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Macro Briefing: 19 February 2021

Summary:
* Millions left without safe drinking water in Texas after winter storm* Texas’ storm cut 40% of US oil output* Biden plans to tell G7 today to work together on China challenge* White House ready for talks with Iran to discuss return to 2015 nuclear deal* Fed governor Lael Brainard: climate change affecting economy* Treasury Secretary Yellen reaffirms need for large stimulus package* Eurozone economy contracted for fourth straight month in February* Manufacturing revival threatened by global chip shortage* Bitcoin market cap approaches trillion* Lumber prices briefly topped ,000 per 1,000 board feet, a record high* US jobless claims unexpectedly rose last week, reaching a one-month high* US housing starts eased in January but new building permits surged:

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* Millions left without safe drinking water in Texas after winter storm
* Texas’ storm cut 40% of US oil output
* Biden plans to tell G7 today to work together on China challenge
* White House ready for talks with Iran to discuss return to 2015 nuclear deal
* Fed governor Lael Brainard: climate change affecting economy
* Treasury Secretary Yellen reaffirms need for large stimulus package
* Eurozone economy contracted for fourth straight month in February
* Manufacturing revival threatened by global chip shortage
* Bitcoin market cap approaches $1 trillion
* Lumber prices briefly topped $1,000 per 1,000 board feet, a record high
* US jobless claims unexpectedly rose last week, reaching a one-month high
* US housing starts eased in January but new building permits surged:

Macro Briefing: 19 February 2021

James Picerno
James Picerno is a financial journalist who has been writing about finance and investment theory for more than twenty years. He writes for trade magazines read by financial professionals and financial advisers. Over the years, he’s written for the Wall Street Journal, Barron’s, Bloomberg Markets, Mutual Funds, Modern Maturity, Investment Advisor, Reuters, and his popular finance blog, The CapitalSpectator.

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