Yellen Plays Defense, ECB Bond Reveal, 1-in-10 Switch: Eco Day

relates to Yellen Plays Defense, ECB Bond Reveal, 1-in-10 Switch: Eco Day

Source: Bloomberg

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

  • Treasury Secretary Janet Yellen defended the need for a $1.9 trillion stimulus despite recent strength in retail sales and U.S. stock values
  • The ECB is strongly considering disclosing climate risks in its bond programs and will now focus on collecting the relevant data
  • One out of every 10 U.S. workers -- about 17 million -- will likely be forced to leave their jobs and take up new occupations by 2030
  • Cathay Pacific Airways Ltd. is being forced to take extreme measures to cope with new rules in Hong Kong that will put staff out of action for almost one month after completing their 21-day shifts
  • Hong Kong’s unemployment rate rose in January to the highest level in more than 16 years
  • U.S. consumers’ accumulation of around $1.5 trillion in savings -- equivalent to the annual GDP of South Korea -- is one of the biggest upside risks to Bloomberg Economics’ growth outlook, writes Yelena Shulyatyeva. Meantime, here’s a wrap of analysis released by BE
  • The U.S. savings pool may explain why corporate leaders are more upbeat about the economy than at any time in the past 17 years
  • Prime Minister Narendra Modi’s plan to boost capital expenditure to help India regain the fastest-growing major economy title risks being derailed by its cash-strapped states
  • Indonesia cut its benchmark interest rate to a record low and downgraded its growth outlook amid a resurgence in Covid-19 cases
  • The U.K. economy risks a jobless recovery from the coronavirus, a policy maker at the Bank of England said
  • Inflationary pressures and currency weakness could force central banks in key African economies to tighten monetary policy
  • Geopolitical tensions between India and China are beginning to hurt some of Taiwan’s biggest tech companies and hindering New Delhi’s much-vaunted incentive program for electronics manufacturing