[Global] Economic news summary

[Global] Economic news summary
15 Feb 2021

As we move further into a new week, Bloomberg summarises the latest economic news.

President Biden had maintained that economists across the board were agreed in their support for the $1.9 trillion economic relief package however cracks are now appearing. The president reportedly no longer believes his proposed $15 per hour federal minimum wage will survive congressional negotiations for passing his broader coronavirus-relief bill

The Biden administration has made a number of key appointments at the office of the U.S. Trade Representative, including Obama-era Treasury Deputy Assistant Secretary Brad Setser as counselor to the nominee for the top job, Katherine Tai

The U.S. has given its formal backing to Ngozi Okonjo-Iweala to lead the World Trade Organisation. This was the final obstacle to her bid to become the first woman and the first African to run the trade body

Concerns in Canada about about spillover effects and long-term damage from COVID-19 restrictions have been eased by the news that the new round of lockdowns is having little impact outside close-contact sectors like retail.

European Central Bank President Christine Lagarde predicted the euro-area recovery will gain momentum. Ms Lagarde stressed that public authorities will have a difficult job weaning the economy off emergency support.

In December German industrial production failed to grow for the first time in eight months, another indication that the economy is being weakened by the second wave of the pandemic.

Money is slowly moving towards its biggest reinvention in centuries as central banks embrace digital currencies. With modern technology and even the COVID-19 pandemic provoking a global shift toward cashless economies, monetary policymakers are making moves to guarantee they will not fall behind

Source: Bloomberg

As we move further into a new week, Bloomberg summarises the latest economic news.

President Biden had maintained that economists across the board were agreed in their support for the $1.9 trillion economic relief package however cracks are now appearing. The president reportedly no longer believes his proposed $15 per hour federal minimum wage will survive congressional negotiations for passing his broader coronavirus-relief bill

The Biden administration has made a number of key appointments at the office of the U.S. Trade Representative, including Obama-era Treasury Deputy Assistant Secretary Brad Setser as counselor to the nominee for the top job, Katherine Tai

The U.S. has given its formal backing to Ngozi Okonjo-Iweala to lead the World Trade Organisation. This was the final obstacle to her bid to become the first woman and the first African to run the trade body

Concerns in Canada about about spillover effects and long-term damage from COVID-19 restrictions have been eased by the news that the new round of lockdowns is having little impact outside close-contact sectors like retail.

European Central Bank President Christine Lagarde predicted the euro-area recovery will gain momentum. Ms Lagarde stressed that public authorities will have a difficult job weaning the economy off emergency support.

In December German industrial production failed to grow for the first time in eight months, another indication that the economy is being weakened by the second wave of the pandemic.

Money is slowly moving towards its biggest reinvention in centuries as central banks embrace digital currencies. With modern technology and even the COVID-19 pandemic provoking a global shift toward cashless economies, monetary policymakers are making moves to guarantee they will not fall behind

Source: Bloomberg