Brexit Bureaucracy, U.S. Inflation, Asia Rates on Hold: Eco Day

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

• Breaking free of Brussels bureaucracy was meant to herald a bonfire of red tape for Britain. In the first 100 days of Brexit, the only thing many businesses burned was money
• U.S. consumer prices climbed in March by the most in nearly nine years as the end of pandemic lockdowns triggered a rebound in travel and commuting; the report shows core inflation is stirring, not surging, writes Bloomberg Economics’ Carl Riccadonna and Yelena Shulyatyeva
• The European Central Bank could simplify its inflation goal and even allow prices to run hot temporarily, Bank of France Governor Francois Villeroy de Galhau said
• The Bank of England’s Chief Economist Andy Haldane will step down in June, removing the the Monetary Policy Committee’s most outspoken contrarian and inflation hawk
• China’s vast steel sector is the scene of a conflict between economic growth and a green agenda that points to wider challenges ahead
• Hong Kong wants to bring back factory jobs that left long ago, in an attempt to diversify the financial capital’s economy
• Asian central banks kept policy steady. The Reserve Bank of New Zealand signaled it is in no rush to remove monetary stimulus, while Singapore’s central bank kept its main monetary settings unchanged but hinted at a slightly less dovish tone going forward; The Bank of Korea is expected to stand pat on its key rate on Thursday
• Brazil’s central bank is closely monitoring if a recent spike in commodity prices will continue to affect core inflation, and particularly expectations for 2022, as it calibrates monetary policy, according to its President Roberto Campos Neto

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