Top Economists See Biden’s Spending Plan Adding to Inflation
“The roughly $2 trillion tax and spending bill being championed by President Joe Biden will act to push up inflation next year if passed by Congress. That’s according to three senior economists — Mark Zandi at Moody’s Analytics, Douglas Holtz-Eakin of the American Action Forum and Harvard University professor Doug Elmendorf — who appeared on a virtual panel sponsored by the National Association for Business Economics on Wednesday.”
Don’t Panic About Inflation, France’s Le Maire Tells Europe
“Surging European inflation will be transitory and there’s limited risk of contagion from the even higher rates seen in the U.S., French Finance Minister Bruno Le Maire said. Speaking on Thursday after a meeting with OECD Secretary General Mathias Cormann, Le Maire said price pressures will eventually dissipate as they’re mainly being driven by energy costs. He also underlined differences between fiscal and monetary policies in Europe and the U.S.”
Japan’s Export Growth Slows Further as Supply Snags Weigh
“Japan’s exports gained at the slowest pace in eight months in October as car shipments continued to slump, adding to signs that global supply constraints are still weighing on the economy after it contracted by more than expected last quarter. The value of Japan’s overseas shipments increased 9.4% from a year earlier, according to the Ministry of Finance on Wednesday. Economists had expected a gain of 10.3%.”
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