(Bloomberg) -- Hello there.

A troubling thing happened this week. A red-hot CPI print was followed by the first increase in long-term inflation expectations in seven months, prompting some Fed officials to warn that interest rates may need to go even higher than they had previously targeted.  

With no signs of imminent cooling in prices, markets are having a tough time. The S&P 500 has lost a quarter of its value this year (following another 1.6% drop this week) and the toll in terms of wealth destroyed is approaching that of the 2008 financial crisis. 

There are even more troubling times over in the UK. Chancellor of the Exchequer Kwasi Kwarteng lost his job Friday after just 38 days, Liz Truss made yet another humiliating reversal on her tax plans, while the Bank of England concluded its emergency bond purchases, leaving markets in flux.  As one strategist observed: “Not sure what the reality is now. Nobody does.” 

All that chaos has fueled questions about the British prime minister’s future; bookmakers are shortening Truss’s odds almost by the hour. Bloomberg Opinion’s Adrian Wooldridge argues that the ruling Conservative party now is incapable of governing the country.  Martin Ivens says new Chancellor Jeremy Hunt could yet save Truss’s skin. Meanwhile, John Authers writes that Britain’s chaos could stall the global inflation fight. 

Amid the turmoil, here’s one way to make an easy profit: Get your hands on one of the hottest new cars in the market and hawk it to someone else who wants it badly. While car flipping is an age-old practice, this time the frenzy is taking hold in the world of EVs where order queues are stretching for years, according to Bloomberg Green.  

In another highly speculative market, a metamorphosis is taking place in the world of NFTs, as average selling prices (and actual transactions) tumbled in recent months. 

Here’s a scoop from Mark Gurman: Apple is set to announce new iPad Pros in just a few days. The newest devices will feature M2 chip and provide a nearly 20% speed boost. And ICYMI, employees at an Oklahoma Apple store voted late Friday to organize, even after the world’s most valuable company withheld new employee benefits from  unionized stores.  

Meanwhile, Iain Marlow delves into how Elon Musk’s recent forays into the world of geopolitics are causing headaches for US diplomats from Russia to Taiwan.  

And finally, barring any surprises, Xi Jinping will get a third term as China's top leader this weekend, after rewriting the rules and building the Communist Party around himself. The Odd Lots podcast talks to Dan Wang of Gavekal Dragonomics on what to expect from the plenum and what it tells us about the future direction of the Chinese economy.  

Enjoy the rest of your Saturday, and we’ll be back tomorrow with a look-ahead to the coming week.

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