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

• Rust-belt cities and oil towns have become inflation hotbeds in the U.S.
  • If Federal Reserve policy makers are deluded about the inflation threat, then so are most other economists, since their forecasts are similar, Bloomberg Economics’ David Wilcox writes
  • The challenge for Fed Chair Powell at Wednesday’s is to telegraph a March rate hike in a manner that leaves room for the Fed to move in a more hawkish way without spooking the market, Bloomberg Economics says
• Treasury Secretary Janet Yellen offered a fresh description of the Biden administration’s economic policy approach, casting it as one that borrows from -- but improves upon -- the Ronald Reagan-era conservative emphasis on supply-side economics
• Tighter policy from the Fed may no longer spell doom for today’s emerging market economies
• Investors are taking comfort that Chile’s president-elect named current central bank president Mario Marcel as his finance minister, easing concern that the incoming government would oversee an unbridled surge in spending
• The world economy continues to be hampered by strained supply chains
  • Still, according to several new barometers, we’re nearing a turning point that’s set to help determine whether logistics headwinds abate soon or keep restraining the global economy and prop up inflation well into 2022
• The European Union’s economic exposure to Russia means the bloc has much more to lose than the U.S. from the prospect of sanctions
• Finally, here’s what’s to look out for in the world economy this week

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