Good day. Sources say President Biden met separately Friday at the White House with Federal Reserve Chairman Jerome Powell and Fed governor Lael Brainard, adding the president is expected to decide soon whether Mr. Powell will be reappointed to lead the central bank. A vocal minority of Democrats in Congress, led by Massachusetts Sen. Elizabeth Warren, want to show Mr. Powell, a Republican, the door. Ms. Brainard, a Democrat, has been seen as the most likely candidate for Fed chair if Mr. Powell isn't reappointed. Meanwhile, Kansas City Fed leader Esther George warned on Friday that Mr. Powell's outlook for inflation may be flawed, noting the argument for patience in the face of inflation pressures "apparent across a broad swath of the economy" has diminished.

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Top News

Fed's Powell and Brainard Met With Biden at White House

President Biden held separate meetings with Federal Reserve Chairman Jerome Powell and Fed governor Lael Brainard at the White House on Thursday, according to people familiar with the matter.

The people said Mr. Biden hasn't yet made a final decision on whom he will tap to lead the central bank, but he is expected to decide soon.

Mr. Powell's term leading the central bank is set to expire next February. Mr. Biden told reporters on Tuesday that he would announce decisions "fairly quickly" on whether he was offering Mr. Powell another term or tapping someone else to succeed him.

Economic Rebound From Covid Was Easy. Now, the Hard Part.

Central banks are trying to chart a path that will curb inflation but not choke off growth as they navigate weaning economies off the extraordinary measures -- including rock-bottom interest rates and enormous bond-buying programs -- deployed to support their economies.

Derby's Take: A Hawkish Case for Fed Action on Inflation Emerges

By Michael S. Derby

Federal Reserve Chairman Jerome Powell's clear guidance that the U.S. central bank doesn't need to raise short-term interest rates soon is facing a nascent challenge by one of the institution's most reliable hawks.

Kansas City Fed leader Esther George warned that an outlook for inflation laid out by Mr. Powell may not accurately describe the inflation environment, with potential implications for monetary policy. Read more.

U.S. Economy

Strong Rebound as U.S Economy Adds 531,000 Jobs

With the pickup in hiring, the unemployment rate fell to 4.6% in October from 4.8% in September. The rate has fallen by more than half a percentage point in two months, in part due to weak labor-force participation as millions of workers remain on the sidelines.

Help Really Wanted: No Degree, Experience or Background Checks

With job openings outnumbering applicants, companies are brainstorming how to get more candidates in the door and to the floor. The hiring overhaul signals a potentially broad rethink of job qualifications, a change that could help millions enter jobs previously out of reach.

Steel Deal With EU Muddled by a Jumble of Quotas and Red Tape

The Biden administration's deal with the European Union to ease off steel and aluminum tariffs from Europe has won plaudits from much of U.S. industry, but a complex new quota system that comes with it has fueled concerns for small importers.

When Will the Supply-Chain Strains Finally Ease?

Companies scrambling to get goods into stores and distribution centers by the end-of-year holidays are starting to take a longer view on when supply-chain gridlock might finally end, with expectations for relief increasingly being pushed deep into 2022 and even beyond.

Key Developments Around the World

Global Food Prices Surge as Inflation Spreads

Rising food prices are causing increasing hardship across a swath of the developing world, from Peru to the Philippines. In October, the United Nations Food and Agriculture Organization says, world food prices hit their highest level since 2011.

Inflation in Canada Is Transitory 'But Not Short-Lived'

Canada's high inflation rate is a temporary problem, but that doesn't mean it will be resolved quickly, Bank of Canada Gov. Tiff Macklem said in an interview with CTV Network. Mr. Macklem said high inflation continues to be a top concern for the central bank.

COP26 Negotiators Turn to Plan B as Climate Pledges Fall Short

After a week of talks at the COP26 summit, governments are grappling with a fundamental problem: Commitments they have collectively made to slash greenhouse gas emissions fall short of what scientists think is needed to avoid the most destructive effects of global warming.

Financial Regulation Roundup

Bank Overseer Nominee Faces Tough Confirmation Battle

President Biden's nominee to oversee large national banks, Saule Omarova, a Cornell University law professor, is engaged in a contentious battle with those who want to sink her nomination.

Ms. Omarova's earlier calls for shrinking big banks and creating a much bigger role for the Federal Reserve in consumer banking has encountered a backlash from industry advocates and Republicans who have said she is antibank and envisions an overly large role for the government that would crimp business, even at community lenders.

