DEC 6, 2021
(1) During his testimony in Congress last Tuesday, Fed Chairman Jerome Powell highlighted that a discussion on increasing the pace of QE tapering by the central bank’s committee can be expected during the December’s meeting. Thus, QE tapering may end a few months earlier than initially expected, opening doors to possible earlier interest rate hikes. Also, Powell felt that it is a good time to stop using the term “transitory” and explain more clearly when it comes to inflation.
(2) The monthly OPEC+ meeting concluded with a 400,000 barrels-per-day oil production hike for the month of January 2022. Besides, the OPEC+ will be observing closely on how the newly discovered Omicron variant of the COVID virus impacts the economy. If necessary, the organization will carry out immediate adjustments to their production quota.
(3) Inflation in the eurozone has risen to a record high in November. Annual headline inflation was reported to be 4.9%, a strong increase from October’s 4.1%. Also, energy prices contributed the most to the high level of inflation.
(4) The U.S. Bureau of Labor Statistics (BLS) released a rather mixed employment report last Friday. With 210,000 jobs created for the month of November, this figure fell short of the expected 553,000 by twofold. Nonetheless, the figures for the previous two months were revised upward, indicating more jobs were created back then than initially tabulated. Also, unemployment rate in November declined further and is recorded to be the lowest since the pandemic started.
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