Biden Stimulus, Powell Talks Taper, World-Beating China: Eco Day

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

  • President-elect Joe Biden will ask Congress for $1.9 trillion to fund immediate relief for the pandemic-wracked U.S. economy, a package that risks swift Republican opposition over big-ticket spending
  • Fed Chair Jerome Powell sought to stamp out talk of a premature reduction in the central bank’s massive bond-buying campaign
  • China’s economic ascent is accelerating barely a year after its first coronavirus lockdowns
  • The U.S. announced that it’s blacklisting China’s third-biggest oil company after years of involvement in offshore drilling in disputed South China Sea waters
  • China’s central bank will likely reduce the amount of one-year cash it offers lenders this month after excess liquidity pushed an interbank borrowing cost to an all-time low
  • Politics is likely to carve up Joe Biden’s pie-in-the-sky stimulus, writes Bloomberg Economics’s Andrew Husby
  • Stephanie Flanders and Lucy Meakin discuss the economic fallout from a Covid-driven mental-health crisis in their weekly podcast
  • Credit-rating companies are likely to keep Indonesia’s investment-grade rating intact for now
  • The German economy stagnated at the end of last year, probably avoiding a double-dip recession that is engulfing the euro area
  • Applications for U.S. state unemployment benefits surged last week by the most since late March, pointing to persistent job-market pain
  • Goldman Sachs Group Inc. boosted its year-end forecast for the 10-year Treasury yield -- which has risen sharply this month
  • The race to see who takes over as head of the OECD is tightening, with the field narrowing to a group of favored candidates
  • The nations quickest to enact social distancing and contact-tracing systems have mostly kept Covid-19 in check, but their citizens find themselves lagging in receiving the shots needed to end the outbreak

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