February 18, 2020
Fed Doesn’t Want Another Repo Crisis, But Treasury Isn’t Helping
“The Federal Reserve has doled out tens of billions to calm the short-term lending markets after they went haywire in September. But initiatives by the U.S. Treasury Department — to ensure it always has enough cash to pay its bills as the deficit soars to a trillion dollars — could make it harder for the Fed to prevent a repeat.”
Boris Johnson’s 570 Billion Reasons for Wanting an EU Trade Deal
“Brexit shattered 50 years of trade policy in Britain, divorcing the country from its single largest market. Prime Minister Boris Johnson is now trying to glue the pieces back together. Since Britain left the European Union on Jan. 31, Johnson has dispatched his foreign secretary on a tour of Australia and Japan to show that Britain is open for business, while his government has pushed the idea of a trade agreement with the U.S.”
Singapore Plans Biggest Budget Gap in More Than Two Decades
“Singapore will post its biggest budget deficit since at least 1997, pledging S$6.4 billion ($4.6 billion) in dedicated support for an economy being slammed by the coronavirus outbreak. The deficit will widen to 2.1% of gross domestic product in the year through March 2021 from a projected 0.3% in the current fiscal year, Finance Minister Heng Swee Keat said Tuesday in Parliament. The median in a Bloomberg survey of economists was for a fiscal 2020 shortfall of 1.5% of GDP.”
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