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Federica Valabrega

Wall Street pedestrians may have noticed Wednesday a new bronze statue of a small girl with her hands on her hips, staring down the famous charging Wall Street bull. For now, the groups behind it have a permit to keep the "Fearless Girl" installed for a week, but are in conversations to extend the permit to a month.

The piece was placed there on the eve of International Women's Day for one week by McCann NY, one of the largest advertising agencies in the country, and its client State Street Global Advisors, a $2.5 trillion investment company. A plaque next to the statue reads "Know the power of women in leadership. She makes a difference."

Why it matters: This is a great example of how place-based messaging can be very effective. The copper statue has so far has received ample earned media (Reuters, AdWeek, Wall Street Journal, Business Insider, Huffington Post) and the hashtag #fearlessgirl has reached an estimate of approximately a quarter million people in less than one day, according to TweetReach. The NYC Department of Transportation estimates over 20,000 people walk on Wall Street, presumably McCann and SSGA's target audience, during rush hour each day.

Go deeper

Federal Reserve scales back expectations for economic recovery as Delta variant weighs

Fed chair Jerome Powell during a congressional hearing last year. (Photo: Stefani Reynolds/Bloomberg via Getty Images)

The Fed downgraded near-term expectations for the economy and the labor market, alongside hotter-than-expected inflation, in new estimates out on Wednesday.

Why it matters: It's the first time those closely-watched estimates reflect impact from the delta variant that's already rattled the labor market. Still, Fed chairman Jerome Powell said enough progress has been made to begin to pull back emergency-era measures that have supported the economy.

Bipartisan police reform negotiations end without deal

Rep. Karen Bass (D-Calif.) with Sens. Tim Scott (R-S.C.) and Cory Booker (D-N.J.) in the Capitol in May 2021. Photo: Drew Angerer/Getty Images

Bipartisan talks on reforming police tactics and accountability, prompted by George Floyd's murder in May 2020, have ended without a compromise, Sen. Cory Booker (D-N.J.), a key negotiator, said Wednesday.

Why it matters: Lawmakers, led by Rep. Karen Bass (D-Calif.) and Sens. Tim Scott (R-S.C.) and Booker, had been working toward a bipartisan deal for months but things fell apart due to disagreements on qualified immunity and other issues.

Biden speaks with Macron for first time since diplomatic crisis

President Biden and French President Emmanuel Macron have a conversation ahead of the NATO summit in Brussels, on June 14, 2021. Photo: Dursun Aydemir/Anadolu Agency via Getty Images

President Biden on Wednesday spoke with French President Emmanuel Macron for the first time since a diplomatic row erupted over a scrapped submarine order, per the White House.

Driving the news: Macron said that the French ambassador will return to Washington next week and will resume working with senior U.S. officials.