Global Growth Slowest Since 2009, $1 Trillion Deficits: Eco Day

(Bloomberg) -- Welcome to Tuesday, Asia. Here's the latest news and analysis from Bloomberg Economics to help get your day started:

• Global growth is at its weakest since the great financial crisis, says Dan Hanson, citing a new GDP tracker
• President Donald Trump's newest budget forecasts the fiscal deficit surpassing $1 trillion this year and staying above that level until 2022. Trump's deficits and the ‘AOC Factor' helped Modern Monetary Theory burst from obscurity. Tom Orlik also weighs in on MMT
• An increasing number of economists see additional stimulus as the Bank of Japan's next policy step, while they are unanimous in forecasting no change at this week's board meeting
• China's multi-year campaign to contain financial risk is re-focusing on so-called “hidden debt” owed by local governments, as officials seek to reduce repayment pressures amid falling tax revenues
• U.S. households reduced their expectations for inflation to the lowest level in 18 months. Meantime, Trump hasn't set a date to meet his Chinese counterpart Xi Jinping to negotiate an end to their trade war
• The European economy's growth prospects are “somewhat sluggish” but could get a boost from improvement in China, according to Isabelle Mateos y Lago, chief multi-asset strategist at BlackRock Investment Institute. Meanwhile, European officials sought to quell fears Greece is going off track just months after its bailout ended

To contact the reporter on this story: Michael Heath in Sydney at mheath1@bloomberg.net

To contact the editors responsible for this story: Nasreen Seria at nseria@bloomberg.net, Brett Miller

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