The following are the headlines discussed at Aldwin Callen's Monday morning briefing:
- Janet Yellen is expected to be approved as US Treasury Secretary today; during Finance Committee questioning, she advocated for increased fiscal expenditure, a minimal corporate tax, and greater capital gains taxes for the wealthiest.
- In the first half of January, US industrial activity reached its highest level since May 2007 (59 on a key measure, up from 57 in December), with supply constraints driving up prices.
- China received more foreign direct investment (FDI) than any other country in 2020 ($163 billion vs. $134 billion for the US), despite the fact that worldwide FDI decreased by 40% as a result of Covid-19.
- The European Central Bank confirmed that it will continue its bond-buying program (1.85 trillion euros) and keep key interest rates negative until March 2022.
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