Yellen’s Global Tax Dilemma, ECB Meeting, Asia Exports: Eco Day

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

  • Treasury Secretary Janet Yellen will have to manage both the G-20’s finalizing of details for the global minimum tax and the passage of the $3.5 trillion bill that could make President Joe Biden’s economic agenda a reality
  • While the delta variant threatens to moderate the pace of the U.S. recovery, it will not fundamentally change the trajectory, according to Bloomberg Economics
    • Life expectancy in the U.S. dropped the most in more than seven decades last year, with Black and Hispanic lifespans disproportionately hit
  • The European Central Bank starts a potentially heated two-day meeting, with officials needing to decide how their newly unveiled monetary strategy affects near-term policy
  • Argentina significantly narrowed its primary fiscal deficit in the first half of the year, but an increase in spending in June indicates loosening purse strings as elections near
  • Japan and South Korea racked up solid export gains in a sign that the impact of virus variants has yet to have a major impact on global demand
    • External demand remains a bright spot for the Japanese economy, Bloomberg Economics says
  • Inflation took a toll on the U.K. public finances last month, driving interest payments on government debt to unprecedented levels
  • A rally in Swedish home prices that made its housing market one of the world’s frothiest is making politicians nervous

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