Biden’s Tax & Spend, Retiring Early, Snap-Back Rebound: Eco Day

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

  • President Joe Biden’s is mustering early Congress support for his tax-spend vision
    • Biden’s proposal to roughly double the capital-gains tax for the rich has put financial advisers in the unusual position of acting as part therapist and part fortune teller
  • Affluent Americans are rushing to retire as the pandemic has pushed up asset values and created a new ‘life-is-short’ mindset
  • With the snap-back U.S. recovery in the books and stocks perched at the highest valuations in two decades, the hunt is on for indicators to fine-tune the bull case -- or uncover an early warning signal to get out before being blindsided by a crash
  • Colombia is forecast to hold interest rates at a record low as the nation’s bonds and currency are roiled by lawmakers’ attempts to torpedo the government’s plan to raise taxes.
  • The euro area tipped into a double-dip recession in the first quarter, highlighting the cost of slow coronavirus vaccinations that have left the economy lagging far behind the U.S
  • Young workers are drifting away from London as jobs dry up, according to data on people searching for spare rooms
  • A gauge of China’s manufacturing industry slipped in April and the services sector also weakened, suggesting the economy is still recovering but at a slower pace

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