November 11, 2021
“Federal Reserve Bank of San Francisco President Mary Daly said she is monitoring “eye-popping” inflation but it is too soon to judge if the central bank should accelerate its pace of policy tightening. “Right now it would be premature to start changing our calculations about raising rates,” Daly, one of the central bank’s most dovish officials, said Wednesday during an interview on Bloomberg Television with Michael McKee. “Right now, uncertainty requires us to wait and watch with vigilance.” ”
U.K. Economy Accelerates on Stronger Services and Construction
“The U.K. economy grew less than the Bank of England forecast, and consumer spending showed signs of weakening, leaving the chances of an interest-rate increase in December in the balance. Gross domestic product rose 1.3% in the third quarter, short of the 1.5% predicted by the central bank this month, Office for National Statistics data published Thursday show. A stronger-than-expected 0.6% gain in September alone was marred by evidence that consumers are cutting back as accelerating inflation eroded living standards.”
China Elite Hand Xi Key Victory, Paving Way for Indefinite Rule
“President Xi Jinping delivered the first doctrine on Communist Party history by a Chinese leader in 40 years, giving him a mandate to potentially rule for life as a major meeting wraps up in Beijing.”
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