Macro Briefing: 22 November 2021

* Rebounding US Covid-19 cases suggest a holiday surge is coming
* US intel suggests Russia preparing for possible Ukraine invasion
* Protests turn violent in Europe against new Covid-19 restrictions
* Migrant crisis on EU-Belarus border may get worse, warns Poland’s PM
* Japan working on plan to release crude-oil reserves to help tamp down prices
* Supply chain bottlenecks may be easing, but labor shortages could persist
* Inflation appears pandemic-driven v. excessive spending generally
* US 10yr-2yr yield curve near four month low: