Funding Deadline, OECD Cuts Outlook, Global Factories: Eco Day

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

  • President-elect Joe Biden is setting up his first confirmation fight with Senate Republicans by choosing Neera Tanden -- a sometimes-acerbic Democratic policy wonk with an often-partisan Twitter feed -- to serve as his White House budget chief
  • 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
    • Senate Majority Leader Mitch McConnell set up a vote to advance the nomination of Christopher Waller to the Fed board but took no action to open Shelton’s path to the Fed, dimming chances for the controversial nominee
  • A coalition of billionaires, academics and large foundations say the U.S. could unlock far more money for charity just by tweaking a few tax rules
  • China has overtaken the U.S. as the top foreign market for companies across Asia-Pacific, according to a new survey that underscored several ways the pandemic is accelerating tectonic shifts in the global economy
  • Chile’s economic activity contracted more than expected by economists in October with weakness in services sector, even as pension withdrawals boosted consumer demand
  • The resurgence of the coronavirus pandemic has dramatically weakened the global recovery and it could get a lot worse if governments withdraw support too soon or fail to deliver effective vaccines, the OECD warned
  • The world’s factories are powering along, providing vital support for economies as renewed virus restrictions in some countries take a toll on growth

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