Overseas Headline: March 22, 2021

United States:

Fed’s Barkin Sees Strong Economy With Some Price Pressures

“The U.S. economy is set for a strong 2021 as the pandemic recedes that will push up prices, but there’s no sign yet that this will deliver unwanted inflation, said Federal Reserve Bank of Richmond President Thomas Barkin. “We are going to see an extremely strong year and I think that strong year is going to lead to price pressures.,” Barkin said Sunday in an interview on Bloomberg Television with Kathleen Hays. “I want to emphasize inflation is not a one-year phenomenon it’s a multi-year phenomenon.”



Half of All U.K. Workers Suffered a Real-Terms Pay Cut Last Year

“Half of all U.K. workers saw their pay fall in real terms last year, extending a decade-long blight on living standards for around 14 million people, according to the Resolution Foundation. In a report published Monday, the research group said the plight of those hit hardest by the pandemic, chiefly the young, contrasts with official data showing a sharp rebound in average earnings following the first coronavirus lockdown last spring.”



China Names New PBOC Policy Committee Members Focused on Jobs

“China appointed two new economists to its central bank monetary policy committee with expertise in the labor market and population, suggesting an increased focus on boosting jobs and household incomes. Cai Fang, a well-known economist at the government-linked Chinese Academy of Social Sciences, and Wang Yiming, a former deputy director of the Development Research Center of the State Council, will join the People’s Bank of China’s policy making committee, according to a government statement released Saturday.”



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