Global Tax Revamp, K-Shaped Inflation, Dovish Fed: Eco Day

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

  • Federal Reserve policy makers were united in the view that the U.S. economic recovery was far from complete when they met last month, according to the minutes of the meeting
    • While recent data has shown a strong improvement in the labor market, the economy remains far from the bank’s goal of maximum employment and sustainable 2% inflation
    • There will be another check on the labor market when weekly jobless claims numbers are released this morning
  • The U.S. is proposing that countries should be able to tax more corporate profits based on revenues within their borders in a bid to reach a global taxation deal, according to two people familiar with the offer
  • U.S. inflation has gone K-shaped in the pandemic, like everything else
  • Japan’s record annual budget further ratchets up the developed world’s heaviest public debt load, underscoring the critical importance of central bank efforts to keep a lid on yields
  • The IMF is to discuss more support for vulnerable middle-income nations
  • President Joko Widodo has set a $200 billion goal for Indonesia’s new wealth fund in the next two to three years
  • The Reserve Bank of Australia is completing its first tranche of quantitative easing
  • Here’s the newest Stephanomics Podcast: Forget the other letters -- the V shaped recovery is back

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