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Welcome to Tuesday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

• The Bank of Japan held policy steady Tuesday and took a more positive view on growth while cutting inflation forecasts
• Hungary is set to keep its interest rates unchanged in a decision Tuesday, even as inflation races to the fastest pace across the European Union
• Central bankers worldwide will be watching the Wednesday decision of the Federal Reserve, which economists expect will start slowing bond purchases before the end of this year
• Poland is set to ratify the European Union’s pandemic stimulus plan as the threat of losing billions of euros of aid galvanizes support in parliament
• China is showing a gradual tightening of fiscal policy as local authorities have slowed the pace of debt sales to finance infrastructure projects this year
• Emerging Asia economies are set to postpone rate hikes until 2022, prioritizing growth over inflation
• South Korea led the developed world to join China in exceeding the size of its pre-pandemic economy, as investment and exports helped it expand faster than expected
• The U.S. trade chief met with Pfizer Inc. and AstraZeneca Plc executives about boosting production of Covid-19 vaccines and a proposed waiver of intellectual-property protections; meanwhile, the U.S. said it would share its entire supply of AstraZeneca Plc’s Covid-19 vaccine, including with Covid-ravaged India