🌈🌈Good morning! Have a nice day!
Check out the news of the past 24 hours:
1️⃣ Fed Chair - J. Powell's comments during the late-night hearing yesterday:
- Powell said that the post-pandemic economic recovery has "progressed faster than generally expected and appears to be consolidating." However, the sectors of the economy that were hardest hit by the pandemic are "still weak" and the unemployment rate is still "underestimated," so recovery still has a long way to go .
- Powell also expected inflation to rise this year, but it would "be neither too large nor persistent."
2️⃣ UK labor market was more positive than expected
Britain's unemployment rate unexpectedly dropped over the 3-month period through January, official data showed Tuesday.
Specifically, the primary unemployment rate fell to 5.0% in the three months through January from 5.1% in the last quarter of 2020, contrary to the forecast in a Reuters poll of a small increase to 5.2%. . None of the economists polled expected a drop.
- Howard Archer, UK chief economist said: "The latest labor market data is a bit mixed but shows significant resilience."
3️⃣ The EU continues to face concerns about a stalling recovery
Europe is facing a tough second quarter as coronavirus infections rise and governments re-apply blockade measures. However, the European Central Bank (ECB) will do its part to keep borrowing costs extremely low, said Philip Lane, ECB chief economist.
- Fearing that rising borrowing costs will hinder a recovery, ECB earlier this month promised to increase bond purchases to keep yields low. The figures released on Monday show that purchases of mostly government bonds have increased by a half in the week since that decision.
Immunization campaigns have slowed surprisingly across 19 eurozone countries and governments are now extending blockade measures that threaten economic recovery.
4️⃣ Notable economic data and events today
- Powell and Yellen will attend the Senate Banking Committee hearing at 22:00 on Wednesday, and their content matches Tuesday.
In addition, Fed officials Barkin, Williams and Daley will all deliver a speech. Kaplan's latest speech is an anomaly, and you might notice the attitudes of other officials about the rate hike.
- European Central Bank President Lagarde will deliver a speech on climate change at 23:40 PM. The Federal Reserve has set up a new climate committee to oversee some of the European Central Bank's actions.
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