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G-7 tax deal, Yellen positive on higher rates, and Bitcoin gets a country.  15% The Group of Seven nations reached a deal backing the U.S. call for a minimum corporate tax rate of "at least 15%" on foreign earnings. While key details still need to be nailed down and more nations need to sign on, the agreement is being hailed as an unprecedented step with Treasury Secretary Janet Yellen calling it a "revival of multilateralism." Places that offer beneficial tax arrangements for global corporations such as Ireland, Switzerland and Hong Kong have commented on the changes and how they intend to defend their positions.  Plus  Yellen said that President Joe Biden's $4 trillion spending plans should be pushed through, even if they trigger higher inflation and interest rates. Speaking to Bloomberg News during her return from the tax meeting in London, the Treasury secretary said that ending up in a "slightly higher interest rate environment would actually be a plus from society's point of view." Not everyone shares Yellen's view on how benign inflation may be, with even Roger Bootle, who literally wrote the book on the death of inflation, now thinking it lives again.  Paid Post Guide to the Growth Rebound: Positioning to Maximize Income Potential Looking for strategies that can help address your needs today? Explore PIMCO's outcome-oriented strategies designed to seek income in a low yield world. Explore valuable resources to help you navigate challenging markets. Access the guide. PIMCO Legal tender  El Salvador's young, and extremely popular, President Nayib Bukele said that his country would make Bitcoin legal tender as he spoke at a video broadcast at the Bitcoin 2021 conference in Miami. The largest cryptocurrency did not rally much on the news, and remains close to $36,000 this morning amid fears of further crackdowns in China and a Goldman Sachs Group Inc. report which suggested institutional adoption may be a long way off.  Markets quiet Global equities remain in the doldrums this morning as investors remain uninspired by any of the political developments over the weekend. Overnight the MSCI Asia Pacific Index was unchanged, while Japan's Topix index closed less than 0.1% higher. In Europe, the Stoxx 600 Index was little changed at 5:50 a.m. Eastern Time with miners the biggest losers. S&P 500 futures pointed to a small move lower at the open, the 10-year Treasury yield was at 1.579%, oil retreated after briefly topping $70 a barrel and gold was lower.  Coming up...  It is also a quiet day on the data front, with consumer credit for April at 3:00 p.m. the only release of note. The board of the International Atomic Energy Agency meets today as Iran talks are set to resume later this week. Apple Inc.'s developers conference begins and runs through Friday. The Commodity Trading Week virtual summit begins.  What we've been reading Here's what caught our eye over the weekend.  Odd Lots: How the U.S. ran out of homes for sale.  Europe's central bank can't match the Fed's jobs-for-all push. "Sedition hunters" turn Capitol insurrection into ultimate online manhunt.  Benign payrolls reaction points to lower cross-asset volatility. When the power grid runs low, your EV's battery could help.  Activist investor wants heads to roll after $6.2 billion Cyberpunk fiasco.  One man's amazing journey to the center of the bowling ball.  And finally, here's what Joe's interested in this morning This should be the last crypto bull market. That's basically the gist of a long new piece I have out this morning. As everyone knows, cryptocurrencies tend to have a pretty high degree of correlation to each other. If you go to a site like CoinGecko and look at all the names listed, they tend to be doing the same thing on any given day. Usually they're all rising or falling at once. Not only it this true in the short term, it seems to hold over the longer term. Numerous coins saw massive surges in 2017, then multiple years of doldrums, and then a revival last year and this year. But in the industry some sharp divisions starting to grow. Projects are attempting to do radically different things. Whereas Bitcoin is attempting to be a true digital currency, Ethereum and various DeFis have a sharply different vision of what can and should be done using blockchain. Right now it seems the marginal flows into the space are coming from investors that just want to be on "crypto" who then put their chips down on a bunch of different squares and leave it at that. But as there's now enough diversity in the space we should see distinctly different performance among different kinds of assets. Anyway, check out the whole thing here. Joe Weisenthal is an editor at Bloomberg 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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