Macro Briefing: 19 February 2021

* 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:

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