United States:
Fed Officials See Strong U.S. Rebound, Fanning Talk of Taper
“Federal Reserve officials said that more fiscal support and the mass distribution of vaccines could lead to a strong U.S. economic recovery in the second half, setting the stage for a discussion of potential tapering of bond buying before year’s end. “I do think you’re looking at a second half that is going to be very strong and the question I think is how do we get through where we are today to that second half,” Fed Richmond Bank President Thomas Barkin, who votes on monetary policy this year, told CNBC in an interview Monday.”
Europe:
Double-Dip Recession Beckons in Europe as Lockdowns Drag On
“The euro-area economy is poised to shrink again at the start of this year as the resurgent pandemic plunges the region into a double-dip recession. Analysts at banks including JPMorgan Chase & Co. and UBS Group AG are downgrading forecasts to account for renewed lockdowns — in some places tougher than ever — and the prospect that the new coronavirus variant ravaging the U.K. will do the same on the continent.”
Asia:
How China Won Trump’s Trade War and Got Americans to Foot the Bill
“U.S. President Donald Trump famously tweeted that “trade wars are good, and easy to win” in 2018 as he began to impose tariffs on about $360 billion of imports from China. Turns out he was wrong on both counts. Even before the coronavirus infected millions of Americans and sparked the steepest economic downturn since the Great Depression, China was withstanding Trump’s tariff salvos, according to the very metrics he used to justify them. Once China got the virus under control, demand for medical equipment and work-from-home gear expanded its trade surplus with the U.S. despite the levies.”
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