Fears of slowing growth and the contagiousness of Omicron make for a bleak outlook.
US consumer prices increased further in November as the cost of goods and services rose broadly amid supply constraints, leading to the largest annual gain since 1982, which could encourage the Federal Reserve to quickly wind down its bond purchases.
The US Transportation Department on Friday said it is awarding $12.6 million in grants for nine marine highway projects as part of ongoing efforts to improve ports and address supply chain issues.
The Bank of Japan is expected to decide as early as next week to scale back emergency funding deployed last year to combat a pandemic-induced cash crunch, sources say, following other central banks in gradually phasing out crisis-mode policies.
Britain’s economy barely grew in October, even before the emergence of the Omicron coronavirus variant, further denting expectations that the Bank of England (BoE) will raise interest rates next week for the first time since the pandemic struck.
Oil prices saw their biggest weekly gain since late August, with market sentiment buoyed by easing concerns over the Omicron coronavirus variant’s impact on global economic growth and fuel demand.
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