Powell Jobs Push, No Australia Bubble, Lowflation Stays: Eco Day

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

  • Fed Chair Jerome Powell said the U.S. job market remains a long way from a full recovery and called on both lawmakers and the private sector to support workers
  • Reserve Bank board member Ian Harper said Australia’s unemployment is too high and the economy has too much lost activity for monetary stimulus to be fueling excessive stock and property valuations
  • President Joe Biden’s $1.9 trillion stimulus would boost growth and ease hardship. But with enormous slack in the economy, any suspension of the law of gravity keeping inflation pinned to the floor would be temporary, writes Carl Riccadonna
  • A Chinese spacecraft has made it to Mars for the first time, boosting China’s attempt to be a space power on par with the U.S
  • The Philippine central bank is set to leave interest rates unchanged
  • Bank of Japan officials are considering ways to communicate that the bank has room to cut its interest rate further below zero
  • The U.S. budget deficit quintupled in January on pandemic relief
  • A top Bank of Canada official called the recent spike in cryptocurrency prices “speculative mania,” and said such assets don’t have the qualities to become the money of the future
  • Joe Biden began his presidency much as his predecessor did, promising to restore hope to a blue-collar middle class. But the realities of trying to stoke U.S. manufacturing jobs in the wake of an economic crisis are quickly endangering his plans
  • Debt relief provided by private creditors for poor nations under a G-20 restructuring plan will hinge on each borrower’s situation
  • Sweden’s central bank Governor Stefan Ingves made clear he’s more worried about withdrawing monetary support too soon not too late
  • China’s relentless crackdown may have succeeded in crushing Hong Kong’s protests and neutralizing the opposition. But it’s also doing something else: prompting many here to consider fleeing abroad

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