Like wealth, fame, or even love, power is not static. As any of the 17 newcomers to the 2020 list of the World’s 100 Most Powerful Women can attest, a person can quickly gain power through elections, mergers, and acquisitions, or the stroke of a pen affirming a promotion. Likewise, as the women who’ve fallen off the Power Women list illustrate, power can just as easily fade when a company fails (we hardly knew ye, Quibi), a board wants a new direction, or a country wants a new administration.



Sometimes, though, power shifts gradually: a person is nominated for a position, but doesn’t yet have the job. She has taken the top job, but hasn’t had time to make her mark on the organization or execute the turnaround that is crucial for survival. Or perhaps she is clearly in charge but is methodical in growing market share, creating a company or investment fund that is large but not hasn’t yet reached the level that earns her a spot among the top 100 most powerful women around the globe.



<a href="https://www.forbes.com/sites/maggiemcgrath/2019/12/12/power-rising-these-are-the-women-to-watch-in-2020/?sh=36ec15567964">As we noted last year</a>, this is not to say that women who have not quite yet arrived aren’t powerful. In fact, their power is rising, and likely at a rate that could earn them a spot on the power list as soon as next year. To that end, these are the women to watch for 2021:



Janet Yellen:&nbsp;The former chair of the Federal Reserve last ranked No. 6 on the Power Women list, in 2016, but fell off the list when she was not renominated for the role. With the&nbsp;<a href="https://www.forbes.com/sites/monicahaider/2020/12/01/bidens-economic-team-and-first-female-treasury-secretary-janet-yellen-supported-by-powerful-women/?sh=48c196272418">news</a>&nbsp;that president-elect Joe Biden has decided to nominate Yellen as his Treasury Secretary—a move that would make her the first woman to hold this particular Cabinet position—Yellen’s return to the power list is all but one Senate confirmation away. (And this, too, she should achieve, having already notched bipartisan support to become the first female Fed chair in 2014.)



Dana Canedy: A Pulitzer-Prize winning journalist who is also the administrator of the Pulitzer Prizes, Canedy has long been respected by writers and media types for decades. (Her Pulitzer was for her work on the incisive 2001 New York Times Series, “How Race Is Lived In America.”) In July, she was appointed as the senior vice president and publisher of Simon &amp; Schuster, the eponymous imprint of one of America’s largest book publishers. Canedy is the first Black woman to have the job, and with Simon &amp; Schuster poised to merge with Penguin Random House (pending clearance from antitrust regulators), her influence could soon grow even larger.



<div class="wp-block-image is-style-default"><figure class="alignright size-large is-resized"><img loading="lazy" decoding="async" src="https://www.forbesafrica.com/wp-content/uploads/2020/12/GettyImages-892818756-764x1024.jpg" alt="" class="wp-image-49219" width="271" height="362" srcset="https://cms.forbesafrica.com/wp-content/uploads/2020/12/GettyImages-892818756-764x1024.jpg 764w, https://cms.forbesafrica.com/wp-content/uploads/2020/12/GettyImages-892818756-224x300.jpg 224w, https://cms.forbesafrica.com/wp-content/uploads/2020/12/GettyImages-892818756-768x1030.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2020/12/GettyImages-892818756-1527x2048.jpg 1527w, https://cms.forbesafrica.com/wp-content/uploads/2020/12/GettyImages-892818756-300x402.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2020/12/GettyImages-892818756-scaled.jpg 1909w" sizes="(max-width: 271px) 100vw, 271px" /><figcaption>Pearlena Igbokwe. (Photo by David Livingston/Getty Images)</figcaption></figure></div>



Pearlena Igbokwe: In September, NBC promoted Igbokwe to chairman of the Universal Studio Group, a move that effectively handed her the baton of power from former group head (and Power Woman) Bonnie Hammer. Jeff Shell, the CEO of NBCUniversal, called Igbokwe “ideally suited” to run the company’s television studios and cited her “extraordinary taste.” Having overseen critically-acclaimed comedies like “Russian Doll,” &#8220;Superstore,&#8221; “Brooklyn Nine-Nine,” and “The Good Place,” Igbokwe’s next decisions at NBC are almost certain to entertain.



Catherine MacGregor:&nbsp;Eight months after the board of directors at French utility company Engie pushed Isabelle Kocher out of the CEO suite, the company has appointed longtime oil and gas executive MacGregor as her successor. MacGregor will start the role in January.



