In October, US manufacturing companies continued to be under pressure due to supply chain issues, supplier delivery times were extended, and inventory indicators increased. According to data released on Monday, the Institute of Supply Management (ISM) manufacturing index fell to 60.8 from 61.1 in September. A reading above 50 indicates expansion. Economists surveyed by Bloomberg expected a median of 60.5. ISM's supplier delivery index rose to a five-month high, indicating that manufacturers are facing longer delivery times for raw materials. Labor shortages, intermittent shutdowns and record imports of goods overwhelmed US ports and delayed deliveries.

US Senator Joe Manchin said that Congress needs more time to evaluate the impact of President Joe Biden’s $1.75 trillion tax and spending plan on the economy and government debt. This statement seriously frustrated the possibility of the rapid advancement of the aforementioned economic bill. Senator Manchin, Democrat of West Virginia, declined to say whether he supports Biden’s outline last week, or whether any progress has been made in the weekend’s negotiations.

U.S. Treasury Secretary Janet Yellen stated that the labor force participation rate in the United States has declined, and it is still “unsure” whether this is temporary. Yellen said at the IIEA event in Dublin on Monday, "Although there is a considerable demand for labor, many people are not in the labor force." The epidemic is likely to accelerate early retirement of other people who should have retired in a few years.

OPEC+ may be at odds with the United States, because more and more member states reject US President Joe Biden’s call for the organization to speed up production and help reduce gasoline prices. Kuwait said on Monday that the oil market is very balanced and the organization should stick to its plan to gradually increase production. A few days before, other key members also issued similar statements, including Iraq, Algeria, Angola and Nigeria.

Chicago's benchmark wheat price rose above US$8 per bushel for the first time in nearly nine years. Importers increased their purchases when adverse weather conditions and soaring fertilizer prices might cut next year's harvest. This increase may push up food prices that are already high globally. Futures prices linked to other types of wheat have also soared due to increased demand and reduced reserves. Some planting areas are now facing the problems of soil drought and rising fertilizer prices during the planting season. Wheat is in the midst of its longest monthly streak in 2007.

The Governor of the Bank of Singapore stated that the Bank of Singapore is closely monitoring the signs of accelerating inflation and is ready to act. This underscores that, after making extraordinary efforts to fight the epidemic, the attention of global policymakers has reverted to rising prices. “In general, I think the risk has shifted to inflation,” Meng Wenneng, director of the Singapore Monetary Authority, said in an interview with Bloomberg TV on Tuesday. "We will be highly alert to the risk of price increases, and we are ready to take action at any time."

The U.S. Treasury Department has raised its estimates of federal borrowing requirements for the three months ending in December, after the decline in the Treasury’s cash balance was greater than previously predicted. As the Treasury Department released its forecast in Washington on Monday, the US government's long-term borrowing needs depend on the fate of the two fiscal plans being finalized by Congress. US debt managers expect to borrow US$1.02 trillion during the October-December period, which is approximately US$312 billion more than the US$703 billion in net securities issuance during this period predicted in August.

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