Overseas Headlines – February 12, 2021

United States:

White House Officials Back Economists Spriggs, Cook for Fed

“Economists Lisa Cook and William Spriggs have the backing of several key White House officials and allies as possible choices for President Joe Biden to fill a vacancy on the Federal Reserve Board of Governors, according to people familiar with the matter. The White House has not contacted either for formal vetting or interviews, the people said. They asked not to be identified discussing private deliberations.”



Pandemic Sets Stage for Euro-Area Showdown Over Debt Rules

“The European Union’s three-decade-old strategy for keeping its debt in check has been shattered for good by the pandemic, and that threatens to open up battle lines over what should replace it. The Stability and Growth Pact requires countries to aim for budget deficits of less than 3% and debt burdens below 60% of gross domestic product. The European Commission expects those figures to be more than 6% and 100% for the euro area this year, and by cutting its growth forecast on Thursday signaled the bloc may be even further off its goal than that.”



Central Bank’s Estimated $7 Billion Support Buoys Indian Bonds

“Benchmark Indian sovereign bonds posted their best week since December after the central bank stepped in with one of its heaviest interventions to support a market weighed down by a glut of paper. The Reserve Bank of India probably bought 500 billion rupees ($6.9 billion) of bonds this week through announced open-market operations and discreet secondary market purchases, according to estimates by Emkay Global Financial Services Ltd. Yields on the 10-year note dipped 8 basis points, its biggest drop in 10 weeks.”




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