Ships Sailing, Biden’s Policy Unveil, RBA Stuck With QE: Eco Day

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

  • A nearly week-long saga to dislodge a giant container ship stuck in the Suez Canal reached an end as the vessel was freed and traffic resumed. Authorities expected operations to return to normal within days, but the event has revealed an Achilles’ heel
  • President Joe Biden will unveil the framework for a major infrastructure-and-jobs program on Wednesday in Pittsburgh, and later in the week offer the first glimpse of his 2022 budget
  • The Reserve Bank of Australia will need to maintain its quantitative easing program for an extended period to prevent the currency rising too high, former board member John Edwards said
  • India’s consumption demand and business activity looked steady, although chances of a strong recovery appeared doubtful amid a surge in virus cases and the risk of renewed lockdowns
  • U.S. economic data already started to stir ahead of relaxed social distancing measures, broad vaccinations and the latest round of fiscal stimulus. The March jobs report will mark a tipping point
  • Atlanta Fed President Raphael Bostic said there’s merit to considering reparations as a way to counter the impact of racism
  • The ECB maintained the elevated pace of its pandemic bond-buying as its strives to deliver on a promise to contain yields
  • Italy’s budget deficit is likely to be close to 10% of GDP for a second year as successive lockdowns force the country to boost spending
  • Philippine President Rodrigo Duterte said he will allow private companies to import vaccines to boost inoculations amid a global supply crunch, helping to speed up the reopening of the economy

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