Fed Relief, Biden’s Economic Team, Canada Fast Pace: Eco Day

Welcome to Monday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the week:

  • Congress faces a rapidly approaching deadline to pass a new round of funding for the U.S. government, with dimming odds both of confirming Judy Shelton to the Federal Reserve Board and hashing out another coronavirus relief package
  • President-elect Joe Biden will take a significant step this week toward addressing the damage to the U.S. economy inflicted by the coronavirus pandemic, as he names an economic team led by his choice for Treasury secretary, former Fed Chair Janet Yellen

    • Biden’s picks for his economic team suggest he will make it a priority to lift the fortunes of Black and lower-income Americans, whose gains in recent years have been endangered by the coronavirus pandemic
    • Biden wants to reverse the decades-long trend that has seen workers get an ever smaller piece of the economic pie. And no matter which political party ends up controlling the Senate, Democrat Biden’s best bet for achieving that could rest with a Republican: Fed Chairman Jerome Powell
  • The Fed’s effort to save midsize firms isn’t working and here’s why
  • The escalating coronavirus pandemic could reverse decades of gains in the fight against poverty, as U.S. government aid for the vulnerable dries up
  • Canada’s economy probably expanded at the fastest pace ever in the third quarter, but the momentum will be short-lived as the country deals with a second wave of Covid-19 and renewed social restrictions
  • Finally, here’s our preview of what to watch this week

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