Overseas Headlines – February 26, 2021

United States:

Big U.S. Banks’ Vows to Halt Job Cuts Are Over as Virus Endures

“One by one, most of the biggest U.S. banks pledged to avoid workforce reductions almost a year ago as coronavirus infections erupted in New York City. One by one, those vows have given way. The news on Thursday that Bank of America Corp. is cutting some staff in its global banking and markets division marks the end of those assurances, while the international campaign to bring the virus under control continues.”



BOE’s Haldane Sees Risk of Central Bank Complacency on Inflation

“Bank of England Chief Economist Andy Haldane said he sees a risk of U.K. inflation accelerating more than expected, warning fellow central bankers against being too relaxed about taming the rise in consumer prices. “For me, there is a tangible risk inflation proves more difficult to tame, requiring monetary policy makers to act more assertively than is currently priced into financial markets,” Haldane said in a speech released on Friday.”



India Exits Recession Amid Risks from Resurgence in Virus Cases

“India’s economy returned to growth last quarter, ending a recession just in time to battle new challenges posed by a surge in coronavirus infections. Gross domestic product expanded 0.4% in the three months ended December after two consecutive quarters of declines, the Statistics Ministry said Friday. That was slower than the median forecast for a 0.6% expansion in a Bloomberg survey of 36 economists.”





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