Biden’s 6 Trillion, Yellen’s Inflation View, First Out: Eco Day

Happy Friday, Asia. Here’s the latest news and analysis from Bloomberg Economics to take you through to the weekend:

  • President Joe Biden is set to unveil a budget that would increase federal spending to $6 trillion in the coming fiscal year
  • Treasury Secretary Janet Yellen said above-normal inflation is likely to persist through the end of the year before fading, a longer period than officials had previously indicated. Yellen travels to London for a meeting of her G-7 counterparts in this look at the week ahead
  • As countries begin to emerge from the pandemic, forecasts become even more important in deciding which countries will come out ahead
  • China is trying to whack down soaring commodity prices before rising costs hurt the economy
  • A plan to end England’s virus restrictions on June 21 is in doubt
  • Secretary of Commerce Gina Raimondo said administration spending plans are focused on boosting U.S. competitiveness with China
  • Taiwan plans to double a proposed increase in stimulus as the economy reels from virus restrictions and South Korea’s president wants to keep the budget expansionary through at least next year
  • Brazil’s unemployment rose to an all-time high as a second wave of coronavirus battered the economy, while Chile’s finance minister plans to tap bond markets to help finance $10.8 billion of measures
  • The G-7 meeting of finance officials in London next week must strike an agreement to corral the world into changing how much tax multinationals pay and where, French minister Bruno Le Maire said
  • The Fed’s prestigious annual Jackson Hole policy symposium will be held in person this year, albeit in a modified form
  • America’s economic recovery isn’t roaring for everyone, Stephanie Flanders and Michael Sasso explain in their weekly Podcast
  • The yuan’s relentless advance is raising expectations it could hit levels last seen before its shock devaluation in 2015. The People’s Bank of China said the currency can’t be used as a tool to spur exports or to offset the impact of commodity price increases

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