| Good morning. Inflation concerns dominate again, Bitcoin's turbulent week continues and Joe Biden's packed policy agenda. Here's what's moving markets. Inflation WorriesEuropean and U.S. stock futures are trending lower after declines in Asia as inflation concerns continue to weigh on market sentiment. Commodities prices have continued to hit and surpass milestones in recent weeks, underscoring the reflation trade which has gripped markets this year. There are signs of rallies in some areas cooling, however, with lumber futures plunging on Tuesday following a historic jump and iron ore's rally pausing. Plenty of Wall Street pros also see bubble risks emerging across a number of systemically important assets, while central banks fret about speculative euphoria in areas like SPACs, meme stocks and cryptocurrencies. Bitcoin WoesIt seems there is never a dull week in cryptocurrencies. Bitcoin, already bruised by a tweetstorm from Tesla's Elon Musk, fell yet further on Tuesday after China's central bank conveyed a statement reiterating that the tokens cannot be used as payment. A statement posted on the PBOC's official WeChat account said digital currencies cannot and should not be used on the market as they are not real currencies. A bunch of crypto watchers say the pressure on the token is likely to intensify, echoing an earlier warning from Mike Novogratz, one of the biggest Bitcoin investors. There are still believers, though, with software firm MicroStrategy adding to its holdings. Biden's AgendaU.S. President Joe Biden will delay a ban on new U.S. investments in certain Chinese companies by a fortnight in order to provide clearer guidance on a policy brought in under Trump that confused Wall Street. It's already been a busy week for Biden. He's pushing electric-vehicle plans, proposing billions for cybersecurity after recent attacks and is set to unveil a climate finance plan later in the week. The White House also said it was encouraged by talks on a major new infrastructure plan with Republican Senators, even if the negotiations did not yield any overall agreement on spending or how to pay for it. Iran TalksA senior Russian diplomat has denied reports that a major breakthrough is expected in negotiations over restoring Iran's nuclear deal, following earlier reports which suggested progress may be imminent. Oil prices slumped on the initial reports, the success of which could allow for the removal of U.S. sanctions on Iranian crude, and have continued to slip on Wednesday. Whether imminent or not, the talks are likely to remain at the forefront of minds, particularly in the oil market, where Iran is preparing to ramp up its global oil sales amid the signs of progress. Coming Up…Minutes from the Federal Reserve's April meeting will emerge on Wednesday, providing an indication of how the central banks are thinking about price pressures. Inflation data is also on the slate from the euro-area and the U.K. Porsche and Telecom Italia are among the big earnings due in Europe, while in the U.S. we'll have another slew of retailers in the shape of Target, TJX and Lowe's. Also watch for reaction to U.K. Prime Minister Boris Johnson unveiling plans to modernize high streets and move government officials out of London, and to the criminal probe opened on the Trump Organization in New York. What We've Been ReadingThis is what's caught our eye over the past 24 hours. And finally, here's what Cormac Mullen is interested in this morningThe dollar is on the back foot again, threatening to fall to a more than six-year low. Buying interest in commodity currencies, a resurgent pound and a euro boosted by improving sentiment toward the European economy have combined to help push the Bloomberg Dollar Spot Index down about 1.5% so far this month, and it has dipped into negative territory for the year. Underlying the weakness is the retreat in U.S. real yields, which means the greenback no longer has the support from the bond market that helped spark a mini rally at the beginning of the year. The yield on 10-year inflation protected Treasuries has fallen back through minus 0.9% after rising above minus 0.6% in mid-March. With strategists suggesting that a move back below minus 1% is soon on the cards, dollar bulls will be reluctant to buy the dip until real yields show signs of stabilizing or moving higher once more.  Cormac Mullen is a cross-asset reporter and editor for Bloomberg News in Tokyo. 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. | 
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