Economic activity during the month of October was hindered by global supply issues and the COVID-19
Delta variant. Inflation remained elevated, prompting some global central banks to acknowledge higher
inflation may persist into 2022. As reported in October, economic growth in the U.S. and China slowed in
the third quarter, while growth in Europe was largely unchanged from the previous quarter.
Equity markets moved higher over October. Investors brushed aside concerns about inflation and
potentially weak economic growth, and instead focused relatively strong financial results. In Canada…

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