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Welcome to Thursday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:
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Federal Reserve Chair Jerome Powell gives testimony to the Senate Banking Committee this morning where he is likely to repeat his dovish message from yesterday
- Powell pushed back against the idea that the Fed was coming under pressure to act on inflation as he insisted the labor market has a long way to go
- Yesterday’s Beige Book provided mixed evidence for Powell’s testimony on transitory inflation
- The idea of a government-backed virtual dollar has support in policy circles, but Wall Street sees a threat to its consumer-finance dominion
- As the U.S. mulls a digital trade agreement to counter China, it faces a key problem: Many countries in Asia don’t want to join any deal seen as challenging Beijing, whose tech giants are deeply entrenched in the region
- Treasury Secretary Janet Yellen and her staff have no plans to resurrect the regular U.S.-China economic dialogue that governed ties between the two nations during the Bush and Obama administrations, continuing for now the suspension put in place under President Donald Trump
- Senate Democrats’ plan to expand Medicare coverage would help a growing senior population often struggling with hefty out-of-pocket medical expenses, potentially providing ballast for the economy in coming years
- Competition for homes in New York’s Connecticut suburbs is so fierce that more buyers than ever are agreeing to overpay
- Chile signaled it will continue to raise its interest rate gradually after its first borrowing cost increase in two years, as policy makers weigh a strong economic rebound and risks from new coronavirus strains
- China’s economic rebound steadied in the second quarter and showed more balance as consumer spending picked up, providing support to a global recovery being shaken by resurging coronavirus cases
- Finally, check out this week’s Stephanomics podcast, where we investigate how a lack of childcare options is keeping many women out of the U.S. job market
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