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Welcome to Wednesday, Americas. Here's the latest news and analysis from Bloomberg Economics to help you start the day:
- The Federal Reserve is widely expected to announce the reduction of asset purchases at the conclusion of its policy meeting Wednesday, which Chair Jerome Powell will likely say is not a step toward raising interest rates any time soon
- A majority of the 49 economists surveyed by Bloomberg predict the scaling back will start at today's meeting, although they are divided on when purchases will be completed
- Trucking trips originating around the U.S.'s busiest ports are showing massive increases in idle time, another sign of the supply-chain logjams plaguing American transport hubs.
- A handful of fiscally conservative House Democrats threaten to torpedo Speaker Nancy Pelosi's plans to vote on President Joe Biden's $1.75 trillion economic agenda this week even as the fractious party coalesces around deals on drug pricing and the state and local tax deduction.
- Central banks are pledging to incorporate climate change into policy decisions and mandates, potentially affecting trillions of dollars in financial assets, and some are considering penalties on collateral linked to emissions
- European Central Bank President Christine Lagarde renewed her pushback against market bets for an interest-rate increase in 2022 after an attempt last week left investors unimpressed
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