Democrats in the House of Representatives are preparing to vote on President Biden’s iconic tax and social spending bill on Thursday. The non-partisan Congressional Budget Office will issue a final estimate on how much the legislation will add to the US budget deficit in 10 years. The Congressional Budget Office has completed estimates of all 13 parts of the bill, which are expected to be summarized on Thursday. The House Rules Committee arranged a hearing to prepare some technical changes to the bill, which is expected to be submitted to the House of Representatives plenary for a vote within a few hours.

According to UBS Global Wealth Management, the S&P 500 index may reach 5,200 points in the next six months in an environment where monetary stimulus is reduced and cyclical stocks outperform. The company's chief investment officer Mark Haefele said that 2022 will be divided into two. The first phase will be characterized by high growth and high inflation, and the second phase will be slower growth and lower price pressures. He advised investors to buy global growth winners, including US mid-cap stocks, global financial stocks, Eurozone and Japanese stocks, energy and commodities.

According to people familiar with the matter, Apple strives to speed up the development of electric vehicles, refocuses the project on fully autonomous driving capabilities, and is committed to solving the technical challenges that plague the entire automotive industry. In the past few years, Apple’s automotive team has explored two paths together: to develop a model with limited autonomous driving capabilities, focusing on steering and acceleration, similar to many current cars; or to build a model equipped with fully automated driving Capable models without human involvement.

The Fed’s rate hike “may start after we complete the asset purchase plan next year, or it may wait until 2023,” said Charles Evans, President of the Chicago Federal Reserve Bank. In response to the recent sharp rise in consumer prices, Evans said in an online event on Thursday, "These sharp increases will begin to decline" and "I think there are many factors that may cause the inflation rate to inevitably approach 2%."

New York Federal Reserve President John Williams said, "The long-term inflation expectations in the United States have risen sharply and have completely reversed the downward trend since the 2008 financial crisis." "You don't want to see those long-term inflation expectations rise sharply," Williams said in a "Fireside Dialogue" event hosted by the New York Fed on Thursday. "We see a general increase in inflation," Williams mentioned rising rents.

Recent tenders for short-term Treasury bonds show that some investors are beginning to demand higher yields before they are willing to hold bonds with the shortest maturity, because these bonds are seen as facing political uncertainty about whether the debt ceiling will be raised next month. The Ministry of Finance issued US$10 billion of four-period Treasury bills with a yield of 0.11%, the highest yield since July 2020. Indirect bidders-including investors such as money market funds-received less than 20% of the share, but the allocation ratio of direct bidders reached a record level of 41.9%. In contrast, the U.S. Treasury Department’s $25 billion 8-period Treasury bill winning rate was only 0.045%.

Goldman Sachs Asset Management said that the labor shortage caused by Brexit may mean that the Bank of England will raise interest rates earlier than other major central banks. The agency is shorting British government bonds and expects the Bank of England to raise interest rates next month, and raise interest rates two more times before June 2022. The agency also shorted the pound sterling because trade between the UK and the EU may be further disrupted. "The impact of Brexit is mainly reflected in the supply of labor," said Hugh Briscoe, global fixed income portfolio manager at Goldman Sachs Asset Management via email. "Although it is a global problem, the UK is facing a particularly serious labor shortage as it emerges from the epidemic."

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