Fed to Taper Asset Purchases in 2022 or Later, Say Economists
“Federal Reserve officials meeting next week are likely to put off any changes in their bond-buying program until 2022, when a tapering of purchases may begin, according to economists surveyed by Bloomberg News. About 88% of the 40 respondents to a Jan. 15-20 questionnaire said the Federal Open Market Committee’s next move will be to shrink purchases gradually rather than to increase their pace.”
Germany Cuts 2021 Growth Forecast as Lockdown Extension Weighs
“Germany trimmed its prediction for economic growth this year to 3% due to an extension of coronavirus lockdown restrictions that’s expected to weigh on activity in the first quarter. The government cut its forecast of 4.4% made at the end of October, according to a person familiar with its annual economic report to be published next week. Germany entered a partial shutdown — including the closing of non-essential stores — at the start of November and it has since been tightened and extended until at least mid-February.”
China Imports Oil Doctored to Skirt U.S. Sanctions on Venezuela
“It may be the oil market’s worst-kept secret: millions of barrels of Venezuelan heavy crude, embargoed by the U.S., have been surreptitiously going to China. The cat-and-mouse games that avoid detection and sanctions include ship-to-ship transfers, shell companies and silenced satellite signals. But there’s another aspect to the dodge. It involves “doping” the oil with chemical additives and changing its name in the paperwork so it can be sold as a wholly different crude without a trace of its Venezuelan roots.”
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