Quad summit, Indian inflation returns, cow on the loose

Good morning, Quartz readers!

Here’s what you need to know

The Quad summit kicks off. The leaders of India, Japan, Australia, and the US meet for the first time to coordinate responses to China’s escalating aggression in the Asia-Pacific region.

AstraZeneca cut its EU vaccine supply forecast again. It expects to deliver 30 million coronavirus jabs to the bloc in the first quarter, 25% lower than what it pledged last month. Meanwhile, several European countries paused its use to investigate reported cases of blood clots.

The US wants all its adults vaccine-eligible by May 1. In his first prime time address, president Joe Biden announced plans to speed up Covid-19 vaccinations and set a goal of July 4th to mark the country’s “independence from this virus.”

Women in the UK are demanding better public safety. Pressure is mounting on the government to tackle misogyny and violence, following last week’s disappearance of Sarah Everard in London.

Andrew Cuomo faces an impeachment inquiry. The investigation will look at multiple allegations of sexual harassment against the New York governor, as well as his handling of pandemic nursing home deaths.

Beijing’s authoritarian revamp of Hong Kong’s elections drew condemnation. The EU threatened to respond with “additional steps,” while the US forecast “difficult” high-level talks next week.

Grab’s SPAC merger could be the world’s biggest. The deal could value the Asian ride-hailing company at up to $40 billion.

What to watch for

Inflation returns. As in other economies around the world, India’s feeling the fear of inflation. While retail inflation slumped to a 16-month low in January, it is set to rear its ugly head in upcoming months.

Adding to inflationary woes, the Indian government has raised taxes on fuel, which is experiencing cost spikes thanks to the soaring prices of brent crude oil, to shore up the revenue shortfall triggered by the Covid-19 slump. In fact, the government had increased fuel tax even when the oil prices were at a historic low last year, explains Prathamesh Mulye.

With the economic recovery continuing at a painfully slow pace, the Modi government is unlikely to give up fuel tax revenue, pushing up inflation.

Charting India’s food delivery slowdown

In October of last year, India’s leading food delivery apps said delivery numbers had returned to pre-Covid levels. However, according to market intelligence firm Kalagato, Zomato and Swiggy were still inching toward normal levels.

Safety and hygiene concerns and a growing preference for home-cooked meals could explain the slow recovery, as could a dip in disposable income and job losses. And even if browsing levels have returned to normal, only paying customers count.

One of these things is not like the other…

See if you can catch it below:

The US is the only country with a debt-to-GDP north of 90% and a AAA rating from Moody’s Investors Service or Fitch Ratings. As its $28 trillion debt burden grows, it’s fair to wonder if rating companies will continue to treat America as an exception, or treat it like the UK, Belgium, or France.

Due to the American economy’s size and the fact that the US dollar is the world’s main reserve currency, John Detrixhe explains, the country has an exceptional capacity to sell bonds that are in high demand around the world.

Still, Fitch sounded the alarm this month when it said president Joe Biden’s $1.9 billion stimulus would push the nation further from a stabilized debt burden, warning the US could be downgraded without a plan to balance debt and spending “in the post-pandemic phase,” writes John Detrixhe.

✦ John’s covering global banking, fintech, and the digitization of money. Read his stories and everything else on our site with a Quartz membership, guaranteed not to increase your debt-to-income ratio. Try it out for a week, free.

You asked about when it’s safe to gather again

Once I’m vaccinated, is it OK to see friends and family who aren’t?

Scientists still don’t know if vaccinated people can transmit SARS-CoV-2 to people who are unvaccinated. That’s why the US Centers for Disease Control and Prevention recommend that people who already got their shots gauge the risk of those who haven’t before get-togethers. For example, it’s safe to socialize indoors with one other household in which people haven’t been vaccinated—but only if those who have yet to get their shots aren’t at risk for severe Covid-19.

And it’s still not yet safe for vaccinated people to abandon all precautions entirely; the CDC still recommends masking up when indoors with people from multiple households. They must still also adhere to whatever masking requirements are in place in public settings, like restaurants and bars, or when traveling by bus or train, and should avoid medium or large gatherings entirely.

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Singapore’s hedge funds are recruiting high school students. There aren’t enough qualified money managers to cater to the city-state’s growing billionaire class.

A cow is on the lam in Rhode Island. The steer escaped from a slaughterhouse more than a month ago.

A half-eaten sausage helped solve a nine-year-old burglary. DNA from the original scene matched that associated with a more recent crime.

Who’ll make Trappist beer… if there aren’t any Trappist monks left?

Our best wishes for a productive day. Please send any news, comments, Trappist beer recipes, and Swiggy orders to hi@qz.com. Get the most out of Quartz by downloading our iOS app and becoming a member. Today’s Daily Brief was brought to you by Mary Hui, Tripti Lahiri, Katherine Ellen Foley, Jordan Lebeau, and Liz Webber.