Greetings,
United States: Here are some updates on inflation. TIPS breakevens (market-based inflation expectations) keep climbing, with the 5-year rate hitting a multi-year high.
![The Daily Shot Brief – October 21st, 2021](https://thedailyshot.com/wp-content/uploads/US-BE2110210437.png)
The amount of “excess” liquidity in the economy is staggering, which will continue to be a tailwind for inflation. Here is the M2 money supply vs. the pre-COVID trend.
![The Daily Shot Brief – October 21st, 2021](https://thedailyshot.com/wp-content/uploads/US-M22110210437.png)
Eurozone: Surging energy prices continue to boost inflation, and there is much more to come as the natural gas price spike makes its way through the economy.
![The Daily Shot Brief – October 21st, 2021](https://thedailyshot.com/wp-content/uploads/EZ-CPI-EN2110210437.png)
China: Coal futures tumbled as Beijing tries to address the energy crisis. Previous attempts provided only temporary relief.
![The Daily Shot Brief – October 21st, 2021](https://thedailyshot.com/wp-content/uploads/CH-Coal-ST2110210437.png)
![The Daily Shot Brief – October 21st, 2021](https://thedailyshot.com/wp-content/uploads/CH-Coal2110210437.png)
Cryptocurrency: Bitcoin made an all-time high above $66K on Wednesday.
![The Daily Shot Brief – October 21st, 2021](https://thedailyshot.com/wp-content/uploads/BT-BTC-ST2110210437.png)
![The Daily Shot Brief – October 21st, 2021](https://thedailyshot.com/wp-content/uploads/BT-BTC2110210437.png)
Energy: Oil inventories at Cushing, OK continue to dwindle.
![The Daily Shot Brief – October 21st, 2021](https://thedailyshot.com/wp-content/uploads/EN-Cushing2110210437.png)
Food for Thought: Public spending on family benefits:
![The Daily Shot Brief – October 21st, 2021](https://thedailyshot.com/wp-content/uploads/VTS-Public-spending-on-family-benefits2110210437.png)
Edited by Daniel Moskovits
Contact the Daily Shot Editor: Editor@DailyShotLetter.com