Overseas Headline – July 7, 2020

United States:

Fed’s Bostic Sees Signs That Economic Activity Is Leveling Off

“Economic activity in parts of the the U.S. is showing signs of leveling off amid a resurgence in coronavirus cases, according to Federal Reserve Bank of Atlanta President Raphael Bostic.“There are a couple of things that we are seeing and some of them are troubling and might suggest that the trajectory of this recovery is going to be a bit bumpier than it might otherwise,” Bostic said in an interview with the Financial Times published Tuesday. “We’re watching this very closely, trying to understand exactly what’s happening.”



U.K.’s Global Trade Deals Still Pose a Huge Pre-Brexit Challenge

“The U.K.’s trade deal with the European Union isn’t the only massive project that British negotiators must contend with before they quit the bloc at the end of the year. With just months to go until Britain exits, with or without a deal, Prime Minister Boris Johnson and Trade Secretary Liz Truss are also racing to keep the many trade deals the U.K. currently enjoys as a result of its membership with the EU.”



Malaysia Cuts Rates to Record Low, Warns of Downside Risks

“Malaysia’s central bank cut its benchmark interest rate by 25 basis points to the lowest on record and warned of lingering downside risks to a economy reopening after months of lockdown against coronavirus. The overnight policy rate was reduced to 1.75%, the lowest in records dating back to 2004, as 14 of 25 economists surveyed by Bloomberg predicted. Four had forecast a 50 basis-point cut, while seven expected no change.”



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