German Recovery, U.K Poverty, Taper Pushback: 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:

  • Germany’s economy is limping into 2021 heavily bruised by the pandemic, deeply reliant on government aid -- and in better shape than most of the euro zone
  • The U.K.’s financial response to the coronavirus pandemic is in the spotlight as more families risk slipping into poverty
  • Federal Reserve officials are beginning to split over when they may need to start pulling back on their massive monetary stimulus.
  • Poland will probably refrain from cutting interest rates closer to zero after switching its focus to the national currency to support the economy during the latest wave of the Covid-19 pandemic
  • Janet Yellen’s confirmation hearing as Treasury secretary is scheduled for Jan. 19 in front of the Senate Finance Committee, the day before President-elect Joe Biden is sworn into office
  • World Bank Chief Economist Carmen Reinhart is worried that the protracted nature of the Covid-19 pandemic may overwhelm household and business balance sheets and develop into a financial crisis
  • Don’t discuss reducing the amount of monetary-policy support for the U.S. while the pandemic is still raging, said two Fed officials after some of their colleagues mooted a debate later this year
  • South Korea lost the most jobs in two decades and the unemployment rate hit a 10-year high as the country’s worst coronavirus outbreak yet forced businesses to slash hiring
  • China is expected to report an annual trade surplus for 2020 that was the second-highest on record, despite a year marred by collapsing global demand because of the coronavirus pandemic and a trade deal that required it to boost imports of U.S. goods: chart

©2021 Bloomberg L.P.

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