FT News Briefing Powell on US recovery, Nomura to boost private market focus, Taiwan travel scheme
May 18, 2020
Federal Reserve chair Jay Powell expresses concerns about the slow recovery of the U.S. economy until late 2021. Meanwhile, Nomura, Japan’s oldest brokerage, is shifting its strategy to focus on private markets. In Taiwan, new travel protocols are in the works for foreign visitors in collaboration with Stanford University. Additionally, the podcast discusses the impact of the pandemic on South Korea’s film industry, highlighting how viewer habits and the success of a hit TV drama have disrupted traditional entertainment models.
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Conflicting Recovery Timelines
- The White House predicts a rapid economic rebound by year-end.
- Fed Chair Jay Powell anticipates a more prolonged recovery, possibly extending through 2021.
Powell's Call for Fiscal Stimulus
- Powell links full economic recovery to public confidence, potentially hinging on a vaccine.
- He advocates for further fiscal stimulus, while the House and Senate debate new relief bills.
Nomura's Strategic Shift
- Nomura's CEO, Kentaro Okuda, plans to shift focus from public securities to private markets.
- He believes a surge in management buyouts, delistings, and mergers is likely in Japan.