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Welcome to Wednesday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

• The Fed should begin tapering its bond-buying program next month, Fed Governor Christopher Waller said
• From a hot vax summer to a winter of discontent, Bloomberg Economics assesses the outlook
• The U.S. and several European countries are expected to announce as soon as this week the details of an agreement to end a long-running trade battle over digital taxes
• For years, China’s factories have acted as a brake on global inflation as they cut costs to keep foreign customers. But China’s export boom since the pandemic may have changed that, although the general impact of Chinese inflation on overseas economies has been diminishing
• A PBOC-affiliated newspaper poured cold water on expectations for a RRR cut, two days after a government adviser said there was room to lower the amount of cash banks must hold in reserve to support economic growth
• The global economy’s supply crunch is propelling inflation at such a fast pace that central bankers may be forced to respond
• China sold a U.S. dollar bond in Hong Kong for the fifth straight year, even as strains emerge in the credit market
• Supply chain snags crimping global trade weighed on Japan’s exports last month as auto shipments plunged
• IMF chief economist Gita Gopinath, the first woman to serve in that role, will rejoin Harvard University to retain her tenured faculty post

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