Biden Agenda, Inflation Dilemma, Johnson’s Tax-Cut Hint: Eco Day
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Welcome to Tuesday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:
- Democratic Senator Joe Manchin said there’s little chance that Congress can complete work on President Joe Biden’s economic agenda by the end of the month deadline set by his party’s leaders
- Treasury Secretary Janet Yellen warned congressional leaders that while the recent law boosting the federal debt limit should tide federal finances over until Dec. 3, her department must again use extraordinary measures to avoid breaching the ceiling
- The global economy’s supply crunch is propelling inflation at such a fast pace that central bankers may be forced to respond, even though fixing that imbalance is beyond their power. Their dilemma is that it’s hard to tell just how much of the inflation is being driven by a resurgence of demand as lockdowns end, and how much by supply strains
- China hasn’t been a significant driver of global inflation trends, especially in the past decade, according to Bloomberg Economics’ analysis
- Prime Minister Boris Johnson hinted at future tax cuts for U.K. business even as his finance minister prepares to make historic rises over the next two years, according to an interview with Bloomberg Editor-in-Chief John Micklethwait
- The Covid-19 pandemic may have bloated public debt to levels already pushing some governments to consider consolidation, but that’s nothing compared to the fiscal difficulties brewing in the coming decades, the OECD said
- European Central Bank officials seeking “flexibility” for their future stimulus plans can’t quite agree on whether that means room for maneuver -- or room for potential expansion
- Australia’s central bank acknowledged that higher interest rates would remove some of the heat from the nation’s property market, though it would come at the cost of fewer jobs and weaker wage growth
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