Stimulus Clash, Libor Deadline, Argentine Soybeans: Eco Day

Happy Friday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help take you through to the weekend:

  • The top two U.S. economic policy makers clashed over whether to preserve emergency lending programs designed to shore up the economy -- a rare moment of discord as the nation confronts the risk of a renewed downturn spurred by the resurgent coronavirus
    • Treasury Secretary Steven Mnuchin said that lawmakers should redirect unspent stimulus funding, including money he’s pulling back from the Federal Reserve, to buoy the economy as the U.S. waits for a coronavirus vaccine
    • Atlanta Fed President Raphael Bostic said he opposed Mnuchin’s move, warning that letting some Fed emergency lending programs expire would remove an important backstop to markets
  • The Covid-19 recession is hitting young Americans hardest, putting a disproportionate number of Millennials -- and their younger siblings in Generation Z -- out of work
  • Time is running out for the financial industry to ditch the scandal-tainted Libor benchmark, a panel of the world’s top regulators warned Friday
  • Night-time raiders are destroying $100,000 soy bags in Argentina
  • The latest readings of alternative, high-frequency data suggest a stabilization of economic activity in Europe, according to Bloomberg Economics
    • A vigorous post-lockdown rebound in Canada will lose momentum through the first quarter of 2021, according to Bloomberg Economics

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