Israel Frets Lasting Unemployment Will Scar Vaccine’s Success
Bloomberg 2/22/2021 Ivan Levingston
(Bloomberg) The success of Israel’s high-throttle vaccination drive hasn’t blunted the central bank’s concern that a surge in joblessness will long outlast the pandemic.
The Bank of Israel was upbeat about the economy as it kept its benchmark interest rate on hold at 0.1% on Monday for the seventh consecutive decision. The fast inoculation process, it said, boded well for a rapid return to growth over the coming year.
Yet better-than-expected 2020 growth figures don’t tell the whole story, the monetary committee said in a statement accompanying the decision. “Labor market data reflect the real magnitude of the crisis,” it said, warning that the virus’s “adverse impact on the economy, and particularly on the labor market, is expected to be prolonged.”
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ECB Officials Agree to Counter Investor Rate-Cut Skepticism
Bloomberg 1/27/2021 Carolynn Look
(Bloomberg) European Central Bank policy makers are uncomfortable that investors appear to be largely ruling out more interest-rate cuts, and have agreed to stress that such stimulus remains a viable option, according to officials.
The Governing Council last week discussed how market pricing foresees little chance of a reduction further below zero, and concurred on the need to highlight that possibility, the officials said, asking not to be identified because the deliberations were private.
The euro extended its decline on the news before retracing those losses to trade 0.5% down on the day. Money markets brought forward bets on a five-basis-point rate cut to July, from September earlier.