Powell Testimony, Back-to-Work Struggle, Venezuela: Eco Day

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

  • Federal Reserve Chair Jerome Powell’s written remarks prepared for today’s appearance before the House Select Subcommittee on the coronavirus crisis show him sticking to the position that the pickup in inflation is transitory

  • The world’s financial centers are struggling back to the office with mixed results
  • Globalization has had only a small role to play in suppressing inflation in developed economies including the euro area, the European Central Bank said
  • The worst of China’s inflation scare is probably over
  • After the worst economic collapse in history, Venezuela’s economy may finally have hit rock bottom
  • The paramount issue for Peru’s economy is a swift recovery from the mass destruction of jobs last year, while the widening fiscal deficit and recent inflation spike are both temporary, according to economists advising Pedro Castillo, the nation’s probable next president
  • Paraguay’s central bank ruled out adopting crypto a legal tender

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