Julia Cheek: The 36-year-old founder and CEO of at-home testing company Everlywell <a href="https://www.forbes.com/sites/leahrosenbaum/2020/12/03/at-home-health-testing-company-everlywell-raises-175-million-series-d-round-reaching--13-billion-valuation/?sh=244c28115702">announced</a> in early December that her company had raised a $175 million Series D round of funding—a capital injection that propelled the company to a $1.3 billion valuation. With the pandemic accelerating consumer demand for (and comfort with) at-home health testing kits, Cheek is confident Everlywell will continue to grow. “Hopefully,” she told Forbes, “we’ll emerge as one of the winners.”



<div class="wp-block-image is-style-default"><figure class="alignleft size-large is-resized"><img loading="lazy" decoding="async" src="https://www.forbesafrica.com/wp-content/uploads/2020/12/GettyImages-1137862240-1024x776.jpg" alt="" class="wp-image-49221" width="356" height="270" srcset="https://cms.forbesafrica.com/wp-content/uploads/2020/12/GettyImages-1137862240-1024x776.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2020/12/GettyImages-1137862240-300x227.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2020/12/GettyImages-1137862240-768x582.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2020/12/GettyImages-1137862240-1536x1165.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2020/12/GettyImages-1137862240-2048x1553.jpg 2048w, https://cms.forbesafrica.com/wp-content/uploads/2020/12/GettyImages-1137862240-600x455.jpg 600w" sizes="(max-width: 356px) 100vw, 356px" /><figcaption> Estonian President Kersti Kaljulaid (Photo by Mikhail Svetlov/Getty Images)</figcaption></figure></div>



Anna Diamantopoulou, Kersti Kaljulaid and Cecilia Malmstrom: All three women are running to be the next head of the Organization for Economic Cooperation and Development (OECD). All three are already pretty influential within Europe: Diamantopoulou has had&nbsp;<a href="https://www.forbes.com/sites/stephaniefillion/2020/11/27/anna-diamantopoulou-wants-to-lead-the-oecds-post-covid-recovery/?sh=6d59a5061c19">a long career in Greek politics</a>; Kaljulaid is the first woman have to ever been elected as the&nbsp;<a href="https://www.forbes.com/sites/stephaniefillion/2020/11/10/estonias-president-wants-to-lead-the-oecds-ditigal-revolution/?sh=52d9e4445a29">president of Estonia</a>; and Malmstrom was&nbsp;<a href="https://www.forbes.com/sites/stephaniefillion/2020/11/19/cecilia-malmstrom-wants-to-bring-her-trade-expertise-to-the-oecd/?sh=39a9f9cf5337">Europe’s trade commissioner</a>&nbsp;for five years until 2019. Any one of the three would be the first woman to run the OECD, which is an intergovernmental organization whose goal is to stimulate economic progress.



Dr. Özlem Türeci: As the co-founder and chief medical officer of BioNTech, a German biotech company, Türeci was, until 2020, focused on researching and developing cancer treatments. But when her husband and co-founder, Ugur Sahin, realized in January that Covid had the potential to become a pandemic, their work shifted—as did their global profile. BioNTech partnered with Pfizer in March to develop a Covid vaccine, and last month, the two companies announced that their drug, which relies on mRNA technology, <a href="https://www.forbes.com/sites/roberthart/2020/11/18/pfizer-biontech-says-covid-19-vaccine-is-95-effective-will-seek-emergency-approval-within-days/?sh=569b110441f7">is 95% effective</a>. With vaccine deployment set to be the dominant story of 2021, the effect Türeci’s work can only grow larger.



<div class="wp-block-image is-style-default"><figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" src="https://www.forbesafrica.com/wp-content/uploads/2020/12/GettyImages-462834336-1024x681.jpg" alt="" class="wp-image-49081" width="353" height="234" srcset="https://cms.forbesafrica.com/wp-content/uploads/2020/12/GettyImages-462834336-1024x681.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2020/12/GettyImages-462834336-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2020/12/GettyImages-462834336-768x511.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2020/12/GettyImages-462834336-1536x1022.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2020/12/GettyImages-462834336-2048x1363.jpg 2048w, https://cms.forbesafrica.com/wp-content/uploads/2020/12/GettyImages-462834336-600x399.jpg 600w" sizes="(max-width: 353px) 100vw, 353px" /><figcaption>Nigeria&#8217;s Finance Minister Ngozi Okonjo-Iweala (Photo credit should read ERIC PIERMONT/AFP via Getty Images)</figcaption></figure></div>



Ngozi Okonjo-Iweala: Economist Ngozi Okonjo-Iweala was Nigeria’s first female finance minister (and its longest serving) and spent 25 years working for the World Bank. She sits on the boards of Twitter and Gavi, the Vaccine Alliance, and is poised to become the first female head of the World Trade Organization. It is for these reasons, and more, that Forbes Africa named her its <a href="https://www.forbesafrica.com/cover-story/2020/12/04/african-of-the-year-ngozi-okonjo-iweala/" target="_blank" rel="noreferrer noopener">African Person of the Year 2020</a> and that we’re calling her a woman to watch closely in 2021.



