5 things to start your day

[Bloomberg]( Debt brinksmanship continues, inflation fears, and all eyes on employment. Closer to the edge Senate Majority Leader Chuck Schumer will try for a third time today to force a [vote on suspending the debt ceiling](, with Republicans promising to block him again. Schumer rejected once more using the [time-consuming reconciliation process](, meaning both sides are effectively engaged in a game of chicken. Wall Street strategists are increasingly warning that markets are [underpricing the risks]( from the standoff. Treasury Secretary Janet Yellen yesterday said she opposes minting a $1 trillion coin to solve the impasse, calling it a “[gimmick](.” Prices   The blistering rally in energy prices continues, with Dutch and U.K. natural gas futures [jumping 60% in two days](. Fears about inflation have hit bond prices around the world, with the 10-year Treasury yield trading [as high as 1.57%]( this morning. Data this morning from Germany showed [supply-chain problems]( are holding back the country’s economic recovery. All of which adds up to an increasingly shaky outlook for global growth, even as policy makers insist the [spike in inflation is temporary]( and [trade will continue to recover](. Jobs Adding to [Treasury market nerves]( is the prospect that the Federal Reserve will announce the start of the tapering of asset purchases [as soon as next month](. For policy makers, improvements in U.S. employment have become the target to watch after Federal Reserve Chair Jerome Powell said the inflation test for scaling back bond purchases [has been met](. This means the next three days will be key for the outlook, with ADP Employment data this morning, claims numbers tomorrow and the [payrolls report on Friday](. Markets drop Global equities investors are in a firmly risk-off mood as inflation worries dominate. Overnight the MSCI Asia Pacific Index slipped 0.8% while Japan’s Topix index closed 0.3% lower. In Europe the selloff was much more severe with the Stoxx 600 falling 1.9% by 5:50 a.m. Eastern Time with every industry sector firmly in the red. S&P 500 futures pointed to a [drop at the open](, oil was trading [near $78.50 a barrel]( and gold was down. Coming up... ADP employment data is at 8:15 a.m. Crude investors will be closely watching U.S. inventories numbers at 10:30 a.m. which are expected to show an increase in stockpiles. The [Bloomberg Invest conference]( continues. Constellation Brands Inc., Acuity Brands Inc. and Levi Strauss & Co. are among the companies reporting results. What we've been reading Here's what caught our eye over the last 24 hours. - How a [trillion-dollar coin]( could fit with the “true spirit” of the law. - Rage-fueled politics threaten [Latin America’s business haven](. - SEC chief says the U.S. [won’t ban cryptocurrencies](. - Bitcoin bulls [eye fresh peaks]( after bucking global market swoon. - Isolated China becomes last country [still chasing Covid zero](. - Noma is the [best restaurant in the world](. Again. - Benjamin List and David W.C. MacMillan win the [Nobel Prize for chemistry](. And finally, here’s what Joe’s interested in this morning According to the [British Chamber of Commerce](, firms in the U.K. are facing a "historic surge" in inflation pressure. You could probably apply some version of that line to a lot of places right now, with [fuel and food pressures]( building across much of the world. Earlier in the year, there was a lot of talk about U.S. inflation in particular and about that extra $600 that unemployed workers get, and how Biden made a mistake by front-loading fiscal stimulus. Anyway, by this point all of that seems pretty obsolete. Obviously inflation isn't a uniquely American story by any stretch, and with the unemployment insurance expansion having lapsed, it'll get harder and harder to make a big issue out of that. Obviously, central bankers around the world look at all this and are getting increasingly itchy fingers about tightening policy. In fact New Zealand just [hiked]( rates. And a taper is probably coming soon in the U.S. But it's still not clear, given the supply-side causes of so much of this inflation -- droughts, port congestion etc. -- what these traditional tools are going to accomplish. Follow Bloomberg's Joe Weisenthal on Twitter [@TheStalwart](. 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. Follow Us Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. You received this message because you are subscribed to Bloomberg's Five Things - Americas newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022 [Ads Powered By Liveintent]( [Ad Choices](