Biden on China, Boris’ Bad Covid News, Fed Dot Plot: Eco Day

Happy Monday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help get you through the day:

  • President Joe Biden said the Group of Seven nations took a strong stand regarding China’s economic issues as well as its human rights practices
  • Meanwhile, the G-7 fell short on fulfilling a pledge of 1 billion additional vaccine doses it will donate to developing nations, revealing gaps in the bloc between vaccine haves and have-nots. The group of wealthy nations also backed away from plans to set a target for making sure most new cars sold are greener vehicles
  • British Prime Minister Boris Johnson returned from hosting the summit to a much grimmer task: delaying plans to lift England’s pandemic restrictions
  • Federal Reserve officials this week could project interest-rate liftoff in 2023 amid faster economic growth and inflation, but they won’t signal scaling back bond purchases until August or September, according to economists surveyed by Bloomberg.
  • European fears that the pandemic will lead to a legacy of disfigurement across the labor market are starting to seem like more of a bad dream than reality
  • China’s Communist Party celebrates its 100th anniversary next month, a chance for it to reinforce to a domestic audience how the party transformed the country into a a major world power and the planet’s second-largest economy
  • South African President Cyril Ramaphosa is finally making good on a long-standing pledge to enact policy reforms, signaling the tide may be turning for the coronavirus-battered economy
  • As economies reopen around the world, a surge in demand for goods from Asia is sending container prices into the stratosphere. Still, the impact on inflation in Europe should remain surprisingly muted, says Bloomberg Economics’ Maeva Cousin
  • Former Brazilian central bank President Carlos Langoni, who was praised for bringing greater stability to Latin America’s largest economy, has died of complications from coronavirus

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