Biden’s Trillions, 60s-Era Global Growth, RBA Reprieve: Eco Day

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

• President Joe Biden presented a $2.25 trillion infrastructure plan, setting up a drawn-out battle over his second big economic program
• The world economy is poised for the fastest expansion on record dating back to the 1960s, writes Tom Orlik
• The Australian central bank’s policy resolve has won it a reprieve from bond traders, and seen it rewarded with both lower yields and a weaker currency. Now it confronts a fiscal pullback
• The Biden administration raised concern about some of the policy tools China is using to spur its economy
• The WTO increased its projection for growth in global merchandise trade this year to 8% -- the biggest increase since 2010 -- while warning Covid-19 continues to pose the key threat to the outlook
• India’s government will retain a 2%-6% inflation target for the central bank, putting to rest speculation that authorities will push to shift focus to economic growth
• The Bank of Canada is seeing “worrying” signs that some Canadians are taking on too much debt to buy into a hot housing market
• U.S. private employers in March added the most jobs in six months
• Argentina’s poverty rate rose to 42% in the second half of 2020 as a result of the Covid pandemic
• Watching the travails of the Ever Given in the Suez Canal, it was hard to avoid the conclusion that its biggest problem was size
• The promised end of the pandemic draws closer with every shot in the arm. So in the first three months of 2021, traders raced to position themselves for a post-Covid world by girding for super-charged growth and higher inflation: or the reflation trade

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