[5 books this morning]Carefully selected news to read at the beginning of work –Bloomberg

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The agenda for the Federal Open Market Committee (FOMC) meeting on September 21-22 has been released, and tapering is likely to begin in mid-November or mid-December. It turned out that. In addition, it has become clear that not only policy makers but also Federal Reserve Board (FRB) staff are quite wary of inflation. The day may come when the word “transient” is no longer heard about inflation. Below are five news items to keep in mind as you start your day.

Agenda

FOMC expects monthly asset purchases to shrink by $ 10 billion for US Treasuries and $ 5 billion for mortgage-backed securities (MBS). “Most participants have an upward risk of inflation as supply disruptions and labor shortages are longer than currently expected and prices and wages can have a large and lasting impact. I decided. ” Fed staff noted that “long-term inflation expectations could rise significantly, leading to sustained levels of inflation.”

Inflationary pressure

September US Consumer Price Index (CPI) rose 0.4% month-on-month, exceeding market expectations (up 0.3%), and growth accelerated from the previous month. It increased by 5.4% year-on-year, lining up with the highest growth since 2008. Core CPI was up 0.2% month-on-month, in line with expectations. Rising house prices are also beginning to appear in CPI data, with rents rising 0.5% month-on-month, the largest increase since 2001. Attributive rent has risen sharply for the first time in five years.

Highest M & A fees

US silverIn July-September (third quarter) of JP Morgan Chase, M & A (merger / acquisition) advisory fees reached a record high. Advice fee income almost tripled and exceeded analysts’ expectations. Net income for the third quarter was 11.7 billion dollars (about 1.33 trillion yen). Total loans increased 6% year-on-year, contributed by growth in asset management / wealth management and corporate / investment banking sectors.

As much as you need

Russia needs EuropePresident Putin has stated that he is ready to supply all of the natural gas. He argued that Europe’s current energy crisis was due to policy mistakes, not supply shortages. Europe has introduced “organizational flaws” in its energy system and criticized it for causing problems and “passing responsibility”.

Almost half are Chinese real estate

In the global bond market, troubles with Chinese real estate developers stand out. According to data compiled by Bloomberg on the 12th,Of the $ 139 billion dollar-denominated bonds traded at distressed levels, 46% are corporate bonds in the Chinese real estate sector. Concerns are widespread in the Chinese real estate sector as debt repayment pressures increase and defaults increase, with Chinese issuers’ junk-rated dollar-denominated bonds yielding around 10 years. It has reached the highest level for the first time.