According to people familiar with the matter, Democrats in the US House of Representatives will propose raising the maximum corporate tax rate to 26.5%. Including this proposal, these plans that failed to meet President Joe Biden's expectations are designed to help increase the likelihood of a major social expenditure plan being passed. Democrats on the House Ways and Means Committee are seeking to impose new taxes on cryptocurrency and tobacco to help pay for Biden's $3.5 trillion economic plan. The committee's document estimates that according to this plan, all the funds needed for Biden's economic plan will be implemented.

Due to continued disruptions in the supply chain, which pushed up production costs, the US producer price index rose more than expected in August. According to data released by the US Department of Labor on Friday, the producer price index for final demand in August increased by 0.7% month-on-month, a record high of 8.3% year-on-year. Excluding volatile food and energy, the so-called core PPI rose 0.6% month-on-month and 6.7% year-on-year.

Former Treasury Secretary Summers stated that there are worrying similarities between current US economic and foreign policies and those of the 1960s and 1970s, even though inflationary pressures are not as extreme as they were in the past. Summers was interviewed by David Westin on Bloomberg TV’s “Wall Street Week” program and said, “I don’t think we are close to the double-digit inflation of the Carter era, but I do think that the United States almost repeats the 1960s and early 1970s. The danger of all errors is extremely serious."

The Fed is unlikely to announce at this month's meeting when it will begin to reduce the scale of asset purchases, but it is still expected to begin this year. Before entering the silence period, Fed officials' speeches showed that the delta strain did not shake their minds. They supported Chairman Jerome Powell's message on August 27 that the reduction may begin later this year. The growth rate of non-agricultural employment last month slowed down due to the impact of the epidemic.

The forecast that the stock market will pull back is multiplying. Although some of the largest indexes have not yet been presented, it is safe to say that a lot of the vitality of the market has been exhausted. Big rises have become a thing of the past. The Standard & Poor's 500 Index has not seen a 1% rise for 34 consecutive days, the longest in 20 months. The number of companies experiencing huge price pressures continues to increase. According to data compiled by Morgan Stanley, since May, more than half of the constituent stocks of the S&P 500 have fallen by at least 10% from peak to trough.

The United States has submitted a preliminary plan to the European Union, seeking to resolve the three-year steel import dispute with the European Union, laying the foundation for finding a final solution before the end of the year. A person familiar with the matter disclosed that the proposal that US officials were weighing last week involved the tariff-quota system. Since the discussion has not been made public, the person familiar with the matter requested anonymity. European officials, who declined to be named, said the two sides are conducting intensive negotiations.

According to people familiar with the matter, digital payment company Stripe Inc. is discussing with investment banks the issue of listing as soon as next year, and its recent valuation is close to US$100 billion. People familiar with the matter said that the 11-year-old company is considering listing through a direct listing or initial public offering (IPO).

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