U.S. Import Bottleneck, Currency Battles, Europe Growth: Eco Day

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

  • Ship congestion around the ports of Los Angeles and Long Beach hit an unprecedented level, worsening the bottleneck at the busiest gateway for U.S. imports
  • New U.S. Treasury Secretary Janet Yellen faces a “currency war” redux as she rejects a return to traditional strong-dollar policy
  • Three of the euro area’s four largest economies rounded off the pandemic year suggesting the region can avoid a deeper recession
    • European Central Bank Governing Council member Gabriel Makhlouf said it doesn’t need to cut interest rates at the moment
  • Colombia’s central bank is forecast to reject the arguments for more stimulus made by a minority of the board, at the first policy meeting with its new governor
  • World Bank Chief Economist Carmen Reinhart tells the latest episode of the Stephanomics podcast that we should worry about winning the war against Covid-19 first, and how to pay for it later

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