Infrastructure Vote, Inflation Woes, Chicago Inequality: Eco Day
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- President Joe Biden’s economic agenda is on the verge of getting its first backing from Congress as a broad group of Democratic and Republican senators is set to approve the $550 billion infrastructure program in a vote this morning
- The chamber will then move onto a budget resolution process that would allow $3.5 trillion of spending to be passed with Democratic support alone
- Despite the larger Democrat majority in the House, the whole package may run into further difficulties as moderates and progressives have conflicting demands over what they want from the deal
- Concern over a “K-shaped recovery” is back in the U.S., as a surge in the cost of living eats up the savings accumulated from stimulus checks and other help, and as wage gains fail to keep up with inflation
- Sentiment among U.S. small-business owners fell more than expected in July as owners turned increasingly downbeat on future sales and the economy
- The latest nowcast readings from Bloomberg Economics show the world economy poised for a marked acceleration, with the delta outbreak the main risk to the outlook
- Peru’s central bank President Julio Velarde agreed to stay in the post for another five-year term
- China’s central bank fanned expectations of further monetary policy easing, saying inflation pressures are “controllable” while highlighting risks to the economic growth outlook
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