Biden’s Inflation, Europe Spending, Supply Side Snarls: Eco Day
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Welcome to Wednesday, Europe. Here's the latest news and analysis from Bloomberg Economics to help you start the day:
- President Joe Biden said that his top priority is controlling inflation, pitching elements of his stalled “Build Back Better” program as a means to temper the surge in prices that's costing him support among voters.
- Russia's invasion of Ukraine is pushing Europe toward a new era of unshackled fiscal spending as the region rushes to respond to an upturned geopolitical order
- The Russian central bank has banned coupon payments to foreign owners of ruble bonds known as OFZs
- The ECB should take time to properly assess the implications of Russia's war in Ukraine before continuing its exit from pandemic-era support, Olli Rehn says
- Singapore's biggest banks are restricting trade financing for Russian raw materials
- Importers from London to Warsaw will soon face higher shipping costs, longer delays and an obstacle course of sanctions to navigate as Russia's widening assault on Ukraine complicates the movement of cargo between Europe and Asia
- The war in Ukraine comes at an important inflection point for the Fed, Bloomberg Economics says
- Fed Chair Jerome Powell will try to reassure lawmakers this week that the central bank will act to curb the hottest inflation in four decades while remaining flexible
- Bloomberg Economics' daily U.S. GDP tracker indicates activity continued to accelerate from a sharp plunge
- U.S. manufacturing activity advanced in February after an omicron-related setback a month earlier
- Two of the Bank of England's policy makers said there's a need to move quickly to keep inflation in check in the U.K., affirming expectations for another interest rate increase this month
- Australia's economy rebounded strongly last quarter from a virus-driven contraction, yet enters a bumpy period from faster inflation
©2022 Bloomberg L.P.
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