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Welcome to Thursday, Europe. Here's the latest news and analysis from Bloomberg Economics to help you start the day:
- Federal Reserve officials said a strengthening economy and higher inflation could lead to earlier and faster interest-rate increases
- The Fed is leaving behind its gradualist approach from the past decade to keep a high-inflation and a near-full-employment economy from overheating
- Bloomberg Economics flags the risk of six Fed hikes this year and another three in 2023
- Fed officials also began debating how to approach shrinking its over $8-trillion stockpile of bonds in its policy-normalization campaign
- No one should be in any doubt that the European Central Bank stands ready to act if the inflation outlook strengthens, according to Governing Council member Martins Kazaks
- More U.K. businesses than ever before are worried about inflation, and a record number are planning to increase their own prices
- Turkey's central bank revived its bond-buying for the first time in more than a year in an attempt to drive down surging borrowing costs
- The ups and downs of Saudi Arabia's $447-billion foreign currency reserves has become more about dividends than crude prices
- Russia and its allies pledged to send troops to help Kazakh President Kassym-Jomart Tokayev quell protests that have led the central bank to temporarily halt financial market operations
- The Bank of Japan will likely discuss the possible ditching of a long-held view that price risks are mainly on the downward side at a policy meeting this month
- China's property tax could be another casualty of the slump in the housing market
- Finally, check out this week's Stephanomics podcast about why the world's economies have learned to cope with Covid's fallout
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