EMEA Morning Briefing : Fears Fed May Turn More -2-

President Biden hinted to reporters Tuesday he could reveal his choice for Federal Reserve chief around the end of the week.

Mr. Biden is considering whether to reappoint Fed Chairman Jerome Powell when his four-year term expires in February or to pick Fed governor Lael Brainard for the position. Mr. Biden interviewed both candidates on Nov. 4, and he isn't considering other individuals, according to a person familiar with the matter.

Two Fed Officials at Odds Over How to Deal With Inflation

Two regional Federal Reserve chiefs on Tuesday sparred over the outlook for inflation and what it might mean for central bank interest rate policy.

Federal Reserve Bank of St. Louis President James Bullard said the U.S. central bank needs to move more forcefully to confront high levels of inflation, while San Francisco Fed leader Mary Daly stressed that moves to tamp down on price pressures prematurely could cause unneeded pain later should those pressures weaken.

Federal Government Could Be Unable to Pay Bills as Soon as Dec. 15, Yellen Says

The U.S. government could run out of resources to meet the nation's obligations as soon as Dec. 15, Treasury Secretary Janet Yellen said Tuesday, reviving questions about how Congress will resolve a standoff about raising or suspending the federal borrowing limit.

Ms. Yellen provided the new estimate of when the federal government might no longer be able to pay all of its bills in a letter to Congressional leaders. She had previously said that a debt-limit increase passed by Congress in October provided confidence that the federal government would be able to pay its bills at least through Dec. 3.

U.S. to Sell $56 Million in Cryptocurrency Seized in BitConnect Fraud Scheme

A judge agreed to a request from U.S. authorities to liquidate roughly $56 million in proceeds seized from a U.S. promoter of offshore company BitConnect, which allegedly conducted one of the biggest scams ever involving cryptocurrencies.

The seizure was the largest single recovery from a cryptocurrency fraud in the U.S. to date, according to the Justice Department.

Oaktree Capital Closes Its Largest-Ever Fund

Oaktree Capital Management has closed its largest fund to date, gathering $15.9 billion to invest in troubled industries and credit-constrained companies.

Oaktree Opportunities Fund XI LP and related vehicles exceeded the original fundraising target of $15 billion, the firm said Tuesday.

Talking Markets: Traders Ramp Up Bets on Swift UK Rate Rises After Strong Jobs Data

Traders are betting the Bank of England will rapidly raise borrowing costs to prevent the economy from overheating after data showing a resilient labor market even as the furlough scheme ended.

With inflation high and well above the Bank of England's 2.0% target, strong labor data Tuesday may have strengthened the case for policy makers to begin raising interest rates at the central bank's next policy meeting in Dec. 16, analysts said.

Belarus Migrant Crisis Exposes Tensions Within European Union

A standoff between Belarus and the European Union over refugees stuck at the border between them is exposing cracks within the bloc, with eastern countries on the front line saying Germany is sidelining them in the confrontation.

On Monday, Poland was given just an hour's notice that departing German Chancellor Angela Merkel would be holding what ended up being a nearly hourlong phone call with Belarus leader Alexander Lukashenko, Polish officials said.

Hungary's OTP Bank Invests in AI Supercomputer

OTP Bank, one of the largest financial services firms in Eastern and Central Europe, is making a multiyear investment in developing an artificial-intelligence supercomputer.

The bank, based in Budapest, said supercharged computing power will enable it to leverage advanced AI-powered language models, which can be trained to automate more banking services for Hungarian speakers while boosting internal data analytics tied to every aspect of the bank's operations. The amount of the investment was not disclosed.

Electric-Car Startup Lucid Overtakes Ford in Market Value

Lucid Group Inc. became the latest electric-vehicle startup to top automotive icon Ford Motor Co. in market value, another example of how investor enthusiasm is intensifying for car companies that shun gasoline.

Stock in Lucid, a maker of high-end electric cars, jumped nearly 24% Tuesday to close at $55.52 a share, following the Monday release of its first financial results as a public company. The rally pushed the company's valuation to $89.3 billion, surpassing that of Ford for the first time since Lucid's debut on the public markets over the summer.

Pfizer Submits Covid-19 Pill for FDA Authorization

Pfizer Inc. said it asked U.S. health regulators to authorize its oral Covid-19 drug for use in high-risk patients, putting the pill on a path that could make it available for people to take at home by the end of the year.

Clearance from the U.S. Food and Drug Administration would give patients and doctors an easy-to-use treatment to keep people out of the hospital early in the course of the disease.

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Expected Major Events for Wednesday

00:01/UK: Oct Scottish Retail Sales Monitor

07:00/UK: Oct UK producer prices

07:00/UK: Oct UK monthly inflation figures

08:00/AUT: Oct CPI

09:00/POL: Sep Merchandise trade

09:00/ITA: Sep Foreign Trade EU

09:30/UK: Sep UK House Price Index

10:00/CYP: Oct Harmonised CPI

10:00/EU: Oct Harmonised CPI

10:00/MLT: Oct Harmonised CPI

10:00/EU: Sep Construction output

10:00/GRE: Sep Labour Force Survey

11:00/POR: Oct PPI

All times in GMT. Powered by Kantar Media and Dow Jones.

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This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

11-17-21 0041ET