Bitcoin touches new record high

<p>Kia ora,</p><p>Welcome to Tuesday’s Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.</p><p>I'm David Chaston and this is the International edition from Interest.co.nz.</p><p>Today we lead with news the bitcoin price has hit a new all-time record high about two hours ago.</p><p>But first, US <a href="https://www.newyorkfed.org/newsevents/news/research/2021/20211108" target="_blank"><strong>consumer inflation expectations</strong></a> are rising, for the year ahead at least. Consumer prices are now expected to be +5.7% higher in a year, but 'only ' +4.1% higher in three years.</p><p>While most analysts see the American economy growing at close to a +5% rate in Q4-2021, the <a href="https://www.atlantafed.org/cqer/research/gdpnow" target="_blank"><strong>data</strong></a> seems to be pointing to a much better result.</p><p>Meanwhile, there was a US Treasury <a href="https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20211108_3.pdf" target="_blank"><strong>3yr bond auction</strong></a> today with US$163 bln offered where the Fed took a massive US$32 bln (compared to just US$4 bln at the previous event). Still the balance was well supported. The resulting median yield was 0.69% pa, up from 0.60% at <a href="https://www.treasurydirect.gov/instit/annceresult/press/preanre/2021/R_20211012_2.pdf" target="_blank"><strong>the prior event</strong></a> a month ago.</p><p>Although they slipped slightly from September, <a href="https://service.mof.gov.tw/public/Data/statistic/trade/news/11010/11010_%E8%8B%B1%E6%96%87%E6%96%B0%E8%81%9E%E7%A8%BF.pdf" target="_blank"><strong>Taiwan's exports</strong></a> grew strongly again in October, with the fastest rises being with the US and EU. However, exports to mainland China still dominate their trade even if the growth across the Taiwan Strait is tailing off. Taiwan's import growth is dominated by oil.</p><p>In China, all eyes are on the CCP's big event in Beijing. But concerns are growing over their Delta spread, and