Powell’s Policy, Common Prosperity, Supply Struggle: Eco Day
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Welcome to Monday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:
- Federal Reserve Chairman Jerome Powell’s new modus operandi for running monetary policy is being tested, as U.S. inflation takes off beyond the moderate overshoot policy makers sought
- Powell’s chances for a second term as Federal Reserve chair have gained momentum after Treasury Secretary Janet Yellen told senior White House advisers that she favors renominating him
- President Joe Biden’s $4.1 trillion economic agenda faces crucial votes this week in the U.S. House
- President Xi Jinping’s rhetoric about “common prosperity” surged relative to previous years, sending a warning to China’s rich
- The German economy may recover less strongly this year than previously expected given the uncertainty of the pandemic’s progress, according to the Bundesbank
- The mixed fortunes in battling the pandemic around the world is evident in today’s PMI data
- Activity in Japan’s service sector shrunk at the fastest pace in 15 months as restrictions to combat the Covid-19 wave hit businesses
- In Europe, manufacturing was outperformed by services for the first time since the pandemic took hold, with factories struggling to keep up with demand in August due to shortages of components and transportation difficulties
- Services PMI for the U.K. came in lower than forecast with companies blaming staff shortages
- PMI data for the U.S. economy, due later this morning, is expected to show a slight moderation in the pace of growth
- Finally, here’s what’s to look out for in the world economy this week
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