Jackson Hole, London Wealth Gap, China Recovery Wobbles: Eco Day
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Happy Friday, Europe. Here’s the latest news and analysis from Bloomberg Economics to take you through to the weekend:
- Joe Biden’s advisers are considering a recommendation to the president that would pair a second term for Jerome Powell as Fed chair with the nomination of Lael Brainard as the central bank’s chief regulator, people familiar with the matter said
- Three hawks urged the Fed move quickly to slow asset purchases on the eve of the central bank’s annual Jackson Hole symposium, while rising virus cases limit what Powell can say on policy. Bloomberg Economics looks at what to expect at Jackson Hole and beyond
- The pandemic has pulled the fortunes of British consumers in two different directions, with those who are growing wealthy on properties increasingly living near people who can barely get enough to eat
- Norway came one step closer to blazing a trail in Western Europe and appointing a female central bank chief after Oystein Olsen’s announcement that he’ll step down from the role in February
- China’s rebound leveled off, suggesting faltering growth momentum. Meantime, the People’s Bank of China signaled it may reduce the reserve requirement ratio for banks to spur rural finance, a targeted move that would help cushion the economy
- Bank of Korea Governor Lee Ju-yeol will probably raise interest rates once more to 1% before he steps down in March, a crucial month when the country also holds a presidential election
- Australian household spending recorded its largest monthly decline this year as the delta variant of coronavirus spread along the east coast from its epicenter in Sydney, which is now in its ninth week of lockdown
- For decades, the services industry powered India’s growth and tempered unemployment. The pandemic is now leading to calls for an urgent rebalancing of the economy toward manufacturing
- The World Bank Group delayed plans to have more employees return to its headquarters until January 2022
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