U.S. economic growth slowed to a modest to moderate rate this fall as firms confronted supply-chain disruptions, elevated prices, a shortage of available workers and fears around the Delta variant of Covid-19, the Federal Reserve said Wednesday.
Many businesses said they expected higher prices and supply shortages to last another year or so. The report, known as the Beige Book, collects anecdotes from businesses in Fed districts around the country.
Bitcoin Price Surges Past $66,000, Reaching New High
Bitcoin hit a new high Wednesday, powered by a wave of buying after the first U.S. exchange-traded fund linked to the cryptocurrency started trading.
Bitcoin traded as high as $66,974.77 on Wednesday, passing the previous high of $64,889 set in April, according to CoinDesk. It fell to as low as $29,608.60 in July before roaring back on a series of developments that signal the digital currency's move from the shadowy fringes of the investing world to the regulated main.
Critics Blast Private Equity at Senate Hearing
At a Senate hearing Wednesday, private-equity critics denounced what they characterized as buyout managers' abusive practices, as some Democratic lawmakers seek to rein in the rapidly growing industry.
Sen. Elizabeth Warren (D., Mass.) led the hearing of the U.S. Senate Committee on Banking, Housing and Urban Affairs, at which workers, an academic and a state treasurer loosed volleys of criticism against private-equity managers and asked lawmakers to increase federal oversight of them.
Investors Wager Debt-Ceiling Reprieve Passes Quickly
Congress's recent deal to lift the government borrowing limit has eased distortions in the short-term Treasurys market-a partial reprieve that is likely to prove fleeting, according to investors and analysts.
Before lawmakers reached a stopgap deal to lift the debt ceiling earlier this month, their standoff over the issue had skewed the bond market in two different ways.
Russia Orders People Not to Go to Work as Covid-19 Deaths Mount
MOSCOW-Russian President Vladimir Putin ordered people to stay off work for at least a week while Latvia has introduced a monthlong Covid-19 lockdown as deaths climb, driving renewed fears of another wave of infections as winter sets in.
Mr. Putin signed a decree Wednesday approving a period of nonworking days, as the government calls them, beginning Oct. 30 and stretching to Nov. 7 to encourage people to stay home and slow the spread of the virus. Regional governments where infection rates are especially virulent can speed up or prolong the measures, with employers continuing to pay their staffs as they stay home.
Trump's New Social-Media Company Plans to Go Public via SPAC
Former President Donald Trump unveiled a new digital-media venture Wednesday and said it would go public by merging with a special-purpose acquisition company.
Trump Media & Technology Group will create a social network called Truth Social to fight such companies as Facebook Inc. and Twitter Inc., the Trump company said in a press release late Wednesday. Mr. Trump's access to several social-media platforms was restricted following the Jan. 6 assault on the U.S. Capitol.
China's Modern Land Withdraws Debt Extension Request on Liquidity Concerns
Modern Land (China) Co. has withdrawn its plan seeking permission from its debtholders to allow the Chinese property developer to delay repaying a $250 million bond, citing liquidity issues.
The company, which along with many Chinese developers are facing financial stress, said late Wednesday that it is in talks to engage a financial adviser to help assess Modern Land's capital structure, liquidity profile and financial condition.
IBM's Revenue Misses Wall Street Projections as Client Spending Slows
International Business Machines Corp. reported weaker-than-expected revenue in the latest quarter, weighed down by its cloud business and some clients' pause in spending.
IBM's cloud and cognitive-software business had $5.69 billion in revenue, shy of analysts' projected $5.77 billion, according to FactSet.
Moderna and J&J Covid-19 Boosters, Mixing and Matching Authorized by the FDA
U.S. health regulators significantly widened the nation's Covid-19 booster campaign, clearing use of extra doses of Moderna Inc. and Johnson & Johnson vaccines and also saying people can get a shot that is different from what they had previously received.
The moves, announced by the Food and Drug Administration on Wednesday, will make boosters available to the majority of adults who have been fully vaccinated and have passed the recommended waiting period.
Tesla Posts Record Quarterly Earnings on Supply-Chain Resilience
Tesla Inc. notched a third consecutive record quarterly profit, thanks in part to the electric-vehicle maker's ability to navigate persistent global supply-chain disruptions.
The strong earnings came after Tesla delivered roughly 73% more vehicles than in the year-ago period. Underpinning that growth was an uptick in sales of vehicles made in China, now home to Tesla's largest auto plant by output.
Write to paul.larkins@dowjones.com
Expected Major Events for Thursday
04:30/NED: Sep Unemployment
04:30/NED: Oct Consumer confidence survey
04:30/NED: Aug Consumer Spending
06:00/UK: Sep Public sector finances
06:00/DEN: Oct Consumer expectations
06:45/FRA: Oct Monthly business survey (goods-producing industries)
07:00/SPN: Aug Industrial Orders & Turnover
07:30/SWE: Sep Labour Force Survey
08:00/ITA: Aug Industrial turnover & orders
08:00/ICE: Sep Harmonized CPI
08:00/POL: Sep Retail Sales
09:00/EU: Annual General government deficit and debt - 2nd notification
10:00/FRA: 2Q OECD Quarterly Employment Situation
10:00/UK: Oct CBI Industrial Trends Survey
11:00/TUR: Turkish interest rate decision
13:00/BEL: Oct Consumer Confidence Survey
14:00/EU: Oct FCCI Flash Consumer Confidence Indicator
15:59/GRE: Aug Balance of Payments
22:00/NED: Sep House Price Index
23:01/UK: Oct UK Consumer Confidence Survey
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
10-21-21 0031ET
