Overseas Headlines – November 5, 2020

United States:

Fed to Stay on Sidelines Amid Election Drama: Decision Day Guide

“The Federal Reserve is likely to hold off from any major policy changes with the U.S. election still in the balance, even as pressure to act mounts amid diminishing prospects for aggressive fiscal stimulus. With no shift expected, officials could still open the door to adjusting their asset purchase program in either the statement issued by the Federal Open Market Committee at 2 p.m. Washington time, or during Chair Jerome Powell’s press conference 30 minutes later.”



U.K. Extends 80% Furlough Pay to End of March

“U.K. Chancellor of the Exchequer Rishi Sunak extended furlough payments to employees of shuttered companies until the end of March as he sought to provide certainty to the country’s coronavirus-ravaged economy. Government payments of 80% of wages for workers at companies forced to close because of coronavirus pandemic restrictions will continue after the end of the partial English lockdown on Dec. 2, Sunak told the House of Commons on Thursday.”



Xi Says Economy Can Double as China Lays Out Ambitious Plans

“Chinese President Xi Jinping said the economy can double in size by 2035 and the country can reach high-income status in the next five years as the Communist Party outlined ambitious plans for the nation’s future. “It is entirely possible to reach the high-income country status by current standards by the end of the 14th Five-Year Plan, and to double the total economic output or per capita income by 2035,” Xi said in a speech to the party’s Central Committee, according to state media Xinhua.”



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