United States:
Yellen, Summers Spar About Overheating Risk in Stimulus Plan
“In making the case for a mammoth $1.9 trillion economic relief package, President Joe Biden and his acolytes had maintained that economists across the board agreed that now is the time to go big in the fight against the pandemic. Well, so much for that. A number of prominent economists and former policy makers — from Democrat Lawrence Summers to Republican Douglas Holtz-Eakin — have raised questions in the past week about the size of the package. So too have some economy watchers in the financial markets.”
Europe:
BOE’s Rapid Rebound Hopes Called Into Question by Top Researcher
“The U.K. economy will remain below its pre-Covid levels until the end of 2023, an influential think tank said, giving a much more pessimistic view than the Bank of England did last week. The National Institute of Economic and Social Research cut its forecast for growth this year to 3.4% from 5.9% in October. That follows a 10% slump in 2020. The BOE predicts that gross domestic product will return to pre-crisis levels in the first quarter of next year.”
Asia:
Taiwan’s Exports Hit Record High on 5G and Holiday Demand
“Taiwan exported a record amount in January, fueled by rising demand for computer chips and by companies rushing to get components ahead of the Lunar New Year holidays in February. Shipments surged almost 37% to $34.3 billion, the most in data going back to 1981. Imports also hit a record over the same period, up almost 30%, according to data released Monday by the Ministry of Finance in Taipei.”
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