Consumer Cash, Aussie GDP, Polish Rates: 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:

  • It’s budget day in the U.K. Chancellor Rishi Sunak will extend furlough payments to U.K. workers until the end of September, and here’s what else to be on the lookout for
  • Consumers in the world’s largest economies amassed $2.9 trillion in extra savings during Covid-related lockdowns, a vast cash hoard that creates the potential for a powerful recovery from the pandemic recession
  • Meantime, Bloomberg Economics’ model suggests the main driver for bond market volatility is expectations of a more robust U.S. recovery
  • Australia’s economy maintained its rapid recovery in the final three months of 2020 as households tapped their savings to consume and firms boosted investment, highlighting the nation’s successful pandemic response
  • The ECB slowed emergency bond-buying last week, suggesting policy makers mostly relied on verbal interventions to stem rising yields
  • Fed Governor Lael Brainard said it will take “some time” to meet the conditions needed for scaling back asset purchases
  • Poland’s central bank will likely keep interest rates unchanged at a record low as it weighs the impact of accelerating inflation against the threat of new Covid-19 restrictions stifling economic growth
  • Here’s a guide to China’s biggest political meeting of 2021

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