Top-of-mind economic news as we start the week:
— US inflation came in at 7.7% year-over year in October, below estimates. Beef is one of the few goods whose price has fallen since last year (down 4%).
— The U.S. government downgraded Russia to a “non-market” economy. This could result in higher tariffs on some Russian imports.
— The U.S. dollar dropped 2.2% last Thursday, its largest single day drop since 2009 on better-than-expected inflation data.
— Issuances of green, social, sustainability and sustainability linked (GSSS) bonds grew to a 16% share of issued bonds in Q3 2022, a new record.
— Talks are underway to extend the Black Sea Grain Initiative, so that Ukrainian grain, and Russian food and fertilizer can continue to be safely exported through the war.
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