(Bloomberg) -- Happy Friday, Asia. Here’s the latest news and analysis from Bloomberg Economics to take you through to the weekend:

  • Beijing has applied to join an Asia-Pacific trade pact once pushed by the U.S. as a way to isolate China and solidify its regional dominance
  • Philippine cities and towns are set to get more money from the government next year, but many likely won’t be able to spend it
  • Treasury officials have identified what they believe are the most urgent risks posed by Tether and other stablecoins as they ready recommendations for stricter oversight of cryptocurrencies
  • IMF chief Kristalina Georgieva was called out by the World Bank for applying pressure to boost China’s position in a ranking of economies
  • Some property in parts of Australia exposed to climate change and wild weather could experience valuation declines that leave lenders with less protection in the event of a default, RBA research shows
  • President Joe Biden’s economic agenda risks getting delayed in Congress with tax, health care and other issues still unresolved
  • The Fed may hold off on its tapering announcement as the two political parties spar on raising the debt ceiling, sending Treasury yields further down, according to Guggenheim Investments
    • Chair Jerome Powell has ordered a “fresh and comprehensive” examination of the Fed’s ethics rules around permissible financial holdings and activities. But it’s unlikely to stem pressure for more accountability
  • U.S. retail sales rose unexpectedly in August
  • A wrap of Bloomberg Economics’ latest reactions and analysis
  • Supply chain hell is turning every shipping container into a fight
  • ECB chief Christine Lagarde called for continued cooperation between monetary officials and governments in the euro area
    • The ECB dismissed an FT report that the institution expects to reach its 2% inflation target by 2025
  • Italy will require all workers to have a valid Covid passport as it moves to set the toughest vaccination requirements in Europe
  • Stagflation emerged this week as a new bogeyman bearing down on the global recovery. Yet the bond market doesn’t look scared
  • China slammed a move by the U.S. and U.K. to help Australia build nuclear submarines, saying it will stoke an “arms race”

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