Biden’s Trillions, ECB Interview, U.K. Cash Flows: Eco Day

Welcome to Thursday, Europe. 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
  • European Central Bank President Christine Lagarde said policy makers won’t shy away from using all their powers should investors try to push bond yields higher, in a Bloomberg TV interview Wednesday. She also said that the ECB could launch a digital currency around the middle of this decade
  • U.K. businesses saw their financial position worsen in the first quarter as the third major lockdown in a year took its toll on an already weakened economy
  • The Bank of England told firms to stop issuing new loans, bonds and securitizations tied to sterling Libor starting Thursday
  • Japan’s large manufacturers turned optimistic for the first time since the fall of 2019
  • The world economy is poised for the fastest expansion on record dating back to the 1960s, writes Tom Orlik
  • Singapore home prices grew at a faster pace last quarter, stoking concerns that the government could join other nations that are introducing measures to calm the property market
  • 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

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