Fed Eyes Possible Second Wave, MMT, U.K.’s ‘New Deal’: Eco Day

Welcome to Tuesday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

  • The Federal Reserve is preparing for the possibility of an economically debilitating second wave of coronavirus infections, even as it’s hoping that can be avoided
  • A new book by one of MMT’s leading proponents, Stony Brook University economist Stephanie Kelton, attempts to take back Modern Monetary Theory from its critics and present it in simple language to a general audience
  • Boris Johnson compares his plan to reboot the U.K. economy with infrastructure spending to Roosevelt’s New Deal
  • The U.K.’s industrial strategy council says the country needs to address its skills shortfall to speed up the recovery
  • Europe is struggling to reach its aim of bringing supply chains home and reducing reliance on low cost China
  • Euro area inflation is edging up and German workers are starting to return full time from furlough as hospitality, retail and transport start up again
  • Norway may be on track to achieve a V-shaped recovery as its strategy to combat the coronavirus is proving among the most effective, Bloomberg Economics says
  • South Africa’s recession stretches into a third quarter, although the decline is less than expected
  • China’s gradual recovery from virus slump remains on track as a measure of manufacturing climbed in June

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