Biden’s Package, Surviving Inflation, BOE Caution: Eco Day

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

• Time is running short for the Senate to pass U.S. President Joe Biden’s almost $2 trillion tax-and-spending package before Christmas and there’s still much work to do
• It’s a big week for central banks. Read our wrap of what’s coming up in the global economy here, and previews by Bloomberg Economics on the Federal Reserve, the European Central Bank and the Bank of Japan here
  • Fed Chair Jerome Powell and his colleagues, who meet Tuesday and Wednesday, are expected to speed up their removal of policy support and signal interest-rate liftoff next year, amid the hottest inflation since 1982
  • The European Central Bank’s biggest decision this week is to decide whether it can still call the current inflation spike “transitory”
  • The Bank of England is set to opt for caution over Covid-19 rather than act on worries about inflation, pushing back its first rate increase since the pandemic into 2022, according to economists
• Argentines have some inflation survival tactics for Americans disoriented by the sudden burst of price growth
• Economists predict China will start adding fiscal stimulus in early 2022 after the country’s top officials said their key goals for the coming year include counteracting growth pressures and stabilizing the economy
• Japan’s biggest manufacturers are less optimistic about the coming months as uncertainty over the omicron variant of the coronavirus tempers bullishness
• Saudi Arabia boosted its revenue forecast for next year, with higher oil prices and production volumes poised to deliver the country’s first budget surplus since 2013
• Finally, what could possibly go wrong? Here are the biggest economic risks for 2022

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