South Korea plans to release SPR in joint effort with US to cool oil prices

tweet at 3:08am: GERMAN FINANCE MIN. SCHOLZ SIGNS A COALITION AGREEMENT TO BECOME GERMANY'S NEXT CHANCELLOR.

tweet at 4:34am: ECB'S HOLZMANN: THE INFLATION SURGE IS LARGELY TRANSIENT. tweet at 4:35am: ECB'S HOLZMANN: INFLATION WILL LIKELY SLOW BEGINNING NEXT YEAR.

tweet at 5:12am: ECB’s Panetta: Continued Monetary Stimulus Necessary; If We Lose Patience Now, We Will Put At Risk Everything We Have Achieved So Far - Inappropriate, Sharp Reduction Of Purchases Would Be Tantamount To A Tightening Of The Policy StancePanetta: Patient monetary policy amid a rocky recovery The long and rocky road out of the pandemic is creating challenges for monetary policy. Following years of too-low inflation and policy oriented at addressing deflationary risks, we are now in an environment of two-way inflation risks and heightened short-term volatility (Chart 1). Markets are indicating increasing uncertainty about the inflation outlook, and investors’ expectations of lift-off dates have become more dispersed. In this environment, central banks must clarify their reaction function, so that market expectations remain aligned with their policy intentions. This, in turn, requires a clear framework for thinking about inflation developments and what conditions would warrant a monetary policy response. We are facing a unique combination of shocks that reflect the exceptional nature of the recovery from the pandemic: supply bottlenecks, surging energy prices and labour market frictions. We cannot say exactly when these factors will normalise. But in order to design our policy action, we need to gauge their implication