Overseas Headlines – December 20, 2021

United States:

U.S. Economy Loses Two Key Pillars of Support for 2022

“The derailing of President Joe Biden’s $1.75 trillion spending plan means the U.S. economy enters 2022 facing yet another coronavirus wave with less help from the Federal Reserve and the federal government. The Fed’s pivot last week toward tighter credit — ending its emergency bond-buying program in March to pave the way for higher interest rates — comes on top of a rollback in government spending programs put in place at the height of the pandemic.”



BOE’s Pill Says U.K. Needs More Rate Hikes to Curb Inflation

“The Bank of England will likely to need to raise interest rates again to help keep a lid on inflationary pressures coming from the U.K. labor market, according to the central bank’s chief economist. Huw Pill’s comments, made in an interview on CNBC, appear to endorse speculation from economists and investors that policy makers have started a series interest rate increases following a decision yesterday to raise the key lending rate to 0.25% from 0.1%.”



Singapore’s Economy Faces Multiple Threats as Growth Slows

“A year ago, Singapore welcomed 2021 hoping the worst of the pandemic was over, with Prime Minister Lee Hsien Loong hailing “the light at the end of the tunnel” as the city-state launched its vaccination drive.”




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