Appeals Court Reinstates Convictions of Platinum Partners Executives

A federal appeals court on Friday restored the securities-fraud convictions of two executives of defunct hedge fund Platinum Partners, a blow to founder Mark Nordlicht, and the fund's co-chief investment officer, David Levy. The district court is expected to reinstate the convictions.

SEC Names Nicole Creola Kelly as Whistleblower Program Chief

The Securities and Exchange Commission has appointed Nicole Creola Kelly, a senior special counsel in the regulator's general counsel office, as its new whistleblower program chief. She previously worked at the whistleblower office and served in other roles at the SEC.

Forward Guidance

Monday (all times ET)

8:10 a.m.: European Central Bank's Lane gives welcome address at ECB conference on Money Markets

9 a.m.: Fed's Clarida, European Central Bank's Lane speak on panel at Hutchins Center on Fiscal and Monetary Policy at Brookings event on new Fed, ECB monetary policy frameworks

10:30 a.m.: Fed's Powell gives opening remarks via prerecorded video at Fed conference on gender and the economy

10:55 a.m.: New York Fed's Williams speaks at Bank of Canada economic conference

12 p.m.: Fed's Bowman speaks on U.S. housing market at Women in Housing and Finance event

1:50 p.m.: Chicago Fed's Evans speaks at OESA Automotive Supplier Conference

Tuesday

2:45 a.m.: European Central Bank's Panetta speaks on panel at Bank of Finland Institute for Emerging Economies conference

7:50 a.m.: St. Louis Fed's Bullard speaks at UBS European Conference

8 a.m.: European Central Bank's Lagarde gives welcome address at ECB banking supervision forum

8:15 a.m.: European Central Bank's Enria speaks at ECB banking supervision forum

8:30 a.m.: U.S. Labor Department releases October PPI

9 a.m.: Fed's Powell gives prerecorded opening remarks at Fed, ECB, Bank of Canada, Bank of England conference on diversity

11 a.m.: European Central Bank's Schnabel speaks at Fed, ECB, Bank of Canada, Bank of England conference on diversity

11:35 a.m.: San Francisco Fed's Daly speaks to National Association for Business Economics

12:10 p.m.: Bank of Canada's Beaudry speaks at online event

1:30 p.m.: Minneapolis Fed's Kashkari speaks at moderated Q&A with University of Wisconsin-Eau Claire economics professor

5:45 p.m.: Bank of Canada's Macklem gives closing remarks at Fed, ECB, Bank of Canada, Bank of England conference on diversi

Commentary

Hot-and-Cold Jobs Market Still Far From Full

By June, when the Fed will likely have wound down its bond buying operations, it is possible to envision a job market close enough to maximum employment that the central bank will be comfortable raising rates. But the job market isn't there yet, Justin Lahart writes.

Business Is the Game-Changer at COP26 in Glasgow

The 2015 Paris climate conference mostly involved governments pushing businesses to cut emissions, but in Glasgow, businesses with corporate muscle are the ones pushing governments to act, Rochelle Toplensky writes.

Basis Points

The roughly $1 trillion infrastructure package just passed by Congress will modestly help the economy in the short run while priming the U.S. for slightly stronger growth in coming decades, economists say.

A rapid U-turn in government-bond markets has sparked deep losses for some of Wall Street's biggest investors, a stark demonstration of how even small shifts in expectations for economic growth and central-bank policy can upend the most carefully laid bets.

China's exports rose at a faster pace than expected in October, rising 27.1% from a year earlier in October, down from September's 28.1% growth, the General Administration of Customs said.

New Zealand is emerging as a test case of whether authorities can restrain rising home prices without tanking the market and destabilizing the economy at the same time.

Canada's economy added a net 31,200 jobs in October following a 157,100 gain in the previous month, Statistics Canada said, as the labor market moved into what will likely be a slower phase of its recovery from the disruption of the pandemic. The unemployment rate declined from September's 6.9% to 6.7%. (Dow Jones Newswires)

Eurozone retail sales fell by 0.3% in September from the previous month as consumers reduced spending on non-food products, following an upwardly revised 1% increase in August, Eurostat said. Economists polled by The Wall Street Journal expected a 0.2% increase for September. (DJN)

(END) Dow Jones Newswires

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