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Added on the 30/12/2015 11:47:56 - Copyright : Reuters EN
The most 'uncoordinated' global monetary policy in three decades: that's a view taking hold as Russia and Asian central banks embark on an apparent free-for-all of cuts - while their counterparts in the US and UK appear in stasis. Kirsty Basset reports.
Surprise rate cuts this week have brought more Asian central banks into the global easing spree, but worries remain about how these economies will fare when the Fed bucks the trend and raises rates. Meg Teckman reports.
IMF chief Kristalina Georgieva warns that if central banks move too aggressively to tamp down price pressures, it could trigger a "prolonged" economic downturn. SOUNDBITE
On Tuesday, global stocks jumped after Donald Trump authorized President-elect Joe Biden's presidential transition process to begin. On Monday, Trump took a significant step toward acknowledging the election result. However, Business Insider reports, he is still convinced he and his allies can continue to contest the outcome. Another key factor driving the boost is Biden's planned nomination for former Federal Reserve chair Janet Yellen as Treasury Secretary. AstraZeneca's vaccine is helping drive oil prices to their highest levels since March.
President-elect Joe Biden is planning to nominate Janet Yellen to head the Treasury Department. Business Insider reports if the US Senate confirms Yellen, she will be the first woman to hold the job. Yellen served as Fed Chair during President Barack Obama's second term, from 2014 to 2017. President Donald Trump replaced her with Jerome Powell as head of the Fed. If confirmed, Yellen will face an immense set of challenges, including the pandemic, unemployment, and widespread housing and food insecurity. With both parties fiercely divided on its size and reach for months, Congress still hasn't approved a second coronavirus economic aid package.
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