Afternoon Coffee: Sievo reports growth; Fed holds interest rates near zero; Hurricane Sally’s destructive path

Sievo, a specialist in procurement software and analytics, announced an increase in revenue in the first half of 2020 despite the COVID-19 disruption.

Sievo said its new sales grew by 59% year-over-year during the first six months of the year. Sievo said its growth came mostly from the U.S. market.

The company also named Cristian Arias as its new CFO.

“We’re seeing through this crisis that it isn’t size but agility that matters,” Arias said in the press release. “Smart money is on the companies that use this period of intense change as a catalyst to reinforce their business models, and Sievo is definitely one of them.”

Federal Reserve to keep interest rates near zero for a few years

Officials at the Federal Reserve said this week that they expect to leave interest rates near zero through at least 2023 and will tolerate high inflation for certain periods as they work to revive the economy, according to The New York Times.

The policy-setting Federal Open Market Committee “expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the committee’s assessments of maximum employment and inflation has risen to 2% and is on track to moderately exceed 2% for some time,” officials said in a statement.

Fed chair Jerome H. Powell said the economy is picking up, but recovery in household spending reflected a need for “substantial and timely” fiscal support. He also indicated services that see people gathering together — like entertainment or tourism — remain low, the article reported.

“Overall activity remains well below its level before the pandemic, and the path ahead remains highly uncertain,” Powell said.

Hurricane Sally continues trek northeast, bringing damage and rain

Hurricane Sally continued its trek northeast on Thursday after causing massive flooding and destruction along the U.S. Gulf Coast, according to CNBC. Sally made landfall yesterday in Alabama as a slow-moving Category 2 hurricane and tore through the Florida Panhandle.

The storm was downgraded to a tropical depression on Wednesday, but it’s still unleashing heavy rains and strong winds as it moves northeast. Sally is a slow-moving storm, which can bring more destruction, the article said.

The slow movement left neighborhoods severely damaged. A five foot storm surge sent a construction barge adrift in Florida. A section of a major bridge going through Pensacola Bay broke off during the storm, according to the article.

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