- Fed’s Beige Book showed a “deceleration in economic activity…reflecting safety concerns due to the rise of the Delta variant”.
- Fed’s Kaplan still expects tapering to start in October but notes “fear of infection is having an impact”.
- Fed’s Williams said “appropriate to start reducing the pace of asset purchases this year”.
- UK REC survey shows “the number of staff available to start jobs fell at another record rate, deepening the current labour shortage”.
- Boris Johnson won the parliamentary vote to raise taxes despite a small Conservative rebellion.
- WHO backed vaccine programme has been knocked back by manufacturing problems and regulatory approvals, their target of 2bn shots this year will fall short, with a total of 1.4bn available.
- Priti Patel has ordered officials to rewrite Britain’s interpretation of international maritime law to enable migrant boats to be turned round while still in French waters.
- UK’s booster jab programme is being discussed today at the JCVI and a member of this committee has warned not to roll the jabs out too early.
- China CPI rose 0.8% vs f/c 1.0%, with PPI rising 9.5% which is a 13 year high.
- Chinese regulators summoned Tencent and NetEase to end ‘solitary’ focus on profit in gaming.
- Shell considers mandating vaccines for employees and firing those who do not comply.
The S&P 500 closed marginally lower, down 0.1%, while the Nasdaq closed down 0.6%. Asian equity markets also fell overnight.
The Economist: Finance and economics articles summarised
On this day in 1947 the first computer ‘bug’ was found, it was a moth that lodged in a relay of a Harvard Mark II computer at Harvard University.
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