U.S. inflation hits its highest level in 41 years to 9.1 per cent. A 100bps rate hike is expected from the Federal Reserve this month. The inversion between the 2- and 10-year Treasury yields widens furthest since 2000. In Italy, Giuseppe Conte’s Five Star Movement has said it will boycott a spending vote today, threatening the ruling coalition government it is part of. And U.S. President Joe Biden embarks on a 4-day Middle East tour, landing in Tel Aviv. Iranian nuclear ambitions is the largest topic on his agenda. And in crypto news, lender Celsius files for Chapter 11 bankruptcy a month after cancelling withdrawals.

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