This note was written on 25 November 2021, before the Omicron variant was reported on widely. 

In short:

·         Inflation reaches 30-year highs, but has been a complex and evolving process

·         The Fed’s asset purchase tapering looks likely to be accelerated

In short:

·         The global energy crunch is weighing on growth forecasts

·         Inflation expectations finally surge higher

·         Central banks expected to outline tapering schedule soon

In short: