Oct 28, 2021
U.K. Inflation, Biden’s Final Push, Canada Rate Timing: Eco Day
Bloomberg News
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Welcome to Thursday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:
- U.K. Chancellor of the Exchequer Rishi Sunak appears to have embraced surging inflation, as he delivered a Johnson-style budget that laid out plans to add 75 billion pounds ($103 billion) of stimulus across the next six years
- The U.K. government hit back at France over its proposed retaliatory measures in a dispute over fishing access, as post-Brexit tensions between the two countries rose further
- Portuguese Prime Minister Antonio Costa may face early elections after parliament rejected his minority Socialist government’s 2022 budget
- The White House is stepping up pressure on congressional Democrats to finalize a framework on its economic agenda before President Joe Biden leaves Thursday for summits in Europe
- The Bank of Canada ended its bond-buying stimulus program and accelerated the potential timing of future interest rate increases
- Bloomberg Economics says the shift is difficult to square with downward adjustments made to the GDP forecasts
- The Bank of Japan stood pat on its stimulus while signaling more delays in the economy’s post-pandemic recovery, just days before new Prime Minister Fumio Kishida faces his first national election
- Fewer than half of the 87 countries that received a combined $118 billion in emergency IMF loans pledged to account for their spending
- Bloomberg Economics says U.S. GDP may hint at stagflation, but it’s not a repeat
- The U.S. is suffering longer delivery delays than other economies because of stronger demand from American consumers, a signal that high inflation is likely to persist
- Brazil’s central bank is poised to deliver its biggest interest rate hike in nearly two decades on plans for a spending surge
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