Yellen Dismisses Treasury-Market Jitters, Sees ‘Solid’ Recovery
“Treasury Secretary Janet Yellen dismissed recent moves in the bond market that have signaled concern about monetary policy makers squelching economic growth, and expressed confidence in the continuing recovery from the Covid-19 pandemic. Asked in an interview with Bloomberg News Sunday if she was worried by sharp movements in Treasury yields, she responded, “No, not me. I think what we’re going to see is a good, solid recovery. The unemployment rate has gone down considerably, and this is nothing like the recovery from the 2008 financial crisis.”
BOE’s Hawkish Push Turns Rate Decision Into Credibility Test
“Bank of England policy makers are heading into their meeting this week knowing that failure to deliver a once-unthinkable interest-rate hike would now raise serious questions over their credibility with markets. Investors are almost fully pricing in a 15-basis point increase in the benchmark lending rate on Nov. 4, while economists increasingly share that view, even as they see the decision as a far closer call.”
China’s Economy Faces New Downward Pressure, Premier Li Says
“China’s economy faces new downward pressures and has to cut taxes and fees to address the problems faced by small and medium-sized companies, according to the country’s Premier Li Keqiang. Li did not specify the extent of the new “downward pressure” or its cause, but the phrase is generally used by Chinese officials to refer to a slowing economy. He has used the phrase before, including several times in 2019.”
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