Biden’s Fed Choice, China Slowdown, U.S. Housing Surges: Eco Day

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

  • Economists Lisa Cook and William Spriggs are backed by several key White House officials to fill a vacancy on the Fed Board of Governors
  • China slowed sharply ahead of the Lunar New Year holiday, according to alternative data compiled by Bloomberg Economics
  • U.S. home prices rose at the fastest pace on record, fueled by the lowest mortgage rates in history
  • China and India have begun pulling back troops from their disputed Himalayan border, but other conflict areas haven’t been addressed
  • President Joe Biden urged Congress to move quickly on a large infrastructure plan, declaring China is poised to “eat our lunch
  • The EU will step up appeals to the U.S. to align its foreign policy priorities with the bloc, arguing that a common western front would stand a better chance of forcing China to pursue fairer trade policies
  • Applications for U.S. state unemployment insurance fell slightly last week while claims for federal benefits swelled
  • Canadians appear to be in no rush to draw down about C$150 billion ($118 billion) in extra savings accumulated during the pandemic
  • The U.S. budget deficit will be wider than previously forecast this year, but become narrower further out as economic growth quickens
  • ECB policy makers are airing their boldest views yet on how to introduce climate criteria for their corporate bond-buying program
  • Senate Majority Leader Chuck Schumer said he’s “working hard” to include the president’s minimum-wage hike in the Covid-19 relief bill
  • Joe Biden’s immigration overhaul seeks to allow more skilled foreign workers into the U.S.
  • New Zealand expects delivery of its first Covid-19 vaccine next week. Meantime, James McIntyre writes any reversal in globalization would be bad news for the island nation
  • Mexico’s central bank unanimously voted to cut its key interest rate
  • House prosecutors have concluded their case for convicting Donald Trump in his Senate impeachment trial

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