agency said on Wednesday that Tax Day would be pushed back by a month, from April 15 to May 17, to give itself and taxpayers more time to handle returns and refunds.

The Treasury Department and the I.R.S. are also racing to develop new regulations and update systems to reflect other aspects of the March relief law.

Treasury officials said at a briefing on Thursday that they are working with the I.R.S. to develop a new online portal to disburse advance payments for the expanded Child Tax Credit, which will provide up to $3,600 per child under age 6 and $3,000 for children ages 6 to 17, regardless of whether a family earns enough to pay income taxes.

The portal will allow taxpayers to upload relevant data for midyear payment adjustments, such as the birth of a child, the officials said.

Treasury officials also said the department is working on additional guidance on how states can use money included in the relief law. That will include clarity about how states must repay relief funds if they decide to cut taxes after receiving aid.

Government workers have been particularly hit hard by the pandemic. Nearly 1.4 million of the 9.5 million jobs that have disappeared over the past year came from state and local work forces.

State and local government positions account for about 13 percent of the nation’s jobs, and the sector has historically been more welcoming for women and African-Americans, offering an entryway into the middle class.

But a report from GovernmentJobs.com, a recruiting site for public sector jobs, suggests that even in this corner of the economy, applicants who are not white males can be at a disadvantage.

The study, which analyzed more than 16 million applicants by race, ethnicity and gender in 2018 and 2019, found that among candidates deemed qualified for a job in city, county or state government, Black women are 58 percent less likely to be hired than white men. Over all, qualified women were 27 percent less likely to be hired than qualified men.

The disparity was surprising. In a survey of 2,700 applicants, nearly a third said they thought they were more likely to be discriminated against in the private sector than in the public. Black Americans, who make up 13 percent of the population, rely disproportionately on state and local government jobs, making up 28 percent of the applicants for positions.

There are steps that could mitigate bias. The study found that many more Black women were called in for interviews when all personally identifying information was withheld during the application screening process — so recruiters did not know a candidate’s name, race and gender. Using a standardized rubric with specific guidelines for each score also sizably increased the number of Black women called in.

Penisha Richardson, who is 35 and lives in Newport News, Va., is a specialist in technical support at a company making printers and copiers. She remembers that when she was looking for jobs — in the public and private sectors — she got many more responses when she listed her name as Penny instead of Penisha.

“I had one person tell me I should go by Penny because it’s easier to pronounce,” Ms. Richardson said.

  • Alexi McCammond, who made her name as a politics reporter at the Washington news site Axios, had planned to start as the editor in chief of Teen Vogue next Wednesday. Now, after Teen Vogue staff members publicly condemned racist and homophobic tweets Ms. McCammond had posted a decade ago, she has resigned from the job. Condé Nast, Teen Vogue’s publisher, announced the abrupt turn on Thursday in an internal email that was sent amid pressure from the publication’s staff, readers and at least two advertisers, just two weeks after the company had appointed her to the position.

  • China’s internet regulator rebuked LinkedIn executives this month for failing to control political content, according to three people briefed on the matter. Though it isn’t clear precisely what material got the company into trouble, the regulator said it had found objectionable posts circulating in the period around an annual meeting of China’s lawmakers, said these people, who asked for anonymity because the issue isn’t public. As a punishment, the people said, officials are requiring LinkedIn to perform a self-evaluation and offer a report to the country’s internet regulator. The service was also forced to suspend new sign-ups of users inside China for 30 days, one of the people added, though that period could change depending on the administration’s judgment. LinkedIn has been the lone major American social network allowed to operate in China.

Amazon will show Thursday night games on its Amazon Prime Video service.
Credit…Jennifer Stewart/Associated Press

The N.F.L. signed new media rights agreements with CBS, NBC, Fox, ESPN and Amazon collectively worth about $110 billion over 11 years, nearly doubling the value of its previous contracts, Ken Belson and Kevin Draper report for The New York Times.

CBS, Fox and NBC will pay more than $2 billion each to hold onto their slots, with NBC paying slightly less than CBS and Fox, according to four people familiar with the agreements who requested anonymity because they were not authorized by the N.F.L. to speak publicly about the deals. ESPN will pay about $2.7 billion a year to continue airing Monday Night Football, but also to be added into the rotation to broadcast the Super Bowl beginning in 2026. The agreement with ESPN starts one year earlier, in 2022, because its current contract expires one year earlier than the others.

