Price pressures are becoming entrenched in the economy, which will likely push the Federal Reserve to raise interest rates even more aggressively.

Price pressures are still torrid, despite slight cooling vs. March numbers.

First-quarter corporate earnings are beating estimates by 7%: "As 2022 progresses, we will begin to experience an easing in supply-chain disruptions, general inventory rebuilding across many end-use markets, and still a healthy consumer willing to spend."

But Chairman Powell backs a March liftoff on interest rate hikes and won't rule out an increase at every meeting.

The U.S. central bank accelerates the taper of its bond-buying and signals it will raise rates three times in 2022.

The value of goods exports rose 8.1%, while the value of imports rose only 0.9%, for a U.S. trade deficit of approximately $67 billion in October.

Payrolls grow more quickly than expected; U.S. businesses added 531,000 non-farm jobs last month.

The Fed won't consider interest-rate increases until the labor market heals further, even though inflation may run hot for months.