(Bloomberg) -- Welcome to Thursday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

  • Fed Chair Jerome Powell said he could begin scaling back asset purchases in November and complete the process by mid-2022, after officials revealed a growing inclination to raise rates next year
  • The FOMC delivered a widely expected taper signal. It’s the shift in the dot plot that’s more noteworthy, Bloomberg Economics says
  • Treasury Secretary Janet Yellen urged Wall Street leaders to press Republicans to support raising or suspending the debt ceiling
    • Jerome Powell said the Fed doesn’t possess the ability to shield markets or the U.S. economy from the debt fallout
  • Clients of UBS Group are wondering whether central banks’ massive stimulus could trigger hyperinflation, according to a list of their top economic concerns
  • China’s rapidly growing military influence and unilateral changing of the status quo could present a risk to Japan, Prime Minister Yoshihide Suga told Bloomberg ahead of the first Quad summit
  • The Philippine central bank is expected to continue holding its key interest rate steady
  • The ECB will discuss boosting its regular asset purchases once the pandemic-era emergency stimulus comes to an end, Governing Council member Madis Muller said
    • A failure to introduce policies to mitigate climate change could significantly lower Europe’s economic output by the end of the century, the ECB warned
  • Norway is poised to raise rates in the first such post-pandemic tightening among nations with the world’s 10 most-traded currencies
  • Britain’s economic difficulties are multiplying: from inflation to an energy crisis
  • Brazil raised its benchmark interest rate by a full percentage point and pledged another hike of the same magnitude
  • President Joe Biden’s sweeping plans to expand social programs and fight climate change risk being whittled down by Democrats’ disputes
  • Jerome Powell said the Fed hasn’t made a decision about a central bank digital currency but “will be issuing a discussion paper soon”
  • South African President Cyril Ramaphosa asked the UN to prioritize reparations for communities whose ancestors were sold into slavery
  • Moves to deploy fleets of electric air taxis in some of the world’s biggest cities are gathering steam with two of the sector’s pacesetters unveiling a raft of orders

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