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[View in browser]( [Bloomberg]( Wall Street is having a good quarter, the Bitcoin ETF era is coming, and retail sales numbers are due. Great quarter, guys  It’s been a very good week for banks reporting earnings with [with Morgan Stanley](, [Bank of America Corp.]( and [Citigroup Inc.]( posting better-than-expected results. The beats helped drive the S&P 500 Index to its [best day since March](. The heads of the big banks that have reported so far see little sign the deal-making windfall [will slow down any time soon](. This morning, it is turn of Goldman Sachs Group Inc., with analysts expecting a similarly strong performance. Crypto It’s also been a good week for [cryptocurrencies](. The Securities and Exchange Commission looks [poised to soon allow]( the first U.S. Bitcoin futures exchange-traded fund to begin trading. Russian President Vladimir Putin said he [accepted crypto’s role]( in making payments. Positive developments helped push Bitcoin to within a couple of dollars of $60,000 this morning. On the negative front, there is clear evidence that China’s crackdown is [significantly slowing trading]( in the region, while MSCI Inc. says the increasing exposure among traditional investors to the asset class is [opening them to new risks](. Sales, costs This morning’s retail sales data for September is expected to show a small drop from August in the headline number as purchases of [big-ticket items such as cars]( fall. Core sales excluding auto and gas are forecast to stay in positive territory. The mixed performance from consumers and rising inflation is all seen as a [drag on growth](. Speaking of inflation, the price of oil and basic materials continue to push higher, with international benchmark Brent [rising above $85 this morning]( for the first time since 2018, while [base metals extended gains]( after climbing to a record high yesterday. Markets rise Equity investors continue to concentrate on the positive news from earnings. Overnight the MSCI Asia Pacific Index climbed 1.2% while Japan’s Topix index closed 1.9% higher. In Europe the Stoxx 600 Index had added 0.4% by 5:50 a.m. Eastern Time with banks leading the gains. S&P 500 futures pointed to [more green at the open](, the 10-year Treasury yield was at 1.551% and gold dropped.  Coming up... October Empire Manufacturing accompanies retail sales data at 8:30 a.m. The latest University of Michigan sentiment reading is at 10:00 a.m., with August business inventories also at that time. The Baker Hughes rig count is at 1:00 p.m., with the number expected to tick higher as [production in the Permian surges](. As well as Goldman, we also get results from Charles Schwab Corp., Prologis Inc. and Sensient Technologies Corp. What we've been reading Here's what caught our eye over the last 24 hours. - Biden signs measures [raising the debt limit]( until Dec. 3. - Out-of-practice airline pilots [are making errors]( back in the air. - China [eases mortgages]( for the rest of the year on Evergrande fears. - Container-ship traffic jam in Southeast Asia the [worst since April](. - La Nina arrives threatening to [stoke droughts and roil markets](. - The [$100 billion hurdle]( to a global climate breakthrough. - Blood, lies, and a [drugs trial gone bad](. And finally, here’s what Katie’s interested in this morning There’s no shortage of inflation opinions among the chief executives at some of the biggest U.S. banks. Here are a smattering of headlines that crossed the Terminal this week as the financial heavyweights kicked off the third-quarter reporting season: MOYNIHAN SAYS INFLATION ISN’T TEMPORARY, ‘IT’S PERMANENT’ MORGAN STANLEY CEO GORMAN SAYS INFLATION IS ‘NOT TRANSITORY’ DIMON: INFLATION HAS TRANSITORY AND PERMANENT COMPONENTS Which, taken together, are fairly representative of what you’d hear if you asked three different Wall Street analysts for their take on inflation. But for good measure, Goldman Sachs Group President John Waldron also said this week that inflation is [not transitory]( -- a sentiment echoed by BlackRock Inc. CEO Larry Fink, who added it’s “definitely not transitory.” Non-reopening components in CPI have larger contribution to September increase Bloomberg Bloomberg But in particular, Morgan Stanley’s Gorman seems passionate about what policymakers should do next. “You’ve got to [prick this bubble a little bit](,” Gorman said Thursday in an interview with Bloomberg Television. “Money is a bit too free and available right now.” Gorman has a timeframe in mind, too -- an aggressive one. “I’ve been much more hawkish. I would have brought rates up. Certainly by the first quarter of next year, I’d start moving,” Gorman said. Which would imply tapering bond purchases while simultaneously hiking rates. A Gorman-run Fed -- the mind runs wild. Follow Bloomberg's Katie Greifield on Twitter at [@kgreifeld]( 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](