Daily Market Summary – December 21, 2021

United States:

Biden’s Promise of More Equal U.S. Takes Hit With Spending Plan

“President Joe Biden’s promise to reduce income and wealth disparities in the U.S. has suffered a major setback with the collapse of his social-spending bill. Early in the pandemic, U.S. policy makers staved off a dramatic increase in inequality with an all-out fiscal response. Biden’s legislation aimed to build on that achievement with about $2 trillion of investments focused on child care, health care and early education — delivering benefits to lower-income Americans, financed in part by tax increases for wealthier ones.”



Debt-Rule Showdown Will Shape Europe’s Economy for Years to Come

“Europe’s policymaking class is readying itself for a clash that may reverberate for years to come. The huge public-borrowing binge needed to fund spending during the Covid-19 crisis is forcing a rethink of the European Union’s rules governing debt and deficits, exposing a political fault line over economic theory.”



Korea’s Government Sees Inflation Outpacing BOK Projections

“South Korea’s government expects inflation to outpace the central bank’s current forecasts for next year as supply disruptions persist and services spending rebounds, echoing concerns shared by global policy makers that prices will prove harder to tame. In its 2022 outlook released Monday, the finance ministry projected inflation at 2.4% this year and 2.2% for 2022, both higher than the Bank of Korea’s latest forecasts and its 2% target.”




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