ECB Bond Plans, U.S. Jobs Guess, Yellen Tax Pressure: Eco Day

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

• The ECB will extend its phase of faster bond-buying through the summer to ensure any economic rebound after coronavirus lockdowns is a sustained recovery, according to a Bloomberg survey of economists
• Economists, blindsided by a major miss in April’s U.S. employment report, are now ready for any number of surprises in May’s data
• Treasury Secretary Janet Yellen is facing pressure to move toward a global tax deal by the end of the week as she meets her Group of Seven counterparts for the first time
• Now is not the time for the Fed to adjust its bond-buying program, though it makes sense for U.S. central bankers to be talking through options for the future, New York Fed President John Williams said
• It sounds like a Mao-era relic of China’s planned economy: the Department of Price. But this rarely discussed corner of the Chinese bureaucracy is playing an increasingly important role in the inflation debate whipsawing financial markets
• BOE Governor Andrew Bailey said the central bank’s Monetary Policy Committee recently discussed the economics of climate change for the first time, underscoring the U.K. commitment to slashing emissions
• Norway’s finance minister warned that a change in government in the upcoming elections would lead to a higher wealth tax, trigger capital flight and threaten job creation in the richest Nordic nation
• The ability of Taiwan’s factories to continue running at full steam is key to keeping the economy on track as a persistent Covid-19 outbreak threatens to derail what was lining up to be a strong year for the economy
• India’s central bank expanded its version of quantitative easing to keep borrowing costs anchored, with economic growth seen faltering because of a resurgent Covid-19 wave

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