This Week's State Of The Economy - What Is Ahead? - 11 December 2020

By: Taro Chellaram /Wells Fargo Economics & Financial Report/Dec 14, 2020

This Week's State Of The Economy - What Is Ahead? - 11 December 2020

U.S. - Winter Is Here

  • Emergency authorization of the Pfizer-BioNTech COVID vaccine appears imminent, but the virus is running rampant across the United States today, pointing to a grim winter.
  • Despite continued negotiations, additional COVID-relief remains elusive (see topic of the week on page 7) while initial claims for unemployment insurance have increased in three out of the past five weeks.
  • Consumer prices rose 0.2% and the underlying trend in inflation looks set to firm over the course of next year.
  • We released our 2021 Annual Economic Outlook this week (also, see attached)

 

Global - Central Banks Reaffirm Extraordinary Stimulus

  • There were a couple key central bank meetings this week, starting with the Bank of Canada (BoC). The BoC left its policy rate and quantitative easing program unchanged, while maintaining its forward guidance.
  • The European Central Bank (ECB) also met this week to assess monetary policy. The ECB increased purchases under its Pandemic Emergency Purchase Program (PEPP) by €500 billion, extended the duration of those purchases through at least March 2022 and pushed the reinvestment period of maturing PEPP securities through at least the end of 2023.



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