Biden Tripwires, No Volcker-Era Redux, Bottom of Class: Eco Day

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

• The central pieces of President Joe Biden’s $4.1 trillion economic agenda are moving through Congress on a precarious two-track path further complicated by a September showdown over the debt ceiling
• Bloomberg Economics expects July’s 5.4% CPI reading to translate into 4.1% inflation on the Fed’s preferred gauge, the PCE price index
• It seems like Japan’s big recovery is always a quarter away. That dynamic is playing out again ahead of GDP figures due Monday
• A Covid outbreak that has partially shut one of the world’s busiest container ports is heightening concerns that the rapid spread of the delta variant will lead to a repeat of last year’s shipping nightmares
• The blow to China’s economy from the delta variant outbreak deepened in the past two weeks, according to high-frequency data tracked by Bloomberg Economics. BE also found the effects of flooding and delta in China have started to show up in prices
• India’s retail prices increased at the slowest pace in three months in July, taking the pressure off its inflation-targeting central bank
• The lira rallied after Turkey’s central bank held its key interest rate, defying President Recep Tayyip Erdogan’s calls for a cut
• A member of a Tokyo government coronavirus advisory panel said it was now impossible to control the spread of Covid-19 in the capital
• Hong Kong’s population shrank substantially over the past year as people left over the National Security Law. Meantime, Britain’s foreign-born population has doubled to 9 million in the last decade

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