Fed to Return Lending-Backstop Funds to Treasury as Requested
“The Federal Reserve said Friday it would comply with a Treasury Department request to return unused funds meant to backstop five emergency lending programs, moving to tamp down a public rift that arose a day earlier. “We will work out arrangements with you for returning the unused portions of the funds allocated to the Cares Act facilities in connection with their year-end termination,” Fed Chairman Jerome Powell said in a letter to Treasury Secretary Steven Mnuchin posted on the central bank’s website.”
Sunak Sets Public Services at the Heart of U.K. Economic Revival
“Chancellor of the Exchequer Rishi Sunak will commit to increased spending on infrastructure and public services this week as he seeks to shore up the U.K. economy amid the “enormous strain and stress” of the coronavirus pandemic. Investment in building schools, hospitals and prisons will be announced alongside funding for nurses and police officers, his office said late Sunday as the chancellor prepares to unveil departmental budgets on Wednesday.”
Singapore Sees Return to Growth in 2021 on Global Recovery
“Singapore said its economy will probably expand 4% to 6% next year amid a global recovery from the worst of the coronavirus pandemic and as travel restrictions and local safety measures are eased. The city-state also narrowed its forecast for this year’s contraction, the Ministry of Trade and Industry said in a statement Monday, highlighting an improved outlook for manufacturing, driven primarily by electronics.”
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