U.S. Jobs Report, Dovish Powell, Brazil Warning: Eco day

Happy Friday. Here’s the latest news and analysis from Bloomberg Economics to help take you through to the weekend.

  • It’s U.S. jobs report day:

    • While the January report raised serious questions about labor market momentum heading into the new year, data reported in the interim reaffirm that a heady rebound is indeed underway, according to Bloomberg Economics

  • Clerks in the U.S. Senate finished reading the entire coronavirus relief early Friday morning after a session that began Thursday afternoon
  • Fed Chair Jerome Powell sounded a gentle word of caution to the bond market that he’s watching the jump higher in long-term interest rates, but stopped well short of trying to rein them in
    • The market may test the Fed chairman before the next policy meeting in two weeks
  • Political rifts and escalating inflation in Brazil risk hampering the economic recovery, according to Jose Berenguer, head of corporate and investment banking at XP Inc., the country’s biggest brokerage

  • China set a conservative economic growth target of above 6% for the year, well below what economists forecast, and outlined ongoing fiscal support to keep the recovery going

    • It pledged to solve the housing problem in large cities after the pandemic spurred a rush to real estate in the biggest hubs, pushing home affordability there to the worst ever

    • It rolled out a roadmap to boost crop production, highlighting concerns over food security after the country imported record amounts of meat, corn and soybeans last year

  • The European Central Bank will step up its pace of emergency asset purchases to counter rising bond yields that risk hurting growth prospects in the euro area, according to economists

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