June 18, 2021
Oh, Yeah, Taper: Fed’s Stronger Liftoff Signal Causes Confusion
“The Federal Reserve made some big headlines this week, but for a lot of observers they buried the news. Investors have wondered for months when it would begin scaling back its massive asset purchases. When Chair Jerome Powell disclosed Wednesday the taper debate was getting underway, the announcement was overshadowed by the surprise that officials had pulled forward their expected timing and pace of interest-rate increases.”
Europe:
U.K. Dairy Exports to EU Plunge 90% as Food Sales Drop
“U.K. exports of products such as milk and cheese to the European Union collapsed by more than 90% during the first quarter from a year earlier, according to figures compiled by the Food and Drink Federation based on tax data. In what the trade group said was a “disaster” for the industry, overall food and drink shipments to the EU in the period were down 2 billion pounds ($2.7 billion) from the corresponding three months in 2019. The U.K. formally left the EU’s trade bloc in early 2020.”
Asia:
China Has Some Advice for the U.S. on Inflation: Remove Tariffs
“China is hoping for the U.S. to remove punitive tariffs on its goods, with a commerce ministry researcher arguing it’s in America’s best interest to do so as worries over inflation mount. The two countries should scrap or reduce the tariffs imposed on each other under the Trump administration to help push forward future trade talks, said Mei Xinyu, a researcher at China’s Ministry of Commerce. It’ll also curb U.S. inflation pressures at a time when prices are rising faster than expected.” ”
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