ECB Word Changes, BOJ and Climate, Big Inflation Debate: Eco Day

(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.

Welcome to Friday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day and send you into the weekend:

• The European Central Bank probably will change words alone at next week’s policy meeting, with bond-buying revisions later; meanwhile for the Bank of England, members of Parliament’s upper chamber charge that the asset-buying risks stoking inflation, widening inequality and has done little to boost economic growth
• The European Union wants to enact the world’s first pollution-import levy on global competitors. The details will take a while to hash out
• The Bank of Japan outlined details of its climate-linked funding measure while leaving its main policy settings unchanged Friday. Bloomberg Economics says the latest announcement showed a tip-toe by officials into the new policy area, rather than a splash
• Federal Reserve Chair Jerome Powell, pressed further on inflation this week, held firm on the central bank’s policy stance. In New Zealand, an upside surprise to consumer prices will probably sharpen policymakers’ hawkish stance, Bloomberg Economics says
• The debate on inflation also continues in India, where a former central bank governor says the officials need to support economic growth even at the cost of their inflation-fighting credentials. Argentina’s high run of inflation slowed for a third month in June
• China’s services industry continued to expand strongly in the second quarter. Meantime, a 50% drop in China’s pork imports might help cool global food costs
• Read more on how China’s three-child policy adds pressure on working women
• The delta variant is engulfing Southeast Asia, the region that now claims the fastest-growing Covid death count

©2021 Bloomberg L.P.