Each of the broadcasters’ deals include agreements for their respective streaming platforms, while Amazon will show Thursday night games on its Amazon Prime Video service.

“Over the last five years, we started the migration to streaming. Our fans want this option, and the league understands that streaming is the future,” said Robert K. Kraft, owner of the New England Patriots and chairman of the N.F.L.’s media committee.

The N.F.L. has not yet announced who will broadcast Sunday Ticket, a subscription service that lets fans watch out-of-market weekend games that are not broadcast nationally. DirecTV has the rights to that service through 2022.

The contracts also set the stage for the league’s owners to make good on plans to expand the regular season to include a 17th game. It will be the first major expansion to the N.F.L. season in more than four decades, when teams began playing 16 games, up from 14, in 1978.

Prices for used cars have soared during the pandemic. Some investors fear that the prospect of excessive inflation in the overall economy will cause Federal Reserve officials to ease up on stimulus efforts.
Credit…Justin Sullivan/Getty Images

European and Asian stocks fell on Friday, following a sharp drop in stocks on Wall Street the previous day.

The Stoxx Europe 600 index fell 0.4 percent, led lower by financial and consumer stocks. The CAC 40 in France dropped 0.6 percent after the government announced Paris and several other regions in France would go into another lockdown beginning at midnight, set to last for a month, to address surging numbers of virus cases filling some French hospitals.

The S&P 500 was set to open little changed on Friday after tumbling 1.7 percent the previous day. The falloff came as government bond yields climbed, raising concerns that faster economic growth would lead to higher inflation and the withdrawal of monetary stimulus by the central bank. Officials at the Federal Reserve have repeatedly said they wouldn’t remove any stimulus without giving markets plenty of warning.

Yields on 10-year Treasury notes fell back below 1.70 percent on Friday. On Thursday, they had reached as high as 1.75 percent.

  • Shares Takung Art Co., a Hong Kong-based company that operates an online trading platform for art, jumped more than 10 percent in U.S. premarket trading. Its share price has already skyrocketed more than 600 percent this week as traders look for ways to get in on the market for digital art. Last week, a JPG file by the artist known as Beeple was sold at an auction for $69.3 million, catapulting a boom in the art market for NFTs, or nonfungible tokens.

  • Shares in Oriental Culture Holding, another online marketplace for art, climbed 140 percent this week and rose about 13 percent in premarket trading.

  • Shares in J D Wetherspoon, a large British pub chain, fell for a third day after the company reported a loss of 61 million pounds ($85 million) for the six months to mid-January. In the same period the previous year, the company had reported a £42 million profit. Tim Martin, the company’s founder and chairman, has been a fierce critic of the government’s pandemic response, which has shuttered hospitality businesses. “The future of the industry, and of the U.K. economy, depends on a consistent set of sensible policies, based on scientific evidence, rather than on political expediency,” Mr. Martin said of the company’s outlook.

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Alexi McCammond, Teen Vogue Editor, Resigns

“Our teams, our families and our friends have all been affected by the rise in hate crimes toward Asian people and it’s unacceptable,” Mr. Lynch wrote in the memo, which was reviewed by The Times.

Ms. McCammond had been vetted before Condé Nast hired her, and top executives including Mr. Lynch and Anna Wintour, the chief content officer and the global editorial director of Vogue, were aware of the decade-old racist tweets, Mr. Duncan said in his note on Thursday, and Ms. McCammond acknowledged them in interviews with the company.

Ms. Wintour discussed the tweets with leaders of color at Condé Nast before the job was offered, according to a company executive who spoke on the condition of anonymity to discuss a personnel issue. Ms. McCammond struck Condé Nast leaders as an impressive candidate, the executive said, and they felt her 2019 apology showed that she had learned from her mistakes.

Although the company was aware of the racist tweets, it did not know about the homophobic tweets or a photo, also from 2011, that was recently published by a right-wing website showing her in Native American costume at a Halloween party, the executive said. The vetting process did not turn up the additional material because it had been deleted, the executive added.

