The Day Today 23rd November 2021

  • Powell: “We know that high inflation takes a toll on families… We will use our tools… to prevent inflation from becoming entrenched”.
  • Brainard: “I am committed to putting working Americans at the center of my efforts at the Federal Reserve. This means getting inflation down at a time when people are focused on their jobs and how far their paychecks will go”.
  • Fed Bostic: “faster taper…would certainly give us more optionality”.
  • Zoom’s Q3 growth rate slowed to 35% as demand eased from pandemic fuelled heights.
  • US to announce release of strategic oil reserves.
  • US advises against travel to Germany and Denmark over rising Covid cases.
  • India reports smallest daily increase in Covid cases in eighteen months.
  • Target will remain closed on Thanksgiving in the future as “a signal of confidence in the agility we’ve developed as a team” during the pandemic, says CEO.
  • Binance in talks with sovereign wealth funds about them taking stakes in the business.
  • UK home buyers save £6.4bn due to stamp duty holiday, with half avoided on homes worth over £500,000 according to Savills.
  • Fidelity, UBS, SSGA considering bitcoin products.

The S&P 500 closed 0.3% lower after rallying on the reappointment of Fed chair Powell, with the Nasdaq closing down 1.3% with Powell, Brainard and Yellen all singing from the same inflation-fighting songsheet as Biden. A full 25bp hike is now priced by June. Asian markets were mixed.

The Week That Will Be

The Economist: Finance and economics articles summarised

On this day in 1963 the BBC broadcast An Unearthly Child, the first episode of the first story from the first series of Doctor Who, which is now the world’s longest running science fiction drama.

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