Monetary Stimulus, SALT Cap Revolt, Paris Club: Eco Day

Welcome to Tuesday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

  • The aggressive rebound in global economic growth still isn’t enough for most of the world’s central banks to pull back on their emergency stimulus, Bloomberg’s quarterly review of monetary policy shows
  • Donald Trump’s 2017 tax law disproportionately targeted Democrats in high-tax states by eliminating a popular federal deduction. Now Trump’s legislative triumph has put Joe Biden in a bind
    • The Biden administration’s infrastructure plan is more creative than just transport and utilities, Bloomberg Economics says
  • Treasury Secretary Janet Yellen named John E. Morton to head the department’s new office devoted to addressing climate change
  • Canada’s government released a budget that promises big spending on new social programs and a return to small deficits by 2025
  • The Paris Club group of creditor nations is positioning itself for a comeback with post-crisis loan workouts, after being eclipsed by China‘s lending to developing economies in recent years
  • The UN World Food Programme reached an accord with Nicolas Maduro’s government to start operations in Venezuela, where nearly 80% of the population may have fallen into extreme poverty
  • The Netherlands, long considered to be at the heart of a system in which multinational corporations minimize their taxes by shifting profits, has signaled that it’s ready to support a U.S. proposal that ends the practice
  • Chinese President Xi Jinping called for greater global economic integration and warned against decoupling while calling on the U.S. and its allies to avoid “bossing others around”

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