Black Unemployment, U.S. Corporate Tax Plans, G-20 Debt: Eco Day

Welcome to Tuesday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

  • A shrinking virus threat, expanding U.S. stimulus boost, trillions of dollars in lockdown savings waiting to be spent mean the world economy is poised for the fastest expansion on record back to the 1960s
    • The International Monetary Fund releases its latest World Economic Outlook today -- here’s what to expect
  • To get an idea of what Jerome Powell’s Federal Reserve will do next, Wall Street economists are having to try their hand at forecasting new variables -- like the Black unemployment rate
  • President Joe Biden’s economic agenda got a boost when Senate Parliamentarian Elizabeth MacDonough ruled that Democrats could enact another resolution package this year. In simple terms, this means that additional bills can be passed this year without any Republican support
    • The tax issue is a big one in Biden’s $2.25 trillion plan, with pharmaceutical and technology companies expected to be hit hardest by the proposed changes
    • Treasury Secretary Janet Yellen is arguing for a global corporate tax minimum rate of 21%
  • G-20 finance ministers are likely to extend debt-service suspension initiative for poorer nations until the end of the year
  • China’s central bank asked the nation’s major lenders to curtail loan growth for the rest of this year after a surge in the first two months stoked bubble risks, according to people familiar with the matter
    • Chinese travel rebounded over the three-day weekend while spending still lags
  • Toronto home values continued to swell in March, bringing annual average price gains to more than 20% and adding fuel to a raging debate about whether policy makers should try to cool the market

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