Infrastructure Vote, Inflation Woes, Chicago Inequality: Eco Day

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

• 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
  • Economists expect data due out on Wednesday to show a 0.5% increase in the U.S. consumer price index
  • Here’s how late Covid loans hurt the recovery in Chicago’s minority neighborhoods
  • U.S. second-quarter productivity and unit labor cost data are published this morning
• 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

©2021 Bloomberg L.P.