The Fed stated that the U.S. economy is growing at a “moderate to moderate rate”. Some regions mentioned slowing economic growth because of tight supply and concerns about the delta mutant strain affecting economic activity. The Beige Book released by the Federal Reserve on Wednesday stated that price increases were driven by supply chain bottlenecks. “Most regions reported substantial price increases, driven by rising demand for commodities and raw materials,” the Fed said. This report is based on information collected by 12 regional Federal Reserve banks as of October 8, compiled by the Richmond Federal Reserve Bank.

Fed Governor Randal Quarles said that he is in favor of slowing down monetary stimulus measures starting next month and expressed concern about the expansion of inflationary pressures that may require policy responses. "I will support our decision to start reducing asset purchases at the November meeting," he said in a speech prepared for a speech at the Milken Institute meeting in Los Angeles on Wednesday. The purchase plan he was referring to was the Federal Reserve’s current monthly bond purchase plan of $120 billion.

Bitcoin broke through $66,000 for the first time in the history of Bitcoin. The listing of the first Bitcoin futures ETF in the United States the day before greatly stimulated market optimism. Investors expect that the mainstream society will further accept cryptocurrencies. Although Bitcoin, known for its volatility, has been hovering below the previous high set in April in recent days, the moment when it really broke the record was much faster. On Wednesday the U.S. market opened for only one minute, and Bitcoin skyrocketed by more than $1,000. In the trading history of cryptocurrencies for more than ten years, such large fluctuations have never been uncommon.

U.S. EIA data show that crude oil inventories unexpectedly decreased by 431,000 barrels per day last week, possibly due to a decline in production and a significant decrease in imports in the first week of October. Cushing crude oil inventories fell 2.3 million barrels, the largest since February. The current inventory is only slightly higher than the 2018 low, far below the historical average. Affected by refinery maintenance, the nationwide refinery operating rate decreased for the second consecutive week to 84.7%. The largest decline was in the Gulf of Mexico.

The quarterly revenue reported by Tesla fell short of Wall Street expectations. However, in the case of semiconductor shortages and supply chain challenges hurting auto industry counterparts, the company's third-quarter profit still exceeded expectations. Musk’s electric vehicle and clean energy company reported a 57% increase in third-quarter sales to $13.8 billion, which was lower than analysts’ estimate of $13.9 billion. The company announced on Wednesday that adjusted earnings per share were US$1.86, exceeding analysts’ average estimate of US$1.67 per share. This marks the ninth consecutive quarter of profitability for the 18-year-old electric car manufacturer.

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