Last month, US retail sales increased unexpectedly and showed a general upward trend, indicating that even if production restrictions weaken supply, demand for goods still shows resilience. Data released by the US Department of Commerce on Friday showed that overall retail sales increased by 0.7% in September from the previous month, and the August data was revised upward to an increase of 0.9%. Retail sales, excluding automobiles, rose 0.8% in September.

Due to rising concerns about the current and future performance of the economy, the US consumer confidence index unexpectedly dropped to the second lowest since 2011 in early October. Data released on Friday showed that the University of Michigan Consumer Confidence Index fell from 72.8 to 71.4. This data is lower than the 73.1 median expected by economists surveyed by Bloomberg.

Former U.S. Treasury Secretary Lawrence Summers urged the Federal Reserve to speed up its $120 billion monthly bond purchase plan because there is evidence that inflation continues to remain high. "We are seeing inflation becoming more common in a wider range of products and affecting the housing and labor markets," Summers said on Bloomberg TV's "Wall Street Week" program. "I have been alert for a long time, and now I am more That's it."

European Central Bank President Lagarde said that the current increase in inflation cannot be sustained, and promised that the European Central Bank will continue to support the euro zone economy despite the lingering effects of the new crown epidemic. “Inflation is largely temporary,” Lagarde said after delivering a 2021 Per Jacobsson Lecture speech at the International Monetary Fund (IMF) on Saturday. The European Central Bank is "very closely watching" labor negotiations and other potential second-round effects that may promote more sustained price increases.

The Governor of the Bank of England Bailey said that the current rise in energy prices means that the accelerated rise in inflation may last longer, and this remark strengthens the reason for raising interest rates. "Monetary policy cannot solve supply-side issues, but if we see risks, we must take action, especially mid-term inflation and mid-term expected risks," Bailey said in a Group of 30 video conference on Sunday. Bailey reiterated that the accelerated price increase is a temporary phenomenon. However, he also said that energy prices mean that inflation will last longer, and fears that rising inflation expectations may become more entrenched.

According to three people familiar with the matter, two weeks before the crucial Rome summit is held, the world's major economies are at a deadlock in their specific measures to deal with climate change. People familiar with the matter said that preliminary talks held by G-20 officials this week failed to reach an agreement on reducing coal subsidies and limiting methane emissions. Countries have not even reached a consensus on working towards net zero emissions and limiting global warming to no more than 1.5 degrees from pre-industrial levels.

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