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Welcome to Tuesday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day.

• European Central Bank policy makers have acknowledged that their new push to boost inflation expectations could take a while to kick in, according to officials familiar with the discussions
• Workplaces in London were at their busiest in 16 months last week after the government loosened coronavirus restrictions in England, with just under half of office workers back at work
• U.S. Federal Reserve Chairman Jerome Powell has gained the support of many influential Senate Democrats, who will back him for another term
• Hungary is likely to raise interest rates Tuesday for the second time in as many months to combat the European Union’s fastest inflation
• The real yield on 10-year Treasuries fell to a record low as concerns mounted over the economic growth outlook
• Covid’s long tail will likely delay economic recoveries in the places with the least access to vaccines, and even vaccine- and resource-rich countries will face health and economic aftershocks
• China didn’t finance any coal projects via its Belt and Road Initiative in the first half of the year, the first time that’s happened since the plan was launched in 2013, the International Institute of Green Finance said
• China’s rapid economic recovery in the first half of the year was fueled by manufacturing-heavy provinces on the eastern coastal line of the country, widening the gap with inland regions
• The Bank of Korea is expected to raise interest rates this year even though the economy grew less than expected last quarter
• U.S. fuel shipments to Mexico by rail have been crimped after key distribution hubs lost government permission to operate, as a crackdown on rivals to the state-owned oil company intensified

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