US economic growth in the third quarter was revised upwards slightly because personal spending was slightly higher than the initial value. Data released by the US Department of Commerce on Wednesday showed that inflation-adjusted gross domestic product (GDP) has grown at an annual rate of 2.1%, initially 2%. Consumer spending, which dominates the economy, grew by 1.7%. Inventories contributed more than 2.1 percentage points to overall GDP growth. Economists surveyed by Bloomberg’s median forecast of GDP growth was slightly revised up to 2.2%.

Just before the data showed that U.S. inflation has accelerated, Fed officials at the last meeting showed an open attitude towards accelerating the reduction of debt purchases to keep inflation under control. "A number of participants pointed out that if inflation continues to rise, the committee should be prepared to adjust the pace of asset purchases and raise the target range of the federal funds rate faster than the participants currently expect," the Federal Reserve Policy released on Wednesday, November 2-3 Minutes of the meeting are displayed. The minutes read: "Participants emphasized that maintaining the flexibility to implement appropriate policy adjustments based on risk management considerations should be the guiding principle for policy implementation. Participants pointed out that the committee will not hesitate to take appropriate actions to resolve problems. Long-term price stability and employment targets pose risky inflationary pressures."

Fabio Panetta, a member of the European Central Bank’s Executive Committee, said that the European Central Bank should not tighten monetary policy prematurely in response to a surge in inflation "purely caused by temporary factors." He said on Wednesday that withdrawing stimulus measures prematurely may harm the euro zone economy and curb demand in the region. He stated that the region is suffering from a supply shock, leading to rising prices and suppressing economic activities. "The data shows that the current situation is mainly a round of'bad' inflation generated outside the euro area, and we are far from seeing unusually large regional demand," Panetta said. "Monetary policy should be patient. Tighten prematurely. Policies will limit spending before demand returns to trends.

The Organization of the Petroleum Exporting Countries (OPEC) predicts that the release of strategic oil reserves by major consumer countries may greatly aggravate the oversupply situation in the global market. The OPEC advisory body, the Economic Commission Board, made this prediction. A week later, OPEC and its allies will hold a meeting to discuss whether to increase production. Some OPEC+ representatives have stated that if the reserve crude oil released by the United States and other countries causes an oversupply in the market, the increase in production originally scheduled for January may be cancelled. The Economic Commission’s forecast adds reasons for member states to lobby for the cancellation of production increases.

Olaf Schultz is preparing to succeed Angela Merkel as Chancellor of Germany. He has developed a plan to lead Germany through the epidemic and intends to let the country play a leading role on climate issues. “The whole world is turbulent, so we cannot do nothing,” Schultz and his partners pointed out in the ruling coalition agreement reached on Wednesday. “If we shape these turbulent situations, there will also be huge opportunities.” After nearly two months of intensive consultations, Schultz’s center-left Social Democratic Party reached an agreement with the Green Party and the pro-business Liberal Democratic Party earlier on Wednesday. Putting an end to Merkel's 16-year tenure.

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