Bank Caps Continue, ECB Mulls Inflation, One More Day: Eco Day

(Bloomberg) -- Welcome to Thursday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

• The Fed has extended through the rest of the year its unprecedented constraints on dividend payments and share buybacks for the biggest U.S. banks because of ongoing “economic uncertainty from the coronavirus response”
• ECB President Christine Lagarde said it’s worth examining a Federal Reserve-style strategy that allows inflation to temporarily rise above the institution’s target
• House leaders postponed a vote on a Democrat-only stimulus bill to give Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi one more day to negotiate a compromise relief package
• The Trump administration plans to announce an investigation into Vietnam’s currency practices, according to three people familiar with the matter
• The Philippine central bank is set to leave its key interest rate unchanged for a second straight meeting, allowing previous stimulus steps to work their way through an economy in recession
• Tens of thousands of job cuts announced by blue-chip companies in a 24-hour period are a warning sign for the world’s recovery and emerge just ahead of two key reports forecast to show limited progress in the U.S. labor market
• Australia’s Prime Minister Scott Morrison will deliver his latest rescue plan Tuesday: a federal budget expected to include accelerated tax cuts and infrastructure spending
• Bloomberg Economics’ Yuki Masujima has lowered Japan’s GDP growth forecast for 2021 and see the expansion slowing in 2022
• Some $20 trillion of stimulus from governments and central banks has pulled the world’s economies almost back to pre-pandemic levels. But, the last stretch is set to be the hardest
• Women helped pull the U.S. economy out of the last recession. This time around they are falling behind

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