Your Sunday briefing: The world’s finance chiefs are coming to town

(Bloomberg) — Hello again.

Whether or not you have a day off for Columbus Day tomorrow, here’s something to prepare you for the week ahead.

The Big Gathering: Global finance chiefs gather in Washington for the first all-in-person meetings of the IMF and World Bank since the pandemic. With IMF chief Kristalina Georgieva already warning of a potential output loss of $4 trillion through 2026, central bankers, finance chiefs and others will have to grapple with the impact of runaway inflation, rising borrowing costs and Ukraine’s war on the global economy.

The other big gathering: Xi Jinping is getting closer to a historic third term in power. On Sunday, the Chinese president chaired a final meeting of top leaders that comes days before the two-decade Communist Party congress that is expected to keep him in power for another five years. Here’s a look at Xi’s first decade and how he changed China and the world.

The big stat: Thursday’s CPI report will likely show continued price pressures — and give the Fed no reason to deviate from its tightening path. Other data includes figures on prices paid to US producers, as well as retail sales.

Big Market Thinking: Dexterity Capital’s Michael Safai explains how the growing influence of institutional investors is changing the crypto market. “We were maybe playing checkers two years ago. We play chess now,” he said.

The Big Earnings: Third-quarter earnings season kicks off this week, with a slew of consumer and financial companies releasing their numbers. PepsiCo is due on Wednesday, Walgreens Boots Alliance and Domino’s Pizza on Thursday, while Friday will see a slew of investment banks – JPMorgan, Wells Fargo, Citigroup and Morgan Stanley – cut staff.

The Big Reward: The Nobel Prize in Economics (officially “Economics”) will be announced on Monday. The Swedish Riksbank established it in 1968, adding a sixth category to the existing prizes for physics, chemistry, medicine, peace and literature. The winner(s) will be able to meet this year’s other winners at a sumptuous dinner in Stockholm in December.

The big trip: With Japan resuming visa-free travel for vaccinated tourists this week and the yen near a multi-decade low against the dollar, Americans could be rushing to book their flights to Tokyo. But after more than two years, some things have changed, for better or for worse, and tourists should take note.

The big opinion: Last week’s larger-than-expected 2 million barrels-per-day OPEC+ production cut will likely keep prices stubbornly high and cloud the Democratic Party’s midterm election outlook. Yet the actual drop in production could be only a tenth of the overall figure, given that most cartel members are already pumping well below their quota levels, writes Julian Lee in Bloomberg Opinion.

ICYM our Big Take: A strange thing happened to Jennifer King: a white Jaguar SUV bearing the logo of Google’s driverless car division, Waymo, was backing out of its driveway in San Francisco. He was the first of a dozen who started doing the exact same thing, multiple times, every day. King’s experience shows how the self-driving car revolution is starting to look like a $100 billion drop, writes Max Chafkin for Bloomberg Businessweek.

And finally, if you’re wondering how to raise a billion dollars a year in music royalties, listen to this.

Have a good week. We meet on the other side.

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