Fed to extend debt purchases, US small businesses struggle, Robinhood hit with legal complaint
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 17 December 2020
⏱️ 9 minutes
🧾️ Download transcript
Summary
The US central bank says it will keep buying at least $120bn of debt a month until “substantial further progress has been made” in the recovery, US regulators have hit Luckin Coffee with a $180m penalty in an accounting fraud settlement, and Massachusetts launches legal action against the online trading app Robinhood. Plus, the FT’s global finance correspondent, Robin Wigglesworth, explains why there is an uneven recovery in the US corporate landscape.
Fed to extend debt purchases to boost flagging US economy
https://www.ft.com/content/74b6530e-9d69-43f0-a5d7-3cb363ed5398
America’s two-track economy: the small business credit crunch
https://www.ft.com/content/1ae439b1-75e7-4b55-876c-66533ac37db8
Massachusetts takes legal action against Robinhood
https://www.ft.com/content/0e451231-fa4c-4686-bf2f-a5e107f337b9
Luckin Coffee to pay $180m in accounting fraud settlement
ft.com/content/4db3b074-829f-4f1c-a256-11c7e28a31d1
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Transcript
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| 0:00.0 | Good morning from the Financial Times. |
| 0:01.7 | Today is Thursday, December 17th, |
| 0:04.1 | and this is your FT news briefing. |
| 0:08.2 | The Federal Reserve announced it'll keep buying debt |
| 0:10.8 | until the U.S. economy gets better. The Chinese coffee |
| 0:13.9 | chain Luckin Coffee was slapped with a penalty for fraud and the popular online |
| 0:18.4 | trading app Robin Hood is being targeted by a US state regulator for allegedly gamifying investing. |
| 0:24.8 | Plus we'll look at how America's largest businesses are thriving in the |
| 0:28.8 | pandemic while smaller ones are struggling and how access to capital markets plays a role in that |
| 0:34.8 | balance. |
| 0:35.8 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:42.1 | The U.S. Federal Reserve announced it'll continue to support the economy with large purchases of government bonds, |
| 0:48.0 | but we'll keep the amount steady. |
| 0:50.0 | Fed officials made their announcement after wrapping up their final meeting of the year |
| 0:54.3 | yesterday and here to parse the nuances as US markets reporter Colby Smith. Colby, there was a fair amount of |
| 1:00.9 | uncertainty going into this meeting about whether the Fed would |
| 1:04.0 | adjust its purchases of Treasury bonds and other government debt but in the end there |
| 1:09.1 | there was no change right? Yeah so they didn't make any changes to either the aggregate size of these |
| 1:15.7 | purchases or the types of securities that they would buy. They committed to that |
| 1:20.4 | they would be buying at least 120 billion billion of debt per month, which was the original amount. |
| 1:26.1 | But they did specifically change the language around the time frame with which they would do so. |
| 1:31.4 | And that was really important for investors because from the |
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