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Fed’s 6 Reasons, U.S. Consumer Back, Biden’s Trillions: Eco Day
Fed’s 6 Reasons, U.S. Consumer Back, Biden’s Trillions: Eco Day
14 May 2021, 03:44 PM IST
(Bloomberg) -- Happy Friday, Asia. Here’s the latest news and analysis from Bloomberg Economics to take you through to the weekend:
- While much of Wall Street is ringing alarms about out-of-control inflation, Fed Chair Jerome Powell and his colleagues are expressing confidence in a more benign outlook. Progressives are starting to divide on whether Powell should be renominated for a second term
- In the U.S., vaccinations and reopening are poised to drive a surge in services consumption, writes Tom Orlik. Many of the consumption changes and declines during the pandemic can be attributed to lower spending by high-income individuals, New York Fed research showed
- President Joe Biden’s attempt to expand the definition of infrastructure has sent economists to the drawing boards
- Wild stock swings, spikes in Treasury yields, startling economic readings? Interesting, sure. But if you really want to get people’s attention, you need a story about crypto. Elon Musk stepped up his criticism of Bitcoin, while saying he remains a believer in crypto, sending Bitcoin tumbling 15% at one point to around $46,000
- Governments should embrace digital currencies or risk private firms taking control of the money people use, a BOE official said
- Business executives in Japan are starting to voice concerns over what they see as an unacceptably slow vaccine rollout, a rare chorus of warnings over increasing risks to any economic recovery
- The U.S. economic rebound is finding the nation’s biggest firms in need of more workers, putting upward pressure on pay
- South Korea unveiled ambitious plans to spend roughly $450 billion to build the world’s biggest chipmaking base over the next decade
- The deep freeze on tourism has been tough on most Asian economies. For China, though, it’s a net positive, writes Chang Shu
- China’s production, investment and retail sales are due in the week ahead as Bloomberg Economics says the data should show the recovery extending into the second quarter
- The Philippines will ease movement restrictions in the capital region and nearby areas as the economy struggles to crawl out of recession
- The Bank of Canada is closely monitoring gains in the currency, to ensure the appreciation doesn’t create headwinds for the recovery
- Spain won’t reap the full benefits of the EU’s recovery package without measures to tackle its labor market and pension system
- Brazil’s real will strengthen and the economy will beat expectations this year, according to Economy Minister Paulo Guedes
- Greece will open to international tourists this week, as the government tries to kick-start an economic recovery
- A smattering of places, mainly in the Asia Pacific, won breathtaking victories in the battle against Covid-19 by wiping it out within their borders. Now they face a fresh test: rejoining the rest of the world
©2021 Bloomberg L.P.
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