Sunak’s Spending, Yellen Ticks Boxes, China’s Recovery: 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:

  • Rishi Sunak will announce 4.3 billion pounds ($5.7 billion) of new funding to help the unemployed back into work as the U.K. government tries to repair some of the damage caused by the coronavirus pandemic. Separately, virus curbs will be eased over Christmas to allow as many as three households to meet indoors
  • European Central Bank policy maker Pablo Hernandez de Cos urged euro-area bank executives to “continue being very prudent” on their dividend and compensation policies
  • Early in Janet Yellen’s leadership of the Federal Reserve, protesters began showing up outside Fed conferences to demand the central bank do more to help working Americans and minority groups. The activists were there to criticize –- but Yellen ended up winning them over, even to the point that they were vocal in supporting her for the second term at the Fed she was denied by President Donald Trump
  • Treasury Secretary Steven Mnuchin will put $455 billion in unspent Cares Act funding into an account that his presumed successor, former Fed Chair Janet Yellen, will need authorization from Congress to use. Meantime, her successor at the Fed looks likely to hold his job under a Biden administration, writes Yelena Shulyatyeva
  • In some of America’s major cities, about half the workforce is still working remotely almost nine months into the coronavirus pandemic, according to a survey by the U.S. Census Bureau
  • China will likely return to a more “proper” range of economic development next year, Premier Li Keqiang said, indicating a strong rebound in growth
  • The global economic recovery from the pandemic is heading into a critical period as nations balance the need to prop up consumers and businesses against the threat of unmanageable debt, Singapore’s central bank chief said
  • The Reserve Bank of India has cut interest rates by “a great deal” and more policy space can be created only when inflation eases, its executive director said. The nation’s economy also showed more signs of a recovery taking hold in October

©2020 Bloomberg L.P.

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