Condé Nast has reckoned with complaints of racism in its workplace and content over the past year. In June, amid the Black Lives Matter protests, Ms. Wintour sent a note to the Vogue staff, writing that, under her leadership, the magazine had not given enough space to “Black editors, writers, photographers, designers and other creators” and acknowledging that it had published “images or stories that have been hurtful or intolerant.”

Adam Rapoport, the editor in chief of another Condé Nast publication, Bon Appétit, resigned in June after a photo of him resurfaced on social media, drawing condemnations from the staff for an offensive depiction of Puerto Ricans.

In the last two weeks, as complaints mounted, Ms. Wintour tried to build support for the would-be Teen Vogue editor. Ms. McCammond also participated in meetings with Condé Nast staff members and other groups to apologize further and listen to their concerns, including one-on-one talks with journalists at Teen Vogue, according to six people with knowledge of the meetings.

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Teen Vogue Staff Members Condemn Editor’s Decade-Old, Racist Tweets

A group of Teen Vogue staff members raised concerns on Monday over decade-old racist tweets by their new editor in chief, Alexi McCammond.

Ms. McCammond, 27, a political reporter for Axios and a contributor for MSNBC and NBC, was named the top editor of the Condé Nast publication on Friday. Over the weekend, offensive tweets she had sent as a teenager in 2011 were recirculated on social media.

The tweets were originally uncovered in 2019, and Ms. McCammond apologized for them at the time, saying: “I am deeply sorry to anyone I offended. I have since deleted those tweets as they do not reflect my views or who I am today.”

In a note posted to Twitter on Monday night, a group of more than 20 Teen Vogue staff members said they had written a letter to Condé Nast management condemning Ms. McCammond’s “past racist and homophobic tweets.”

Mr. Ducklo resigned from the White House in February after threatening a Politico reporter who was working on a story about the relationship.

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Teen Vogue Selects Its Next Top Editor, the Political Reporter Alexi McCammond

Alexi McCammond, a political reporter at Axios, will be the next editor in chief of Teen Vogue, Condé Nast announced Friday.

Ms. McCammond, 27, made her name covering the 2018 midterm elections and Joseph R. Biden’s presidential campaign for Axios, a site known for its punchy Beltway coverage. She has also been a frequent contributor to NBC and MSNBC. In her new role, she will lead the Teen Vogue team across digital, video and social media. She starts on March 24.

The appointment of Ms. McCammond to the top Teen Vogue job suggests that the publication, which stopped publishing regular print issues in 2017, will continue to be a venue for political reporting and commentary, in addition to its coverage of fashion, beauty and culture. Teen Vogue expanded its purview during the political rise of Donald J. Trump, winning plaudits for essays like Lauren Duca’s “Donald Trump Is Gaslighting America” in 2016.

Ms. McCammond succeeds Lindsay Peoples Wagner, the editor in chief of Teen Vogue since 2018, who in January was appointed to the top job at New York Magazine’s style website, The Cut. Anna Wintour, the global editorial director of Vogue and Condé Nast’s chief content officer, said in a statement that Ms. McCammond had “the powerful curiosity and confidence that embodies the best of our next generation of leaders.”

Vanity Fair later reported, Mr. Ducklo tried to intimidate the Politico reporter writing the article, Tara Palmeri, telling her: “I will destroy you.”

Before the Politico item appeared, People published an exclusive, feel-good account of the relationship under the headline “Reporter Forgoes Covering President as Romance Blossoms with Biden Aide Battling Cancer: ‘Didn’t Think Twice.’”

After Mr. Ducklo’s treatment of the Politico reporter became public, the White House announced that it had suspended him. The next day, after many commentators noted President Biden’s earlier pledge to fire any staff member who behaved in a disrespectful manner, Mr. Ducklo resigned.

Ms. McCammond joined Axios in 2017 after a stint at the website Bustle. In 2019, the National Association of Black Journalists named her the emerging journalist of the year. She said in a statement that she looked forward to working with the Teen Vogue team to “build a unique community of ambitious, curious and fashion-forward young leaders.”

In January, Teen Vogue had 10.8 million unique viewers online, according to Condé Nast, a 21 percent jump over the previous year.

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