Biden’s Economy, Yellen’s Pitch, Canada & Brazil Rates: Eco Day

(Bloomberg) -- Good morning Americas. Here’s the latest news and analysis from Bloomberg Economics to help get your Wednesday started:

  • Joe Biden assumes the helm of the world’s largest economy and faces an uneven recovery -- steady in some areas like housing and manufacturing but rough in others, most notably the job market.
  • Janet Yellen invoked an enduring era of low interest rates in delivering the Biden administration’s opening argument to lawmakers for its $1.9 trillion Covid-19 relief proposal
  • The Bank of Canada is expected to look past a downturn in early 2021 and refrain from adding new stimulus amid expectations for a quick rebound later this year
  • Brazil’s central bank is set to keep its benchmark interest rate unchanged today while considering dropping its commitment to record-low borrowing costs as inflation accelerates
  • The European Central Bank is emulating its Asia-Pacific peers by controlling government borrowing costs, just in a uniquely European way
    • Meanwhile, here’s how big government is muscling back into the continent’s economy
  • The post-Brexit confusion continues. European retailers have blamed Brexit for delivery delays and the extra fees some shoppers are being asked to pay
  • Central banks across Asia are starting the year juggling policy reviews and political pressure to do more to support their economies