FT News Briefing Fed says no change to monetary policy, Credit Suisse’s new chair aims for turnround
Apr 29, 2021
The Federal Reserve is optimistic about the U.S. economic recovery but is keeping interest rates steady. Meanwhile, Brussels is enforcing strict rules to protect its recovery fund. In the corporate world, Credit Suisse faces a leadership overhaul amid a reputational crisis, with a newly appointed chairman aiming to restore stakeholder confidence. The podcast also highlights the pressing issue of vaccine equity in India, stressing the need for global collaboration to ensure effective vaccination during the pandemic.
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Fed Remains Cautious Despite Recovery
- The Federal Reserve upgraded its view of the U.S. economic recovery but kept interest rates near zero.
- Investors were relieved that the Fed didn't signal policy changes after positive economic news.
EU Tightens Recovery Fund Rules
- The EU is implementing stricter rules for its €750 billion recovery fund to prevent fraud and waste.
- Brussels will suspend payments if governments fail to deliver on reforms or misuse funds.
Credit Suisse's Crisis
- Credit Suisse faces a major crisis after heavy losses from Greensill and Archegos, leading to emergency fundraising and bonus cuts.
- The bank's troubles are compounded by past scandals like the "Spygate" incident involving corporate espionage.