Fed’s Pushback, House Flipping, Bond Market Scrutiny: Eco Day
Welcome to Tuesday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:
- Federal Reserve officials pushed back against the threat that a spike in price pressures will prove lasting as the U.S. economy reopens
- U.S. Senator Elizabeth Warren is proposing to nearly triple the Internal Revenue Service’s budget to help identify wealthy individuals who are cheating on their taxes
- Meantime Senate Republicans are planning to make a new overture to President Joe Biden on infrastructure spending, and said they’ll continue trying this week to strike a bipartisan deal after rejecting the White House’s latest counteroffer of $1.7 trillion as too costly
- Nellie Liang, Biden’s pick to oversee the $21 trillion market for Treasury securities, signaled that one of her top priorities will be to scrutinize the market following last year’s brief investor panic and consider changes that will help it better withstand turmoil.
- U.S. states and cities are cracking down on a niche in house-flipping known as wholesaling conducted by largely unlicensed middlemen lured in by YouTube tutorials and hot demand
- Turkey’s President Recep Tayyip Erdogan appointed a new deputy governor at the country’s central bank
- Confidence in Germany’s economic outlook improved in May as virus restrictions ease
- German Finance Minister Olaf Scholz backed a plan to require companies to report climate risks
- China’s central bank sought to clarify that it won’t let the yuan strengthen too much, too quickly, amid inflation pressures
- The hurdles for Tokyo to proceed with the Olympics -- a major swing factor for Japan’s economy in the short and medium term -- just experienced its latest setback: The U.S. said Americans should avoid traveling to Japan given the virus outbreak
- Bloomberg Economics explains what it means for the economy
- Finally, take a look at Bloomberg’s Covid Resilience Ranking for the best and worst places to be in the pandemic
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