5 things to start your day

[Bloomberg]( China and U.S. agree to phased tariff rollback, the latest on impeachment, and decision day at the Bank of England. Undoing A Chinese Ministry of Commerce spokesman said that both sides in the trade dispute have agreed to [roll back tariffs]( in phases as they work toward a deal. If confirmed by the U.S., such an understanding would provide a road map for a de-escalation of the trade war. Investors and corporations are betting the tentative rapprochement will [stimulate global growth](. In another move which will help negotiations with the White House, China announced some high-profile convictions to stem the [illicit flow of fentanyl](to America. Impeachment House Intelligence Chairman Adam Schiff announced that public hearings as part of the impeachment inquiry [will start next week](, with William Taylor, the current top U.S. diplomat in Ukraine, first to testify on Nov. 13. From unsealed testimony it now seems that President Volodymyr Zelenskiy was particularly interested in getting a meeting with President Donald Trump in the Oval Office. Text messages from Ukraine envoy Kurt Volker show [a clear connection between that meeting happening]( and Ukraine launching investigations into Joseph Biden and the 2016 election. Sponsored Content by [Barclays]( Alternative plant and lab-grown meats are projected to carve up $140bn of the global meat market in 10 years. Barclays research analysts have investigated the factors feeding this rapid growth and what it means for the industry and consumers. [Explore the findings.](   BOE The Bank of England is expected to [keep rates on hold]( and cut both its inflation and growth outlooks when it announces its latest monetary policy decision and forecasts at 7:00 a.m. Eastern Time, followed by a press conference at 7:30 a.m. With Britain headed for an election on Dec. 12 and many unknowns [still surrounding Brexit](, any forecasts will likely be presented with a pinch of salt. Speculation is also mounting over who will head the bank when Governor Mark Carney steps down early next year, with former Reserve Bank of India Governor Raghuram Rajan [among those previously touted for the role](. Markets rise The latest trade news has helped lift equities and pushed sovereign bonds lower. Overnight the MSCI Asia Pacific Index  added 0.3% while Japan’s Topix index closed 0.2% higher. In Europe, the Stoxx 600 Index was 0.3% higher at 5:45 a.m., with carmakers and basic resource stocks among the best performers. S&P 500 futures pointed to a [gain at the open](, the 10-year Treasury yield was at 1.874% and gold was down. Coming up… Weekly initial jobless claims at 8:30 a.m. are expected to drop slightly to 215,000. Bloomberg consumer comfort is published at 9:45 a.m. Today’s Fed speakers are Dallas Fed President Robert Kaplan and Atlanta Fed President Raphael Bostic. In earnings, Walt Disney Co. investors will want details on the company’s foray into streaming and how spending will weigh on profits. Dropbox Inc. reports later. What we've been reading This is what's caught our eye over the last 24 hours. - Brazil’s oil flop is a [warning for Aramco](. - Billionaire Howard’s star traders put hedge fund [back on track](. - Alphabet board [investigates executives]( over relationships. - Russia scraps plans to [set climate-change goals]( for businesses. - UniCredit turnaround plan [starts to take hold](. - Spain’s [long-dead dictator]( lives again in an impossible election. - Nuclear fusion is still [only five years away](. And finally, here’s what Joe's interested in this morning All the billionaire capitalists are sounding like Marxists lately. You can't go a day without hearing some [hedge fund manager warning]( about the dire consequences of extreme inequality. Ray Dalio got a lot of attention this week [by writing on LinkedIn]( that the "world has gone mad" and that "essentially free" money is being made available to people who already have money -- further fueling inequality. Dalio's warning is a version of a popular post-crisis folk tale. It essentially goes like this: Central banks have printed up a bunch of money, and that money goes into the pockets well-connected elites. Then those elites fund companies like WeWork and Uber, and then Adam Neumann becomes a billionaire while everyone else gets scraps. But this story doesn't hold up technically or empirically. For one thing the Fed doesn't just "print" money. It swaps reserves for government bonds of nearly identical face value. But regardless, the Fed's action couldn't explain the whole Uber/WeWork/Softbank phenomenon, since so much of that complex was Saudi money. There is a story to be told, however, on the connection between cheap money and inequality. It's just that the causality goes in the opposite direction. The better story is that for a multitude of reasons, inequality has grown massively, and there are families with wealth beyond which they could ever spend. So they invest that money into financial assets and other investments. Furthermore, because extreme inequality is bad for GDP growth -- since so much of the public lacks spending power -- there's been a particularly high premium paid for companies that sell investors on a vision of secular growth (i.e. new business models like Uber or WeWork). Of course this version of events, that inequality is the source of all this cheap money, rather than the other way around, may also be an oversimplified folk tale. But it's one that actually holds up, and has explanatory power. However because it doesn't have an obvious villain (the Fed!) it's not as popular as the Dalio version. Like Bloomberg's Five Things? [Subscribe for unlimited access]( to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. 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