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

• U.S. Senate Democrats are shelving an effort to raise minimum wages for workers as part of the $1.9 trillion virus relief package that passed the House of Representatives on Saturday
  • The relief bill passed by the House is large enough to push U.S. GDP above the pre-pandemic trend by midyear, according to Bloomberg Economics
• Wall Street’s most bullish economic forecasts hang on a simple prediction: Everybody will flood back soon to their local gyms, bars and yoga studios as if the pandemic were in the past
  • Here’s what to be on the lookout for in the U.S. economy this week
• The first full month of Joe Biden’s presidency of the U.S. looks likely to have featured limited progress for the labor market as the coronavirus kept a lid on growth
• The Biden administration is moving to put semiconductors, artificial intelligence and next-generation networks at the heart of U.S. strategy toward Asia
  • Meanwhile, the U.S. has dropped a key demand in multilateral negotiations over digital taxation of technology companies
• Federal Reserve Bank of Richmond President Thomas Barkin said he expects to see a short-term rise in inflation as the U.S. economy rebounds
• As the world races to vaccinate its way out of the coronavirus pandemic, another challenge has emerged for some more vulnerable governments and economies: rising food prices
• A full reboot of global commerce is counting on business travelers being allowed to cross borders again

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