Letting Inflation Run, OPEC Opposition, U.K. Lockdown: Eco Day

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

  • Federal Reserve Bank of Chicago President Charles Evans said the U.S. central bank shouldn’t be shy about letting inflation run, as it has promised, above its 2% target in order to make up for years of undershooting that goal
  • OPEC+ talks were unexpectedly suspended on Monday after a majority of members, including Saudi Arabia, opposed Russia’s proposal for a February supply hike
  • Boris Johnson imposed a third lockdown across England, shutting schools and ordering the public to stay at home, amid dire warnings that the National Health Service is at risk of being overwhelmed
  • The U.S. could see an elevated death rate for more than a decade as the economic fallout from the coronavirus persists, underscoring the long-term health impact of the deep recession
  • ECB policy maker Pablo Hernandez de Cossays said the institution should consider a policy to actively manage governments’ borrowing costs
  • Consumers in Canada enter the year riding a wave of optimism that the worst is over. The nation’s households reported a surge in confidence in the final weeks of 2020 that has brought sentiment back to pre-pandemic levels
  • With the global economy still in the teeth of the Covid-19 crisis, the Eurasia group sees a divided U.S. as a key risk this year for a world lacking leadership
  • In the 21st century’s toughest test yet of governing, the Nordics stand out

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