Stimulus Staying, Sunak Spending, ECB Balance Sheet: Eco Day

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

  • U.K. finance minister Rishi Sunak is set to spend billions of pounds in extra support for the economy over the next four months with unemployment at its highest level in almost five years. At the same time, he pushed off until autumn a decision on what rules will govern his tax and spending decisions
  • Federal Reserve Chairman Jerome Powell signaled the U.S. central bank was nowhere close to pulling back on support for the pandemic-damaged economy
  • Unimaginable just six months ago, investors are piling in to bets that will pay out if the Bank of England raises interest rates for the first time since 2018
  • The European Central Bank’s balance sheet has expanded more during the 15 months of Christine Lagarde’s presidency than during Mario Draghi’s entire eight-year term
  • Emmanuel Macron’s government is digging deep into its policy toolbox to find ways to transition the economy back to normality and fulfill the president’s pledge to support businesses and workers, “whatever the cost”
  • Joining the ranks of the richest 1% is never easy -- but it may be even harder depending where you live
  • President Joe Biden’s pick for U.S. Trade Representative, Katherine Tai, is expected to take a methodical approach as America’s top trade official -- and a hard line in U.S.-China negotiations
  • Millennials are leaving London for good as Covid-19 changes lifestyles and working patterns
  • U.S. home prices are rising at a blistering 10% year-over-year clip
  • Latin America and the Caribbean, where the pandemic has caused the worst economic destruction and more than one-quarter of the world’s deaths, now is falling victim to a slow inoculation campaign

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