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As a follow-up to Friday’s Market Commentary Alert, Reuters reported later in the evening that this weekend’s anticipated virtual meeting between US and Chinese trade officials was postponed. The meeting was cancelled due to scheduling conflicts allowing China more time to make purchases of US goods.
The evolving saga of “Cold War 2.0" will add another chapter this weekend as US Trade Representative Robert Lighthizer and Chinese Vice Premier Liu He are reportedly set to meet around August 15. This will be the second meeting of the summer where senior officials from both countries will meet to discuss the progress of the phase-one trade deal signed earlier this year.
We alerted our readers last week of a possible meeting scheduled for June 17 between US and Chinese officials in Hawaii and promised a follow-up analysis. Rumors of the meeting reported by the POLITICO were true, and the outcome of the secret seven-hour meeting between US Secretary of State Mike Pompeo and China’s top diplomat Yang Jiechi remain somewhat unclear.
The Federal Reverse’s Federal Open Market Committee (FOMC), the central bank’s main body for monetary policy, decided to leave the federal funds rate unchanged at 0.00%-0.25% on Wednesday, June 10. The members of the FOMC expect the rate will remain unchanged until 2022.
As the United States emerges from lock-down measures, actions in recent weeks by the US and China on the geopolitical stage seem to be solidifying what many analysts are calling Cold War 2.0.
Recently enacted legislation provides relief for families and businesses impacted by the coronavirus pandemic. The high level summary below highlights some of the provisions that primarily are geared toward individuals and business owners.
