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Welcome to Tuesday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:
- Joe Biden’s economic agenda could become more complicated to deliver as Democrats face a cumbersome legislative procedure and are under increasing pressure to increase the federal debt limit
- The resignation of two Federal Reserve chiefs amid a stock-trading scandal means an unexpected number of top monetary-policy jobs are coming up for grabs –- and there’ll likely be an unusually intense spotlight on who fills them
- There’s food inflation everywhere after Brazil’s crops were scorched, frozen and then dried out by the worst drought in a century
- Europe’s biggest welfare experiment of modern times seems to have paid off as the the balance of evidence shows furlough programs helped contain unemployment and didn’t delay economic renewal
- Post-Covid global growth is set to settle at about 3.2% a year with a change in the drivers as China slows and other emerging markets - notably India and Indonesia - make a bigger contribution, according to Bloomberg Economics
- Power shortages are adding to a range of shorter term pressures on China’s economy, but authorities are likely to increase policy support only enough to prevent a sharp deceleration, Bloomberg Economics expects
- Meanwhile, the World Bank lifted its China growth forecast
- The U.K. economy is facing so many new challenges that Bank of England Governor Andrew Bailey jokingly referred to the Biblical plagues of Egypt, saying he is tempted to ask when are the locusts due to arrive?
- There may be some relief for the U.K. as figures show gasoline prices have barely moved in a week despite a shortage of delivery drivers prompting panic buying
- And if sandwich sales are a barometer, U.K. workers are three quarters of the way back to normality in their return to the office
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