Week InAdvance: November 22, 2021

Mon Nov 22 Basel Institute on Governance virtual training. | Tue Nov 23 IOSCO review of margining practices. | Wed Nov 24 FOMC minutes. | Thu Nov 25 U.S. Thanksgiving Day: U.S. equity, bond markets closed. | Fri Nov 26 Black Friday with lower discounts amid supply-chain pressures.
Before the Thanksgiving holiday on Nov. 25, U.S. President Joe Biden is expected to announce his nominee for the Federal Reserve chair. Jerome Powell, who has been in the job since 2018, remains the betting-market favorite to continue in the role, but the odds for board member Lael Brainard have increased. 
PMI data for the U.S. and the Euro-zone will be announced on Tuesday. Manufacturers are dealing with rising costs amid supply-chain constraints and are passing the pain onto consumers. Meanwhile, the services industry, which has become Europe's growth engine, faces a fresh wave of Covid-19 infections.
Black Friday deals, unlike in previous years, are shaping up to be underwhelming in 2021 as demand swamps supply. Seasonal discounts on sporting goods and appliances will be lower than last year, according to Adobe, amid tight inventories, robust consumer spending and rising inflation. 

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