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Politico reports that Jerome Powell, a current Federal Reserve governor, is the leading candidate to replace Janet Yellen as chairman of the Federal Reserve. Powell is backed by Treasury Secretary Steve Mnuchin.
Why it matters: Powell would align with White House deregulation efforts and has sided with Janet Yellen on continuing a slow pace of interest rate hikes, according to Reuters.
The scene near the Royal Exchange and the Bank of England in the City of London, England. Photo: Tolga Akmen/AFP via Getty Images
The United Kingdom slumped into recession as its gross domestic product GDP shrank 20.4% compared with the first three months of the year, the Office of National Statistics (ONS) confirmed Wednesday.
Why it matters: Per an ONS statement, "It is clear that the U.K. is in the largest recession on record." The U.K. has faired worse than any other major European economy from coronavirus lockdowns, Bloomberg notes. And finance minister Rishi Sunak warns the situation is likely to worsen.
The United Kingdom slumped into recession on Wednesday, as its gross domestic product GDP shrank 20.4% compared with the first three months of the year.
By the numbers: Over 741,400 people have died of the novel coronavirus globally and more than 20.2 million have tested positive, per Johns Hopkins. Almost 12.6 million have recovered from the virus.
Illustration: Annelise Capossela/Axios