Overseas Headlines – February 16, 2021

United States:

Yellen Shift on Vast Treasury Cash Pile Poses Problem for Powell

“Treasury Secretary Janet Yellen is giving Federal Reserve Chairman Jerome Powell a bit of a headache when it comes to managing the money markets. Already low short-term interest rates are set to sink further, potentially below zero, after the Treasury announced plans earlier this month to reduce the stockpile of cash it amassed at the Fed over the last year to fight the pandemic and the deep recession it caused.”



London Lost Most Jobs in U.K. During the Pandemic, IFS Says

“London lost the biggest number of jobs of any U.K. region during the coronavirus pandemic last year, according to an analysis by the Institute for Fiscal Studies think tank. The change in the number of employees on payrolls in the capital dropped by about 5.5% from February to December last year, almost twice as many as in Scotland, which had the second-biggest drop. The services-dominated city also had one of the highest shares of jobs furloughed at the end of November, at more than 15% in some boroughs.”



China Eyes Rare Earth Export Curbs for U.S. Defense, FT Says

“China is exploring whether it can hurt U.S. defense contractors by limiting supplies of rare-earth minerals that are critical to the industry, the Financial Times reported. Industry executives said government officials had asked them how badly companies in the U.S. and Europe would be affected if China restricted rare-earth exports during a bilateral dispute, the FT reported, citing people it didn’t identify involved in the consultation.”




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