Yellen Higher Rates, G-7 Strikes Deal, China Households: Eco Day

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

  • Treasury Secretary Janet Yellen said President Joe Biden should push forward with his $4 trillion spending plans even if they trigger inflation that persists into next year and higher interest rates
  • The G-7 secured a landmark deal that could help countries collect more taxes from big companies and enable governments to impose levies on U.S. tech giants such as Amazon Inc. and Facebook Inc.
  • Consumers in China remain cautious even though Covid-19 is under control, offering clues for global spending patterns ahead
  • Trade ties between the two largest economies has “significant imbalance” and the Biden administration is committed to leveling it
  • Central bankers around the world are mulling the future of their massive bond-buying programs in a post-pandemic world
  • U.S. job growth picked up in May -- along with worker pay -- and the unemployment rate fell
  • ECB officials will debate whether to prolong their elevated pace of bond-buying, a judgment that rests on the recovery’s strength
  • China may be feeling underappreciated. That’s the sentiment underlying President Xi Jinping’s recent urging of his diplomatic corps to rebrand the country “trustworthy, lovable, and respectable”

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