Overseas Headlines: April 6, 2021

United States:

The Fed Is Making Wall Street Forecasters Pay Attention to Black Unemployment

“To get an idea of what Jerome Powell’s Federal Reserve will do next, Wall Street economists are having to try their hand at forecasting new variables — like the Black unemployment rate. That shift in focus could itself contribute to the outcome that the Fed chair says he wants: an economic expansion reaching corners of the labor force that have been slower to recover in the past.”



Europeans Are Optimistic About Global Tax Agreement by June

“European Union officials are looking to wrap up a global agreement to harmonize corporate taxes and impose more effective levies on internet giants by the end of June following an appeal from the U.S. Treasury Secretary Janet Yellen’s appeal for a global minimum tax rate for companies was warmly received. Paolo Gentiloni, the EU commissioner for economic affairs, raised the prospect of a breakthrough by the summer and German Finance Minister Olaf Scholz called the proposal “a breakthrough.”



India’s Monetary Policy Seen Easy on Virus Surge

“India’s monetary policy makers are poised to hold interest rates this week as the economy faces a renewed threat to growth from the pandemic, with new cases hitting a record. All 30 economists surveyed by Bloomberg expect the six-member Monetary Policy Committee to keep the benchmark repurchase rate unchanged at 4% on April 7. Traders will watch for an explicit forward guidance from the Reserve Bank of India on how long the policy stance will stay accommodative and liquidity abundant despite stubborn inflation.”




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