- Biden revokes Trump’s TikTok and WeChat bans but sets up a security review
- Top US and Chinese commerce officials agreed to promote a healthy dialogue about differences
- Senator Warren wants more crypto regulation as it’s the “wild west”
- President Biden thinks the UK’s stance regarding the Protocol on Ireland/Northern Ireland is “inflaming” tensions, but they are due to sign the “Atlantic charter” today committing the two countries to work together on global issues
- The SEC will review payment for order flow in share trading
- UK competition regulator will review Amazon’s use of data
- US will donate 500m of Pfizer’s vaccine to other countries
- A record IPO in the Philippines made the two families behind Lucky Me! Instant noodles billionaires
- JBS meat processor said they paid $11mio in ransom to hackers
Lagarde is once again playing for time, hoping that there will be yet another free pass today before she has to resolve the ongoing division between the hawks and the doves. The ECB have just about managed to increase QE enough to claim that they have met March’s commitment to “significantly” up the pace of bond purchases; there has just about been enough of an increase in vaccination rates to sound slightly more sanguine on the economy; and yet there is just about enough uncertainty over the future to claim that they can wait to talk about a taper.
Get excited about US inflation today if you want, but there will need to be many more data points to confirm whether the spike is transitory – and in the meantime the continued disappointing jobs reports give the Fed an excuse also to play for time. The central banks know we aren’t in a normal economic cycle and that the current schism will take years before an equilibrium is reached.
On this day ion 1935 Dr Robert Smith took his last drink and founded Alcoholics Anonymous along with Bill Wilson