Jim O'Neill on Global Growth, Fed Cut, China's Pushback: Eco Day

(Bloomberg) -- Welcome to Wednesday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help get your day started:

• Anyone looking for reasons why the global economy is slowing and what can be done about it must understand the outlook for China’s consumers, says former Goldman Sachs chief economist Jim O’Neill
• Fed officials say they’re willing to tolerate an overshoot of their inflation goal. Meantime, the market is pricing in a Fed cut even as the White House’s chief economist says the U.S. economy is on track to grow 3 percent or faster this year
• Some U.S. negotiators are concerned China is pushing back against American demands despite President Donald Trump’s optimism about reaching a trade deal that could boost his reelection chances
• Is it time to relent on 2%? A guide to Japan’s inflation target debate
• The U.K. labor market remained in robust health in the three months through January, despite a Brexit-induced slowdown in the economy
• Norway’s central bank is leaving its peers behind as it’s expected to raise interest rates to their highest level in almost four years
• EC Vice President Valdis Dombrovskis said Italy’s economic difficulties should push the populist government to review its fiscal position as the Bank of Italy’s No. 2 official is said to be leaving amid tensions with the government
• Meantime, France’s economy is likely to receive a modest lift from government stimulus
• Indonesia will offer projects worth $91 billion to China as President Joko Widodo looks to double down on a massive infrastructure drive
• These are the key takeaways from Justin Trudeau’s pre-election budget -- and here’s why it’s unlikely to move the needle for Canada’s central bank
• In Mellingen, 30 minutes northwest of Zurich, empty apartments offer a warning sign about the fallout of Switzerland’s negative rates

To contact the reporter on this story: Michael Heath in Sydney at mheath1@bloomberg.net

To contact the editors responsible for this story: Nasreen Seria at nseria@bloomberg.net, Chris Bourke

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