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Shayne Coplan makes light of the Kafkaesque early morning search and seizure after the 26-year-old's mobile is confiscated: “New phone, who dis?”

(Bloomberg) -- Bitcoin spiked above $93,000 for a short period as expectations of further interest-rate reductions by the Federal Reserve added to the impetus from President-elect Donald Trump’s pro-crypto stance.Most Read from BloombergUnder Trump, Prepare for New US Transportation PrioritiesZimbabwe City of 700,000 at Risk of Running Dry by Year-EndSaudi Neom Gets $3 Billion Loan Guarantee From Italy Export Credit Agency SaceThe Urban-Rural Divide Over Highway Expansion and EmissionsNYC Conges

A Federal Reserve official gave a lengthy defense of the central bank's political independence Thursday, just days after former President Donald Trump, an outspoken Fed critic, won re-election. “It has been widely recognized — and is a finding of economic research — that central bank independence is fundamental to achieving good policy and good economic outcomes,” Adriana Kugler, one of the seven members of the Fed's governing board, said in prepared remarks for an economic conference in Montevideo, Uruguay. Kugler added that the research in particular finds that greater independence for central banks in advanced economies is related to lower inflation.

The dollar is forging ahead again, heading for its biggest week-on-week gain since September last year, up 2.37% since last Thursday, while Wall Street looks set to open modestly higher thanks to what for now looks like win-win inflation numbers. Wednesday's data showed consumer price pressures remain stubbornly above the Federal Reserve's target rate of 2%. At the same time, the dollar has surged to a one-year high against a basket of currencies on the 'best-of-both worlds' premise that U.S. growth will benefit from a looser fiscal regime, even as inflation rises.

(Bloomberg) -- Global oil markets face a surplus of more than 1 million barrels a day next year as Chinese demand continues to falter, cushioning prices against turmoil in the Middle East and beyond, the International Energy Agency said.Most Read from BloombergUnder Trump, Prepare for New US Transportation PrioritiesZimbabwe City of 700,000 at Risk of Running Dry by Year-EndSaudi Neom Gets $3 Billion Loan Guarantee From Italy Export Credit Agency SaceThe Urban-Rural Divide Over Highway Expansion

(Bloomberg) -- Australia’s run of hiring gains slowed in October, while the unemployment rate held steady, underscoring the resilience of the labor market to elevated interest rates. Most Read from BloombergUnder Trump, Prepare for New US Transportation PrioritiesZimbabwe City of 700,000 at Risk of Running Dry by Year-EndSaudi Neom Gets $3 Billion Loan Guarantee From Italy Export Credit Agency SaceThe Urban-Rural Divide Over Highway Expansion and EmissionsArizona Elections Signal Robust Immigrat

Greenlight Capital President David Einhorn said on Wednesday he has added some inflationary protection to his hedge fund portfolio as he believes that inflation will go up under the government of President-elect Donald Trump. Speaking at the CNBC Delivering Alpha conference, Einhorn said inflation is likely to be between 3.5% and 4.5% next year. In the 12 months through September, the consumer price index rose 2.6%, the Labor Department's Bureau of Labor Statistics said on Wednesday.