Fed’s Inflation Crisis, U.S. Jobs Hopes, Hot Housing: Eco Day

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

  • Federal Reserve Chairman Jerome Powell emphasis on controlling inflation expectations may be a tricky objective as the economy emerges from the pandemic
  • June payrolls are expected to increase by more than 700,000, whether U.S. employers had greater success filling a record number of vacancies after two disappointing months of hiring
  • Property markets are going bananas worldwide with bidding wars breaking out from New York to Shenzen. As prices mount, so do the risks for both individuals and society
    • Meanwhile, the real lender on your mortgage could be the Fed
  • The global economy is in vastly better shape than it was six months ago, but there are key questions over what happens in the second half of the year
  • A return to more normal day-to-day life will drive Canadian growth and inflation sharply higher in the second half. Yet translating that to quick normalization in the Bank of Canada’s policy stance may be premature, according to Bloomberg Economics
  • Negotiations among more than 100 countries to overhaul global taxation are facing key questions as rich nations seek to persuade many developing economies to reach a preliminary deal in the next week
  • Argentina’s currency depreciated the least in 17 months as the government stepped up efforts to curb inflation ahead of midterm elections
  • Asia’s manufacturers are seeing the area’s economic recovery stumble as the pandemic weighs on output and vaccinations lag other regions, increasing their reliance on exports to the rest of the world

    • At the same time, Europe’s booming economy is battling a supply squeeze that is pushing up prices and running down stockpiles
  • Finally, check out this week’s Stephanomics podcast: Ray Dalio and Lawrence Summers discuss just how hot the U.S. economy is running, where bubbles are building and why they contend that government officials need to take the threat of inflation seriously.

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