Overseas Headlines – August 18, 2021

United States:

U.S. Wealth Gap Rises With Jackson Hole Coming at the Top

“When U.S. Federal Reserve officials head to their annual mountain retreat next week to talk economic inequality, they’ll be sitting in the country’s wealthiest county. Wyoming’s Teton County, home to Jackson Hole, has the nation’s highest per-capita income from assets, according to a study by the Economic Innovation Group. The analysis found a sharp increase in geographic concentration of asset ownership over the past decades.”



JPMorgan Moves Up U.K. Rate Hike Forecast After Strong Jobs Data

“JPMorgan Chase & Co. brought forward its forecast for when the Bank of England may raise interest rates, saying the strength of the U.K. labor market makes a move likely in the second quarter of 2022. Economist Allan Monks said the first 15 basis-point increase to 0.25% will come six months earlier than he previously expected, and more tightening will follow every six to nine months after that. He moved after official data showed record wage growth and job vacancies.”



India Aims to Spend $1.4 Trillion Building Infrastructure

“India aims to invest 100 trillion rupees ($1.35 trillion) in infrastructure to boost economic growth and create jobs, Prime Minister Narendra Modi said Sunday, laying out national priorities on the country’s 75th Independence Day. The investments will be made in India’s logistics sector to help integrate the country’s varied modes of transport, Modi said in a national address from the historic Red Fort in capital New Delhi. “This will cut travel time and increase industry productivity. It will help make Indian industry globally competitive and develop future economic zones.”




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