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

  • The Federal Reserve is inching toward the start of a long road to normalizing its relationship with the rest of Washington and Wall Street
  • Real estate prices around the world are flashing the kind of bubble warnings that haven’t been seen since the run up to the 2008 financial crisis
  • One reason why so many policy makers are refusing to panic about inflation is that the world economy is still short so many millions of jobs
  • The Bank of Japan remains convinced it doesn’t need to take any further measures to improve the functioning of the government debt market for now, according to people familiar with the matter
  • The world’s most hawkish central banker is losing the inflation war
  • Meanwhile Swiss National Bank officials are far less worried about consumer prices
  • Nigeria’s cratering economy may become Africa’s biggest threat

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