Trillion Dollar Coin, Powell Support, Australia’s Curbs: Eco Day
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Welcome to Wednesday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:
- Treasury Secretary Janet Yellen said she opposes a $1 trillion coin to cope with the debt ceiling, saying it’s a “gimmick”
- Fed Chairman Jay Powell has the backing of more than half the Republicans who sit on the Senate Banking Committee, support that could help him earn a second term to lead the central bank
- Senator Elizabeth Warren said revelations about investment transactions last year by Fed officials call into question Jerome Powell’s leadership
- Australia’s banking regulator raised the minimum interest-rate buffer that lenders need to account for when assessing home-loan applications, citing growing risks to financial stability
- For much of the pandemic, a group of places in the Asia-Pacific brought infections to zero, becoming virus-free havens in a world ravaged by the pathogen. Only one is still holding fast: China
- Chinese diplomats informed G-20 officials that President Xi Jinping does not currently plan to attend this month’s summit in Italy
- South Korea’s inflation came in faster than expected, bolstering the view it will raise interest rates again this year. Bloomberg Economics similarly sees the stage set for another rate increase
- Higher oil prices and coal shortages risk fanning inflation and slowing economic growth in India ahead of a central bank meeting
- The outlook on India’s credit rating was raised to stable from negative by Moody’s Investors Service
- Japan’s activity fell in the week ended Oct. 1, according to high-frequency data tracked by Bloomberg Economics
- French President Emmanuel Macron must soon make the biggest decision for years to come on the makeup of ECB policy makers
- U.K. firms are facing an “historic surge” in inflationary pressures
- Boris Johnson is colliding with business as he tries to deliver on his promise to remake the U.K. after Brexit.
- Just weeks after the last U.S. troops left Afghanistan, a cash crisis has crippled its already feeble economy
- Iceland’s prospects of enjoying the biggest catch of capelin fish in two decades has prompted Islandsbanki HF to raise its growth outlook for the economy in 202
- The world is living through the first major energy crisis of the clean-power transition. It won’t be the last
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