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

  • President Joe Biden warned Russia’s Vladimir Putin that the U.S. and its allies would respond with “strong” measures to an attack on Ukraine
  • Treasury Secretary Janet Yellen said the U.S. needs to produce more critical goods domestically to protect both its economic and national security
  • Younger generations in the U.S., China, Japan, and Germany, are rethinking the pursuit of wealth
  • Olaf Scholz was elected chancellor by Germany’s parliament, clearing the way for the Social Democrat to take charge of tackling a brutal Covid-19 outbreak and a raft of geopolitical challenges including the standoff over Ukraine
  • Pressure mounted on U.K. Prime Minister Boris Johnson after a video emerged showing key aides joking about a party in Downing Street last Christmas at a time when such gatherings were banned
  • The Bank of Canada is expected to keep the spotlight on inflation at its policy decision this week, as it nears the start of an aggressive campaign of interest-rate hikes
    • Companies are raising so much capital that Canada’s top securities regulator can’t handle all the paperwork
  • Brazil is set to deliver its second straight interest-rate increase of 150 basis points, extending the world’s most-aggressive monetary-tightening cycle
  • Turkey’s President Recep Tayyip Erdogan reiterated his call for the central bank to maintain interest-rate cuts, arguing the strategy will eventually bring inflation under control

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