-By Maggie McGrath, Forbes Staff

Federal Reserve Jackson Hole Economic Symposium

Power Rising: These Are The Women To Watch In 2021

The coronavirus pandemic has thrown millions of Americans into financial distress, but new <a rel="noreferrer noopener" href="https://libertystreeteconomics.newyorkfed.org/2020/08/the-disproportionate-effects-of-covid-19-on-households-with-children.html" target="_blank">research</a> from the Federal Reserve Bank of New York shows that the economic impact has been especially pronounced for households with children. 



KEY FACTS



Households with children under 18 living at home are more likely to have lost jobs and income: household heads lost their jobs in 12.9% of households with children compared to 9.2% of households without them, the study found.&nbsp;



They’re also more likely to have missed rent or debt payments: 19.5% of households with children said they skipped a rent, mortgage, auto loan, credit card, or student loan payment compared to 12.5% of households without.



Families with kids are also more likely to rely on external support like unemployment benefits, food stamps and food banks, and financial support from family and friends.



This reliance is even higher among single-parent, non-white households and households in low-income neighborhoods, the researchers found.&nbsp;



All this, of course, is only compounded by the added burdens of virtual schooling and closed childcare facilities that working parents and caretakers must contend with.



BIG NUMBER



39%. That’s the portion of households with children that reported income losses, compared to 30.8% of households without.&nbsp;



CRUCIAL QUOTE 



“Our results reveal high reliance by [households with children], and especially those headed by a single parent, on food and financial support from social networks as well as government assistance in the form of SNAP and unemployment benefits since the onset of the COVID-19 pandemic,” the researchers wrote. “While a greater reliance on assistance undoubtedly predates the pandemic, the high rates of job and income loss experienced by households with children has clearly heightened the importance of such support.”



KEY BACKGROUND



Several key benefits of the CARES Act have expired—most notably supplemental unemployment benefits and eviction protections for certain renters—but the Trump administration and top Democratic lawmakers have been unable to come to an agreement on what the next round of federal stimulus legislation should look like. The $3 trillion Heroes Act, passed by the Democrat-led House in May, included additional support for federal unemployment and nutrition assistance, along with another round of direct stimulus payments and hazard pay for essential workers. The Republican-led Senate never took up the bill, though it did release its own plan—the Heals Act—last month. When Democratic lawmakers and White House policymakers were unable to reach a compromise last week, President Trump took&nbsp;<a href="https://www.forbes.com/sites/rachelsandler/2020/08/08/600-weekly-unemployment-check-cut-to-400-under-trump-executive-orders-and-more/">executive action over the weekend</a>&nbsp;with respect to enhanced unemployment benefits, student loans, eviction protections and a payroll tax deferment. Those actions alone, however, aren’t likely to be as effective in propping up the economy as would legislation from Congress.&nbsp;



<h2 class="wp-block-heading">FURTHER READING</h2>



<a href="https://www.forbes.com/sites/sarahhansen/2020/08/12/second-stimulus-negotiations-appear-to-be-at-a-standstill-heres-what-could-happen-next/">Second Stimulus Negotiations Appear To Be At A Standstill, Here&#8217;s What Could Happen Next</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/sarahhansen/2020/06/05/heres-what-the-racial-wealth-gap-in-america-looks-like-today/">Here’s What The Racial Wealth Gap In America Looks Like Today</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/sarahhansen/2020/08/11/heres-why-that-400-unemployment-check-from-trumps-executive-order-may-not-happen/">Here’s Why That $400 Unemployment Check From Trump’s Executive Order May Not Happen</a> (Forbes)



<a href="https://www.forbes.com/sites/sarahhansen/2020/08/13/unemployment-claims-clock-in-under-1-million-for-first-time-since-coronavirus-crisis-began/">Unemployment Claims Clock In Under 1 Million For First Time Since Coronavirus Crisis Began</a> (Forbes)



