U.S.-China Engagement, Biden Debt Alert, N.Z. Rate Rise: Eco Day

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

• The Biden administration will directly engage with Beijing in the coming days to enforce commitments in their trade deal
• President Joe Biden warned that the U.S. is at risk of breaching the limit on its debt, blaming Senate Republican Leader Mitch McConnell
  • U.S. politicians are locked in a huge fight over something that more and more financial people view as irrelevant
• New Zealand is expected to embark on a series of interest-rate increases to tame inflation and rein in soaring house prices
  • Bloomberg Economics looks at three central bank meetings -- Australia today, New Zealand tomorrow and India Friday
• A gauge of commodities soared to an all-time high as a resurgence in demand for raw materials collides with supply constraints
• Surging inflation this year could be creating a new pricing psychology where both businesses and consumers are getting used to rising prices, St. Louis Fed President James Bullard said
• Here’s a wrap of Bloomberg Economics’ reactions and analysis including high frequency data showing the U.S. steadying
• World trade is rebounding at a faster clip than expected: chart
• Germany is joining the ECB in trying to assuage concerns among the population that high inflation rates are here to stay
• Why Brexit Britain is isolated, vulnerable and running on fumes
• Nordic countries are in the vanguard of global economies trying to get rich people to fund public finances more after the pandemic
• Senator Elizabeth Warren called on the SEC to investigate whether stock transactions by top Fed officials violated insider trading rules
• Japan’s Fumio Kishida was appointed prime minister by parliament, and named a new cabinet stacked with political veterans ahead of a general election set for the end of this month
  • Ex-Olympics Minister Shunichi Suzuki on Monday became Japan’s first new finance minister in nearly nine years

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