US Briefing - Friday 16.10
Headlines
  • Fed's Kashkari: Recovery To Be Slow Without More Stimulus
  • US Admin Agrees To Dems National Covid-Testing Strategy
  • Pres Trump, Biden Clash Over Policies In Duelling Town Halls
  • US Retail Spending To Rise On School Supplies, Vehicle Sales
  • US New Covid Cases Top 60,000 For First Time In Two Months
  • ECB’s Rehn: Some Inflation Overshoot OK To Aid Employment
  • ECB’s Makhlouf: No Evidence Yet For ECB to Boost Stimulus
  • ECB's Visco: Important Policies To Remain Accommodative
  • EU To Leverage Energy Market For UK Brexit Fishery Access
  • UK PM: Should Get Ready For Australia-Style No-Deal Exit
  • French FinMin Backs Tariffs On US Goods In Aircraft Dispute
  • Boeing Max Declared Flight Safe By EU’s Aviation Regulator
Commentary
Trump, Biden Clash Over Policies In Duelling Town Halls

In duelling town halls, President Donald Trump embraced controversial conspiracy theories and sparred with the moderator, while Democrat Joe Biden offered policy-focused answers aimed at avoiding anything that could imperil his lead in the polls

 

The split-screen campaign event -- simultaneous network town halls 1,000 miles apart -- offered voters a clear distillation of the two candidates for president: Trump appeared defensive and irritable, criticizing the media and Democrats for opposing him at every turn. Biden recited details of 30-year-old legislation and explained his plans in his avuncular long-winded manner.

 

Trump gave himself rave reviews for his handling of the coronavirus pandemic and discussed topics including the far-right conspiracy theory movement QAnon’s views on paedophilia. At the same time, Biden was faulting his leadership on the pandemic and the economy. (BBG - Continue Reading)

Coronavirus Upends The 2020 US Presidential Race

President Trump has gone from the clear favourite to win the 2020 presidential election to the underdog. As recently as February, nearly everything seemed to be going Trump’s way. He was presiding over a strong economy.

 

The stock market was breaking records. Even the impeachment inquiry seemed to have boosted Trump’s approval rating, which hit an all-time best shortly after his Senate acquittal in early February. However, COVID-19 has since knocked the president off his glide path to re-election.

 

The US plunged into recession during March and April. Although this would be the shortest recession since before the Civil War, it will likely go down in history as the most severe, with real GDP forecast to decline by 11% between the fourth quarter of 2019 and the second quarter of 2020. (Moody’s - Continue Reading)

US Retail Spending Likely Rose In September

Retail sales likely increased in September for the fifth month in a row, as consumers prepared for further months of working and studying from home by spending at home-improvement stores and on appliances and vehicles.

 

“September is kind of a hinge month” between the back-to-school and holiday seasons, said Craig Johnson, president of Customer Growth Partners, a consulting firm. He added that this year’s back-to-school season pushed further into September because many schools delayed opening for in-person classes, giving sales of school supplies and computers a second wind.

 

Economists surveyed by The Wall Street Journal predicted that retail sales increased a seasonally adjusted 0.7% in September from a month earlier. That would mark a slight increase from the 0.6% increase recorded in August. (WSJ - Continue Reading)

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