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

• Fed officials head toward their January meeting with only a tentative conviction that inflation will finish the year below 3% and are already saying they may need to raise interest rates faster than expected
  • Billionaire investor Bill Ackman says the Fed is losing its battle against inflation and needs a half-point rate hike to regain credibility
• The U.S. Census Bureau shelved planned changes to its population survey after economists said it would have made it harder for them to track more detailed wage and job figures
• China’s central bank cut its key interest rate for the first time in almost two years to help bolster an economy that’s lost momentum
• Even as U.S. companies scamble to fill jobs, the global unemployment rate is expected to remain above pre-pandemic levels until at least 2023, according to the ILO
• Why Argentina and the IMF are once again wrestling over bad debt
• Finally, here’s what’s to look out for in the world economy this week: China’s Economy Loses Steam Just as Omicron Spreads: Eco Week

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