Yield Standoff, Blow to Minimum Wage, G-20 Meeting,: Eco Day

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

  • The standoff between central banks and bond traders took center stage in Europe and Asia after Treasury yields surged to a one-year high, forcing policy makers into a slew of debt purchases. In the U.S, Federal Reserve Chair Jerome Powell is at odds with the markets
  • The House is poised to pass President Joe Biden’s $1.9 trillion Covid-19 stimulus, but a ruling by a Senate official dealt a major blow to prospects of a hike in the U.S. minimum wage. The package also risks triggering cuts to Medicare and other programs early next year
  • The prospect that the U.S. recovery could decouple from developed-world peers is likely to figure high on the agenda for G-20 finance ministers and central bankers meeting Friday

  • Bloomberg Economics reckons that as yields rise, U.K. Chancellor of the Exchequer Rishi Sunak should remember 2010 and embrace patience over prudence at his budget next week
  • Foreign workers are leaving Britain at the fastest pace since World War II, presenting a challenge to an economy already roiled by Brexit and the coronavirus
  • China’s economic recovery continued into February, powering along despite the Lunar New Year break and government efforts to discourage travel following Covid-19 outbreaks

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