Biden’s Relief Debate, Fed Policy, U.S.-U.K. Tariffs: Eco Day

  • The Senate enters the final stages of debating President Joe Biden’s $1.9 trillion pandemic relief bill on Thursday, with passage in the chamber likely pushed off until the weekend
  • Federal Reserve Chairman Jerome Powell will probably seek to convince suddenly skeptical financial markets on Thursday that the central bank will be ultra-patient in pulling back its support for the economy
    • The more Powell tries to reassure people that inflation isn’t a big problem, the more he alarms those who think he’s dangerously wrong, according to Bloomberg’s Peter Coy
    • The Fed says the U.S. economy expanded modestly in the first two months and sentiment among business owners is picking up as vaccinations bolstered the prospects for economic growth
  • The U.S. will suspend retaliatory tariffs on U.K. products caught up in the longstanding dispute over illegal aid to Boeing Co. and Airbus SE in a boost for post-Brexit Britain’s trade agenda
  • Mexico’s central bank improved its outlook for Latin America’s second-largest economy, saying it will grow faster than expected this year after a recovery at the end of 2020
  • Bloomberg Economics says the new U.K. government budget extends significant near-term support to help drive the recovery
    • The U.K.’s go-big budget masks spending cuts seen as austerity 2.0

  • China begins its biggest political meeting of the year Friday, laying plans that could propel the economy into the world’s biggest this decade
  • The overwhelming power of Taiwan and South Korea in chips is adding urgency to calls in the U.S. for the country to beef up its manufacturing capacity

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