New Economy Forum, Biden’s Fed Pick, BOE Communication: Eco Day
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Welcome to Wednesday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:
- Almost two years after the first cases were reported, Covid-19 remains one of the main forces shaping the global outlook. Read Bloomberg Economics special report for the New Economy Forum
- U.S. retail sales rose in October for a third month, signaling households continue to spend even with the fastest inflation in decades
- Chinese President Xi Jinping baked his common prosperity drive into one of the most important documents in the Communist Party’s history, and putting equality over economic growth
- President Joe Biden is still deciding whether to reappoint Federal Reserve Chair Jerome Powell or replace him with Fed governor Lael Brainard, as key senators wade in with their views on the choice
- St. Louis Fed President James Bullard said the U.S. central bank should speed up its reduction of monetary stimulus
- “China needs to play by the rules, they need to respect our IP, they need to live up to their commitments,” U.S. Commerce Secretary Gina Raimondo told Bloomberg Television in Singapore on Wednesday. She later said the U.S. was aiming to launch an economic ‘framework’ for the Indo-Pacific region next year
- Central banks in six of seven major African economies will likely look past a temporary spike in inflation and leave interest rates unchanged this month to support economies that remain vulnerable to the effects of the Covid-19 pandemic
- Here’s how euro-area inflation could overshoot 2% in 2023
- The Bank of England’s dispute with financial markets about how to communicate monetary policy isn’t the first. Until investors recognize how the U.K. central bank’s approach diverges from the guidance from the U.S. Federal Reserve, more are likely to come
- Prime Minister Justin Trudeau’s government is at risk of adding to Canada’s inflation problem if it unveils more big-ticket spending
- Bank for International Settlements research found that companies with more women in middle management produce less carbon
- Australian wages data Wednesday backed Reserve Bank Governor Philip Lowe’s dovish price views as markets continue to bet he will be forced to raise interest rates next year
- 20 years of BRICs: Jim O’Neill wasn’t trying to change the way investors and executives looked at the world twenty years ago. He just wanted to prove he was up to his new job.
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