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Welcome to Wednesday, Americas. Here's the latest news and analysis from Bloomberg Economics to help you start the day:
- U.S. Treasury Secretary Janet Yellen will warn on Wednesday that the war in Ukraine threatens to inflict “enormous economic repercussions” globally
- The Federal Reserve will unveil details of its likely plans to shrink its massive balance sheet with the release of minutes of the U.S. central bank's March meeting, as policy makers confront the highest inflation in four decades
- Fed Governor Lael Brainard said the U.S. central bank will likely step up policy tightening by swiftly reducing its massive debt holdings
- Money-market traders are betting the Fed will implement 225 basis points of interest-rate hikes by year-end
- The U.S., European Union and Group of Seven are coordinating on a fresh round of sanctions on Russia, including a U.S. ban on investment in the country and an EU ban on coal imports
- Pressure is mounting on the European Union to step up sanctions on Russia, including an embargo on natural gas imports. But opinion is divided on how this would impact Germany, Europe's largest economy, Bloomberg Economics writes
- German factory orders fell in February, dropping for the first time in four months in the run up to Russia's invasion of Ukraine
- China's services sector took a massive knock in March from the nation's worst Covid outbreak since the start of the pandemic
- China's stainless steel mills are now facing a fresh set of problems as the government tightens curbs to contain the spread of the virus
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