* Biden’s billionaire tax runs into criticism as too cumbersome
* Markets increasingly pricing in risk that inflation isn’t transitory
* Blackstone’s Schwarzman says energy shortages could cause social unrest.
* Ark Invest’s Cathy Wood says falling money velocity will keep inflation in check
* Apple’s new privacy rules take a bite out of Facebook’s ad growth
* Tesla’s market cap reaches $1 trillion as Hertz orders 100,000 Teslas
* Dallas Fed Mfg Index: sector growth slows in October as “costs soar”
* US economic growth continued to slow in September via Chicago Fed index:

US risk assets refuse to go quietly into the night. Although the recent correction was the longest and steepest since the pandemic recovery began in the spring of 2020, it appears that the latest slide was another bit of noise in an ongoing bull market, based on a set of ETFs through last week’s close (Oct. 22).

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* Biden close to passing laws that will bring major shift in social policy
* New round of Russia-linked computer-hacking operations identified
* Big tech earnings reports in focus this week
* Treasury Sec. Yellen expects high inflation through mid-2022
* Short-term gov’t bond yields, sensitive to rate expectations, are rising
* Federal Reserve prepares to wind down bond-buying program in November
* Sudan’s prime minister arrested amid reports of a coup
* US economic growth strengthened in October, according to PMI survey data:

● The Digital Silk Road: China’s Quest to Wire the World and Win the Future
Jonathan E. Hillman
Summary via publisher (Harper Business)
From the ocean floor to outer space, China’s Digital Silk Road aims to wire the world and rewrite the global order. Taking readers on a journey inside China’s surveillance state, rural America, and Africa’s megacities, Jonathan Hillman reveals what China’s expanding digital footprint looks like on the ground and explores the economic and strategic consequences of a future in which all routers lead to Beijing. If China becomes the world’s chief network operator, it could reap a commercial and strategic windfall, including many advantages currently enjoyed by the United States.

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The sharp rise in US inflation in 2021 may or may not be transitory, but history reminds that the numbers to date aren’t unusual.

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* US government agency warns that climate change poses risk to financial system
* China Evergrande makes debt payment, avoids default, according to state media
* Eurozone growth slows to 6-month low in Oct as prices accelerate
* US inflation expected to linger via 10-year Treasury breakeven rate
* Fed Chairman Powell’s reappointment remains uncertain
* Global bond market may be headed for worst year since 2005
* US Leading Economic Index continued rising in September
* US existing home sales surged in September, reaching 8-month high
* Philly Fed Mfg Index: sector continues to grow at strong pace in October
* US jobless continued falling last week, dipping to new pandemic low:

Federal Reserve officials have recently been talking up the case for starting the process of tapering the central bank’s asset purchases. This baby step towards a more hawkish policy stance could begin as early as next month.

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* Senate Democrats consider abandoning planned tax-rate hikes
* European Union set to rebuke Poland for challenging primacy of EU laws
* UK’s energy crisis could force 20 power suppliers into bankruptcy
* China Evergrande’s shares plunge after asset-purchase deal falls apart
* Fed’s Beige Book: slower growth amid higher inflation in early autumn
* Bitcoin futures ETF reaches $1 billion in assets after record-breaking debut
* Inflation worries are driving investment flows into bitcoin, says JP Morgan
* Six reasons why Americans are reluctant to return to work
* US stock market (S&P 500) closed just below a record high on Wednesday:

Does your bond allocation need more diversification? The question comes to mind in a year when many of the usual suspects in fixed income are nursing losses.

continue reading at The ETF Portfolio Strategist

The recent slowdown in the outlook for third-quarter growth deepened recently, based on a set of nowcasts. The Oct. 28 release from the Bureau of Economic Analysis is still on track to post a moderate gain, but today’s update for the nowcast reflects a steep downgrade from the previous estimate.

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