The fate of President Joe Biden’s $4 trillion economic vision for the U.S. rests with Democratic lawmakers and perhaps a Republican or two who can help navigate a narrowly divided Congress. With his $1.9 trillion pandemic rescue package already law, Biden has set forth a $2.3 trillion infrastructure and manufacturing plan and a $1.8 trillion policy bundle aimed at America’s social ills. Part of his proposed method for funding these bills includes closing a loophole through which the richest of the rich have funneled billions of dollars. But with infection rates falling in many states and the urgency of the pandemic seemingly on the wane, the fight could extend into 2022. This is what to watch. —David E. Rovella

Bloomberg is tracking the progress of coronavirus vaccines while mapping the pandemic globally and across America. 

Here are today’s top stories 

The Group of Seven is considering a U.S. proposal to counter what the White House sees as China’s economic coercion. Europe may already be pivoting away from Beijing and toward the U.S. now that Biden is in the White House. Meanwhile, China has a new flashpoint with the U.S., and it’s already a hotspot for espionage.

The fierce new Covid-19 wave is enveloping not just India but other developing countries, especially in Southeast Asia. From Laos to Thailand, Bhutan and Nepal, many have been reporting significant surges in infections over the past few weeks. The increase is mainly because of more contagious virus variants, though complacency and a lack of resources to contain the spread have also been cited as reasons. Here’s the latest on the pandemic.

Seeking to undo one of the more furiously condemned policies of the Trump administration, Biden is moving to reunite children forcibly separated from their immigrant parents by American law enforcement.

Goldman Sachs has hatched a plan to have U.S. and U.K. employees return to offices next month as Wall Street’s march back to its skyscrapers gathers pace. Some bank worker bees however aren’t so keen.

Goldman Sachs headquarters in New York

Photographer: Michael Nagle/Bloomberg

They upended Wall Street for a few weeks earlier this year. Now it seems members of WallStreetBets have fallen victim to a cryptocurrency scam.

Crypto enthusiasts are scaling up price targets for Ether after the second-largest token’s record-breaking run, an echo of the unbridled optimism that accompanied an earlier surge in Bitcoin.

Linda Zhang started managing money in 2003. At the time, little more than 1 in 10 portfolio managers were women. Almost two decades later, that number has barely changed. Women may be getting some of the top jobs at funds, but they’re not ones that manage money.

After a career at asset managers including BlackRock and MFS Investment Management, Linda Zhang (above) started her own firm, New York-based Purview Investments.

Photographer: Lila Barth for Bloomberg Businessweek

What you’ll need to know tomorrow 

• What top wealth advisers are warning their rich clients about.
• Australia’s fight with China is opening a door for Argentina.
• Janet Yellen ruffles markets with a remark, then smooths feathers.
• A technology stock selloff swept across markets Tuesday.
• Biden said 70% of Americans should have a Covid shot by July 4.
• Dozens die as a subway trestle gives way in Mexico City.
• Decimated by Covid-19, New York City may be reopening for real.

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What you’ll want to read in Bloomberg’s Big Take

Booming U.S. Recovery? Not Everywhere 

The U.S. economy is on multiple tracks as minorities in some cities are being left behind by an overall boom in hiring. For Asian Americans in San Francisco and Los Angeles, low tourism and high housing costs are weighing on their rebound, while Latinos in Phoenix have benefited from a strong construction sector. In Houston, things are just tough all over. Take a look at the big picture.

Houston, Texas, where unemployment is worse than many other parts of the country.

Photographer: Callaghan O'Hare/Bloomberg

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