Global jihad’s grim toll • Apple under Tim Cook • British housing • San Francisco • Running the Federal Reserve | Graphic detail
. These include emigration, a rise in some types of crime, drugs and homelessness. The cost of living in San Francisco is still around two and a half times higher than the national average and 44% more than in New York City. Faced with the prospect of paying steep rents while enduring some of the longest, strictest lockdowns in the country, people left—some permanently. Much attention has been paid to an exodus of techies, but the less well-off have moved too.
The Federal Reserve has bought more than $4trn in assets during the pandemic , dwarfing the scale of its actions after the global financial crisis, and swelling its total balance-sheet to $8.3trn. Mr Powell has refined the way the Fed communicates and led a landmark shift in the way it thinks about interest rates. In the process, he has presided over a bold gamble, keeping policy ultra-loose even as inflation soars.
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