Powell Patient, Housing Assault, Digital Dollar Debate: Eco Day

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

  • The economy seems to be gathering steam, though it is still far from fully recovering, Fed Chair Jerome Powell said. This was echoed by Richmond Fed President Thomas Barkin
  • New Zealand’s government announced a suite of new measures to tackle the rampant property market by increasing the supply of houses and removing tax incentives for speculators
  • Powell joined international peers in saying the launch of a digital currency would be a momentous step for the financial system that needs careful preparation
  • A surge in coronavirus cases in India could hurt the economy’s recovery from a rare recession, as curbs to avoid a new wave creates delays in putting millions who lost their jobs back to work
  • The U.S., U.K., and Canada joined the EU to impose sanctions against China over alleged human rights abuses on the Uyghurs in Xinjiang, drawing an immediate reaction from Beijing
  • The ECB finally delivered on its promise to boost the pace of emergency bond-buying to combat the threat from higher yields
  • Chancellor Angela Merkel and regional leaders agreed to extend Germany’s lockdown until April 18 after Covid-19 contagion rates nearly doubled in a month, highlighting Europe’s struggles to contain the pandemic
  • Norway recently emerged as the world’s most cashless society, but its central bank governor says people shouldn’t start turning to Bitcoin as an alternative
  • Two billionaires known for their decade-long fight for control of Russia’s biggest mining company are bickering again, this time over the central bank’s surprise pivot to monetary tightening
  • The rich got richer last year thanks to wealth created by rebounding stock and real-estate markets. The richest 1% of households captured about 35% of the extra wealth generated nationwide

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