Macro Briefing: 20 January 2021

* Washington under tight security for today’s Biden inauguration ceremony
* Biden plans blizzard of executive orders to reverse Trump policies
* Yellen, next Treasury Secretary, promotes sweeping stimulus package
* Treasury nominee Yellen: US can afford higher corporate tax rate
* UK annual inflation picks up to 0.6% in Dec but still well below BoE’s 2% target
* Eurozone annual inflation remained negative in December at -0.3%
* Eurozone is capping bond yields–with a European twist
* US Treasury market’s 5-year implied inflation forecast rises to 3yr high: 2.12%:

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