Global Tax Deal, Yellen on Rates, Student-Loan Cliff: 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 week.
- The G-7 secured a landmark global deal that could help countries collect more taxes from big companies and enable governments to impose levies on U.S. tech giants such as Amazon and Facebook
- A final deal, however, is still a long way off and winning domestic support from U.S. lawmakers will be a tough challenge
- President Biden should push forward with his $4 trillion spending plans, even if they trigger inflation that persists into next year and higher interest rates, Treasury Secretary Janet Yellen said
- A student-load cliff is nearing for more than 40 million in the U.S., as a pandemic freeze on payments looks set to end in October
- When the ECB unveils the results of its grand strategy review this year, there will be a stark contrast from the Federal Reserve: Inequality in the labor market looks likely to get much more subdued treatment in Frankfurt
- A quarter of a century after declaring the death of inflation, economist Roger Bootle is seeing signs of its rebirth
- A big portion of consumer deposits at retail banks could shift to digital currencies if governments start offering them, the Bank of England indicated in a discussion paper
- German factory orders dropped in April, signaling that mounting supply shortages and higher prices are undercutting economic recovery
- China’s exports continued to surge in May, although at a slower pace than the previous month, fueled by strong global demand
- Meanwhile, Chinese consumers remain cautious, offering clues for global spending patterns ahead
- Finally, here’s what’s to look out for in the world economy this week
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