China Cuts Lending, Yellen Goes Global, Growth at Highs: Eco Day

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

  • 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
  • Treasury Secretary Janet Yellen outlined the case for a harmonized corporate tax rate across the world’s major economies
  • Federal Reserve Bank of Cleveland President Loretta Mester said the better-than-expected March payroll report was “great” but that a lot more progress is needed to get the economy to where it was before the pandemic
  • Early in the Covid-19 pandemic, Melissa Anderson laid off all three full-time employees of her jewelry-making company, Silver Chest Creations in Burkesville, Ky. She tried to rehire one of them in September and another in January as business recovered, but they refused to come back, she says. “They’re not looking for work.”
  • The Biden administration is aiming to corral overwhelming public support for its $2.25 trillion infrastructure plan, targeting Republican voters, independents, mayors, governors and local politicians to counter opposition from GOP lawmakers, according to White House officials and Biden allies
  • Japan’s household spending fell for a third month in February as the virus emergency wore on in major cities and a calender distortion weighed on the data
  • A shrinking virus threat, expanding U.S. stimulus boost, trillions of dollars in lockdown savings waiting to be spent, and low base for comparison mean the world economy is poised for the fastest expansion on record back to the 1960s: Bloomberg Economics’ Tom Orlik writes
  • U.S.-based Bechtel Corp. and other international firms are pursuing billions of dollars in unpaid bills from Saudi Arabia’s government for work done on the Riyadh metro project, according to five people familiar with the matter
  • India’s monetary policy makers are poised to hold interest rates as the economy faces a renewed threat to growth from the pandemic
  • Robert Mundell, the Nobel Prize-winner and supply-side economist who was considered the intellectual father of the euro, has died

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