Yellen on Inflation, Powell Track Record, China Economy: Eco Day

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Welcome to Monday, Americas. Here’s the latest from Bloomberg Economics to start your day: 

• Treasury Secretary Janet Yellen expects price increases to remain high through the first half of 2022, but rejected criticism that the U.S. risks losing control of inflation
  • She also defended Federal Reserve Chair Jerome Powell’s record on regulating the financial system, telling CNN financial rules had “markedly strengthened” under his term
• President Joe Biden and fellow Democrats are racing to reach agreement on a scaled-back version of his economic agenda. He met Sunday with Senate Majority Leader Chuck Schumer and West Virginia Democratic Senator Joe Manchin
• Officials in Long Beach, California, relaxed restrictions on storing shipping containers in a bid to ease a bottleneck that’s left nearly 80 vessels waiting offshore to enter the biggest U.S. gateway for ocean freight
• China’s economy risks slowing faster than global investors realize as President Xi Jinping’s push to cut its reliance on real estate and regulate sectors from education to technology combine with a power shortage and the pandemic
  • Goldman cut China’s GDP growth forecast for next year
  • China sought to allay concerns about the slowdown with a lengthy state media report outlining how the government is managing risks
  • In the view of Bloomberg Economics, production will have to drive any turnaround
• German business confidence took another hit in October as global supply logjams damp momentum
• Finally, here’s what’s to look out for in the world economy this week

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