From Inflation and the Crazy Crypto Market to China and Trade

RoozCast

As we are closing the week, the big news is happening on the economic and political fronts around the world. The American economy got some good news yesterday: Monthly inflation in October dropped to 7.7%, down from 8.2% in September, and is now at its lowest since January 2022. The crypto market's really poor run got even worse this week after FTX, a major crypto exchange, imploded - big time.... added by billionaire crypto-star Sam Bankman-Fried, FTX was revealed to be in a bad financial position earlier this week, and Binance, the largest exchange, and an FTX competitor considered bailing FTX out, but dropped the idea at the eleventh hour when it became clear FTX was insolvent, and its customers couldn't withdraw assets. Last but not least, President Joe Biden, meanwhile, will be on-site in Bali for G20, where he plans to meet with Chinese President Xi Jinping on Monday for their first in-person chat since Biden moved into the White House. But don't expect significant results for the meeting.