U.S. Infrastructure Plan, Hiring Surge, Gender Regress: Eco Day

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

  • President Joe Biden will unveil a $2.25 trillion U.S. infrastructure plan on Wednesday that the administration says will prove the most sweeping since investments in the 1960s space program and 1950s interstate-highway system
  • U.S. employment probably swelled in March by the most in five months as millions of Covid-19 vaccinations and a more open economy helped invigorate hiring, including at businesses hit hardest by the pandemic.
    • The U.S. has a good chance of shucking off the secular stagnation of the last decade and entering a period of markedly faster economic growth, McKinsey & Co. says
  • Since the 1970s, China has been racing to become the world’s largest economy. Its recovery from the pandemic means it could eclipse the U.S. this decade
  • Nowcasts of GDP growth across major economies show output for a significant chunk of the world economy is poised to move above the pre-crisis peak, but with a widening divide as China and the U.S. accelerate out of the slump, and European countries sink lower, Bloomberg Economics writes
  • European Central Bank President Christine Lagarde said policy makers won’t shy away from using all their powers should investors try to push bond yields higher. In her interview with Bloomberg Television, Lagarde also said:

    • She’s counting on a legal attack against Germany’s ratification of the European Union recovery fund to be “dealt with in short order” to allow the region to get urge
    • The ECB could launch a digital currency around the middle of this decade if her fellow policy makers give the project the green light this summer
  • The pandemic has rolled back years of progress on gender parity for pay, making women wait a generation longer to earn the same as men

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