Biden-Powell Duo, Canada’s Reputation, Supply Issues: Eco Day

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

• Forty years ago, President Ronald Reagan and Federal Reserve Chairman Paul Volcker oversaw a root-and-branch restructuring of the U.S. economy. Today, Joe Biden and Jerome Powell are trying to do the same thing -- only in reverse
  • On Wednesday, Powell waved away worries about inflation as the Fed held rates close to zero
  • Listen to the new episode of the Stephanomics podcast for more
• Finance Minister Chrystia Freeland said her debut budget lays out a “reasonable and sustainable” debt track that maintains Canada’s reputation as a fiscal stalwart
• Companies worldwide expect supply-chain constraints resulting from logistics backlogs and the global semiconductor shortage to continue for much of this year
• German unemployment unexpectedly rose in April, signaling that the labor market is experiencing strains from lockdown restrictions that have been tightened
• The U.K. government should expand its social safety net to expand furlough-type payments to those who lose their jobs even after the pandemic, said a prominent research group campaigning for those on low pay
• While the news flow since the Bank of England last published forecasts in early February has been unequivocally positive, the central bank is likely to stress next week that there’s a higher than usual bar for tightening policy and that it’s ready to loosen again if needed, according to Bloomberg Economics
• The Covid-19 pandemic had a greater economic impact for women due to over-representation in industries hardest hit by the crisis, according to a report by an international non-profit organization
• For more news and analysis, read our brand-new New Economy Daily, a newsletter on the latest on the fast-changing world economy and what it means for businesses, policy makers and investors

©2021 Bloomberg L.P.