Overseas Headlines – March 29, 2021

United States:

Biden to Reveal Major Spending Plan With Big Battle Ahead

“President Joe Biden this week will reveal the scope and ambition of his plans to expand and reorient the U.S. government, setting the stage for a bitter fight on Capitol Hill that could define his presidency. Biden will unveil the framework for a major infrastructure-and-jobs program on Wednesday in Pittsburgh, and later in the week offer the first glimpse of his 2022 budget — which promises to redirect federal funds to areas such as climate change and health care.”



Bank of England’s Divisions Resurface on U.K. Economic Outlook

“With confidence growing that a recovery is just around the corner in the U.K., divisions are hardening at the Bank of England over how the economy will unfold. Those splits were on display in a series of appearances by members of the Monetary Policy Committee this week. They pit BOE Chief Economist Andy Haldane, who believes Britain is set for a rapid recovery, against officials including Silvana Tenreyro who say another jolt of stimulus may yet be needed.”



BOJ Summary Shows Board Worried About Being Misread at Review

“The Bank of Japan dropped another hint it will be forceful in preventing bond yields from rising, underlining the message that recent policy tweaks shouldn’t be read as any retreat from easing. The bank should respond “strictly” to movements in 10-year bond yields given an upper limit of around 0.25%, a board member is cited as saying in a summary of opinions released by the BOJ on Monday. The summary outlines the discussions at this month’s policy review.”




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