Dovish Fed, Cheap Manhattan Homes, L-Shaped Recovery: Eco Day

(Bloomberg) -- Welcome to Thursday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

• Federal Reserve Chair Jerome Powell has done everything to demonstrate his desire for higher inflation short of dressing up as a dove and cooing in front of Fed headquarters
• The 50 richest Americans now hold almost as much wealth as half of the U.S., as Covid-19 transforms the economy in ways that have disproportionately rewarded a small class of billionaires
  • Manhattan renters have never had this many apartments to choose from. And it’s been seven years since rents were this low
  • Meanwhile, home prices in Westchester County surged to a record in the third quarter as bidders from New York City battled for a chance to buy a suburban retreat
• A Bloomberg Economics analysis of 36 recessions since 1965 across the Group-of-Seven countries suggests an L-shaped recovery is more likely than a V.
• Peru’s central bank kept borrowing costs at an all-time low to sustain an economic recovery amid weak demand and activity restrictions to fight Covid-19
• Vice President Mike Pence and Senator Kamala Harris engaged in more substantive policy debate than their running mates did last week, sometimes resulting in a dizzying array of policies, positions, facts and figures -- often taken out of context
• Finally, don’t miss this week’s episode of the Stephanomics podcast

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