BOE Tightening, Tax Accord, Yellen’s Warning: Eco Day
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Welcome to Thursday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:
- The Bank of England may move a step closer to tightening monetary policy, unwinding 900 billion pounds ($1.2 trillion) government bond purchases while also opening the possibility that borrowing costs could be pushed below zero
- Boris Johnson issued a rallying cry for institutional investors to plow money into British companies and create a “big bang”
- Britain’s construction industry is struggling to keep up a surge in demand for new work, with building material shortages constraining activity, and two-thirds finding it difficult to hire bricklayers and carpenters
- Treasury Secretary Janet Yellen said that by the end of this year, monthly price changes will be at a level consistent with the Fed’s target. She said proposed spending on infrastructure, child care and education is needed for the U.S. to remain a leading economic power
- Extreme weather in China is becoming the latest challenge to global supply chains, as a heavy typhoon season threatens to further delay goods stuck at some of the world’s busiest container ports
- Ireland’s Finance Minister Paschal Donohoe predicted that world leaders will agree on a global tax accord
- The Czech Republic will probably take another step in one of Europe’s most aggressive monetary tightening campaigns, with the policy panel expected to raise the key rate by 25 basis points Thursday
- Elsewhere, Brazil’s central bank delivered its most aggressive interest rate increase in nearly two decades, while policy makers in Egypt and India are likely to stand pat
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