Powell Future, U.S. Debt Deadline, Brazil Cash: Eco Day

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

• Senator Elizabeth Warren, aid she wouldn’t support Federal Reserve Chair Jerome Powell for a second term, becoming the highest-profile Democrat with a say on his confirmation to come out against him
  • The majority of Fed voting members at the Fed favor delaying rate liftoff to 2023, according to Bloomberg Economics
• Treasury Secretary Janet Yellen yesterday put a firm date -- Oct. 18 -- on when her department will effectively run out of cash
  • Senate Democrats are seeking a vote today on a stopgap funding bill that would avert a government shutdown this week when the fiscal year ends, while Republicans resist efforts to raise the debt ceiling
  • Democrats in the House remain divided over the progress of the bipartisan infrastructure bill and the larger tax and social spending package that encompasses much of Joe Biden’s economic agenda
  • No wonder the president has canceled a trip to Chicago today to concentrate on lobbying lawmakers
• Brazil’s government is considering extending Covid cash handouts through April as President Jair Bolsonaro seeks to boost his record-low popularity before 2022 elections
• Spiking energy prices and bottlenecks in supply chains around the world are raising fears that the acceleration in inflation may not be as transitory as originally foreseen
  • This means there will likely be a lot of attention on today’s European Central Bank policy panel discussion that features ECB President Christine Lagarde, Federal Reserve Chair Jerome Powell, Bank of Japan Governor Haruhiko Kuroda and Bank of England Governor Andrew Bailey
  • Investors will be looking for reassurance that fears over a stagflation-like economic climate are unfounded

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