Wednesday 20th October 2021US equities have had a strong session, although Procter and Gamble weas one of the first major household companies to highlight margin squeeze from supply chain difficulties. Netflix earnings are expected to be strong thanks in part to the success Squid Game. Meanwhile the tentacles of inflation continue to worry policy makers almost the world over – the RBA being one of the few exceptions. The UK CPI numbers are out tonight, but already it seems like a rate rise is (squid) inked in. Phil Dobbie asks NAB’s Ray Attrill whether the Bank of England could regret lifting rates, and whether the lack of movement in longer-dated bond yields suggests investors are thinking the same thing.

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