-Sarah Hansen, Forbes Staff

Re-opening Continues Across Densely Populated New York And New Jersey Areas

The Coronavirus Recession Has Been Worse For Families With Kids, N.Y. Fed Finds

Tis the season to reconsider one’s investment portfolio for 2014. It is advisable to use a top-down approach by assessing the leading markets and then looking at emerging markets.
Most economists believe that there will be upside surprises, especially in the United States, but also in Germany and China. According to Nariman Behravesh, chief economist at IHS Global Insight, a global economic research firm, American consumers are feeling more upbeat.
“A lot of the unpleasant news is off the front page, like the government shutdown – and gasoline prices are down. The job situation is improving.&#8221; He provided a good holiday season that would build momentum going into 2014” he said. To back his theory, the Commerce Department reported that November retail sales rose by 0.7%, the biggest gain in five months. In conjunction with a revised stronger number for October, Americans had a strong start to the holiday shopping season. Some economists even upgraded their Q4 Gross Domestic Product (GDP) outlook based on the November retail sales number; Barclays raised its Q4 forecast to 2.2% from 2% and J.P. Morgan raised it to 2% from 1.5%. Consumer spending, or consumer sentiment, is the largest part of aggregate demand at the macroeconomic level. The attitudes of households towards the economy is a strong component of consumer spending. If consumers’ attitudes regarding the state of the economy is negative, they refrain from spending. Alternatively, if the state of the economy is good, people spend and invest with confidence, which makes consumer sentiment and spending a powerful predictor of the economy.
The next question is whether the Federal Reserve Bank (FRB) will taper? With the October government shutdown – where 800,000 FRB employees were told to stay at home because Congress failed to enact legislation appropriating funds for the 2014 fiscal year – a median of 40 responses in a Bloomberg News Survey of economists believe that the FRB will delay the first reduction in its bond purchases until March 2014. Because the government shutdown slowed Q4 growth and interrupted the flow of data, policymakers will pare the monthly pace of asset buying to $70 billion from $85 billion at their March 18-19 meeting. The US government has been trying to stimulate their economy through a bond-buying program known as quantitative easing (QE). This occurs when the Federal or any central bank creates money by buying bonds or other financial assets from banks. In turn, the banks then have more money available to lend. Higher loan growth makes it easier to finance projects in which people work, thereby helping the economy to grow.
The first program of QE saw the US government inject $600 billion into their economy. In total, the FRB bought more than $2 trillion treasury bonds and mortgage-backed securities, which is nearly 10 times the annual rate of bond purchases during the previous decade. In 2012, the stock of bonds on the FRB’s balance sheet rose more than 20%.
Quantitative easing was not intended to last forever. However, Ben Bernanke, former chairman of the Federal Reserve Bank, stated that the flow of purchases will depend on the incoming data and the assessment of how the labor market and inflation is evolving in the US. Therefore, tapering quantitative easing would mean that policymakers are regaining confidence in the US economy. Though bonds sold off sharply in the wake of Bernanke’s first mention of tapering and stocks exhibited higher volatility than previously, tapering will not be an immediate or dramatic event. It is likely to take place over an extended period of time so as to create minimal market disruption. The FRB may pull back slightly if the economy continues to strengthen. It can increase the program again if the economy slows or the financial markets are shaken by an unforeseen crisis. Because the tapering threat has been ongoing for so long, I believe that the markets have now either factored in or discounted that news. Therefore, the market will most likely react marginally upon an initial tapering.
Most economists do not expect interest rates to rise until 2015. The FRB’s policymakers will not raise rates from the current 0%-0.25% range until the unemployment rate falls below 6.5% – so long as inflation is contained. A recent Producer Price Index (PPI) report showed wholesale prices fell 0.1% in November, the third consecutive drop. The PPI is up just 0.7% on a year-on-year basis, while the core rate is up 1.3%. Bernanke would have preferred the rate of inflation to be around 2%, and is hoped that more “monetary accommodation” would push inflation up and the unemployment rate down.
I forecast a stronger dollar. Though it could hurt the US economy as it makes exports more expensive for foreign consumers, it also attracts investors, which is positive for the US economy. A stronger currency will also make it easier for the US to borrow and finance its debt, all other factors being equal.
In Europe, GDP expanded by 0.3% in the first three months of 2013, which signaled the end of the longest contraction in continental Europe in over 40 years. However, unemployment remained at 12.2% in September, which means the region’s faltering economic recovery has yet to be felt in the job market. The Commission said it expected the Eurozone’s GDP to grow by 1.1% in 2014.
“There are increasing signs that the European economy has reached a turning point,” said EU Economic and Monetary Affairs Commissioner Olli Rehn.
With the majority of economists forecasting a positive change in market sentiment in leading economies, due to progressive improvement in economic data, this is bound to build momentum in the emerging markets, which will export more into the US and Europe. Africa’s stock markets should gain upside momentum in 2014 as economies steadily improve.

Tag: Federal Reserve Bank

FORBES AFRICA SOCIAL MEDIA

Power Rising: These Are The Women To Watch In 2021

The Coronavirus Recession Has Been Worse For Families With Kids, N.Y. Fed Finds

Where The Money Is Going In 2014