In the United States, consumer prices rose at the fastest rate in nearly 40 years in November. Inflation is continuing and rapidly eroding wages, increasing the pressure on the Federal Reserve to tighten monetary policy. According to data released by the Ministry of Labor on Friday, the Consumer Price Index (CPI) in November increased by 6.8% from November 2020. This widely-watched inflation indicator rose 0.8% from October, exceeding expectations and continuing the sharp upward trend that began earlier this year.

US President Joe Biden stated that despite the fastest inflation in nearly 40 years in the United States in November, US price increases have peaked and will slow down faster than Americans expected. "This is the pinnacle of the crisis," Biden told reporters at the White House on Friday. "I think you will see it change sooner, faster, and faster than most people think." "All other aspects of the economy are advancing rapidly," Biden said, referring to employment and production. Out growth. "Inflation is affecting people's lives."

As the economic outlook improved, consumer confidence in the United States in early December rose more than expected, but inflation concerns continued to weigh on households. Data released on Friday showed that the University of Michigan Consumer Confidence Index rose to 70.4 from a 10-year low of 67.4 reached in November, exceeding the median estimate of 68 economists surveyed by Bloomberg. A government report released earlier on Friday showed that the CPI in the United States rose 6.8% year-on-year in November, the fastest annual increase since 1982.

After the U.S. price increase has reached its highest level in nearly 40 years, the Fed is expected to announce an accelerated reduction at its meeting next week. According to data released by the US Department of Labor on Friday, the CPI rose 6.8% in November and 0.8% month-on-month. The increase in CPI reflects broad increases in most commodity categories including gasoline, housing, food and automobiles. When talking about CPI in November, Sarah House, senior economist at Wells Fargo, said, “The data confirms that the Fed is expected to start raising interest rates sometime next year. I think the forecast for interest rates on the dot plot to be released next week will increase significantly. "

US President Joe Biden said on Friday that he signed a bill to allow the Senate to raise the debt ceiling by a majority of votes to avoid the Republican Party's obstruction by lengthy debates. Senate Democrats can now pass legislation to raise the debt ceiling without the support of Republicans.

The Biden administration has ordered an immediate suspension of new federal support for overseas coal-fired power plants and other carbon-intensive projects. As a major policy change in the United States, this move is aimed at tackling climate change and accelerating the global adoption of renewable energy. This wide-ranging directive prohibits US government agencies from supporting future carbon-intensive projects for the first time, and may affect billions of dollars in annual funding and diplomatic and technical assistance. The US government detailed the matter in a telegram sent to embassies and consulates abroad late last week, and Bloomberg News saw the content of the telegram.

According to Reuters, China’s representative to the World Trade Organization (WTO) Li Chenggang stated that China still considers itself a “developing country”, but will give up many of the benefits enjoyed by “developing countries”. Li Chenggang told Reuters that China considers itself a developing country due to the persistence of poverty. Some preferential treatments for developing countries will be given up in certain areas such as financial services and agriculture. Li Chenggang declined to say when China will no longer see itself as a developing country under WTO rules.

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