Geo-political news
Covid-19 – Coronavirus cases continue to rise globally. France’s R-value has risen above one following a spate of new infections across Paris, where it will now be mandatory to wear facemasks in all public areas, Germany have extended a programme that provides job preserving subsidies until the end of 2021, allowing companies to hold on to staff through the pandemic, and the Spanish Prime Minister has rejected a new national lockdown to contain the virus, opting instead to put pressure on regional authorities to come up with a response. Switzerland, Jamaica and the Czech Republic were all removed for the UK’s quarantine-free list, as the UK government are due to launch a major drive to get the British people back to the office, warning that working from home will make people more ‘vulnerable’ to being sacked.
Federal Reserve – In his latest speech at the Jackson Hole symposium virtual event, Federal Reserve Chairman, Jerome Powell, outlined an aggressive new strategy to try and lift US employment and inflation. The shift in monetary policy is set to allow the rate of inflation to run hotter and rise above the target of 2% over time without putting the brakes on, and the strategy to restore employment would ensure that employment does not fall short of a “broad-based and inclusive goal” of maximum employment.
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