5 things to start your day

[Bloomberg]( Biden’s difficult path, jobless claims due, and lockdowns threaten trade. Tight President Joe Biden’s $4.1 trillion economic agenda [faces a difficult path through Congress](, with the final passage of the measures likely to coincide with a [debt ceiling debate next month](. For House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer, the problem is going to be [keeping all Democrats on board](, with only a couple of defections enough to derail the entire plan. For his part, Biden said the massive spending plans would not be inflationary, saying those who worry about the rising cost of living [should support the measures](. Data This morning’s weekly initial jobless claims number is expected to show a small improvement to 375,000. It comes on the back of generally positive news for the labor market in recent days, with [payrolls for July]( coming in better than expected and job openings [hitting a record above 10 million](. The improving outlook is leading to more Federal Reserve policy makers saying it is getting closer to the time to reduce [monetary]( stimulus. Sponsored Content Turn “Can I?” into “I can” with Capital Group. When choosing a firm, it’s important to know how they approach “long term.” At Capital Group, we have 90 years of experience over multiple market cycles. [Learn more](. [Capital Group]( Lockdown The delta variant of the coronavirus continues to cause [problems in Asia](, with China [partly shutting the world’s third-busiest port]( after a case there. Australia is facing the [worst crisis yet]( in the pandemic, and an adviser to the government in Japan said the spread in Tokyo is now [out of control](. In Europe, there was better news with the U.K. economy reporting stronger than expected growth after [restrictions were ease din June](. In the U.S., the New York Stock Exchange announced it will require Covid-19 vaccines for [everyone entering its trading floors]( while in Texas, Governor Greg Abbott vowed to drag to court any local government or school officials [who resist his ban on local face mask rules](. Markets very quiet Global equities remain firmly stuck in the August doldrums. Overnight the MSCI Asia Pacific Index slipped 0.3% while Japan’s Topix index closed broadly unchanged. In Europe the Stoxx 600 Index had nearly, but not quite, risen by 0.1% at 5:50 a.m. Eastern Time. S&P 500 futures pointed to [almost universal approval of yesterday’s closing level](, the 10-year Treasury yield was at 1.351%, oil [held above $69 a barrel]( and gold was higher. Coming up... The U.S. July PPI accompanies claims data at 8:30 a.m. The latest WASDE report from the Department of Agriculture is at 12:00 p.m. Turkey, Mexico and Peru all have central bank rate decisions today. OPEC publishes its monthly oil market report. Walt Disney Co., Airbnb Inc., and DoorDash Inc. are among the companies announcing results. What we've been reading Here's what caught our eye over the last 24 hours. - Odd Lots: Brent Donnelly on [what it takes to be a winning trader](. - Fired ICAP broker sued the firm for millions. [Or so he thought](. - Cryptocurrency is back in sight of a $2 trillion market [value](. - China [slams “arrogant” Trudeau]( as Huawei battle heats up. - [Saudi Arabia’s social revolution]( arrives at Riyadh dining tables. - Hackers [return funds]( from likely record DeFi crypto attack. - Global warming [begets more warming](, new paleoclimate study finds. And finally, here’s what Justina’s interested in this morning Yesterday’s July CPI data was largely in line with estimates and moderated from the prior month. Overall it was a win for the transitory camp. As Matt Klein [points](out in his newsletter, it showed some of the post-pandemic effects are fading. After taking a slight bearish turn lately, Treasury yields dropped and rate volatility also dived, partly also because of strong demand at a debt auction. If you’re worried about rising consumer prices, you probably won’t find this report entirely reassuring, but anyhow it feels like we will get a better grasp of underlying inflationary pressures going forward instead of debating about used cars. It all shows there’s still a healthy appetite for Treasuries, even when the rest of the market is actually showing rosier economic expectations. An index that goes long U.S. large-cap cyclicals and short defensives is set for its best week in seven, while a market-neutral value strategy its best week in 14 -- both moves that extended strongly yesterday. One way to tie it all together is the pressure did not mount on the Fed to taper on the CPI print, but the U.S. recovery is still trundling along nicely. It’s a good world to live in for now. Follow Bloomberg's Justina Lee on Twitter at [@justinaknope]( Like Bloomberg's Five Things? [Subscribe for unlimited access]( to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. Follow Us Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. You received this message because you are subscribed to Bloomberg's Five Things - Americas newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022