Good morning from the Financial Times. Today is Friday, December 10th, and this is your FT news briefing.

US inflation is expected to rise at a pace not seen since the Reagan era,

and Omicron doesn't seem to be rattling markets too much. So what are investors thinking?

The kind of mindset that investors that I speak to are in now is that the shocks are shorter,

shorter and sharper shocks. Try saying that with an egg in your mouth.

Plus a global company headquartered in Seattle has to deal with a workers union in the US.

It's not Amazon. Grab a latte and we'll tell you who it is.

I'm Mark Filipino and here's the news you need to start your day.

Inflation in the US looks like it's accelerating. The US government releases the latest consumer

price index today. It's for November and it's expected to show prices increased 6.8% compared

to last year. That would be the fastest pace since 1982. And it's even faster than the previous

month, which is pretty astounding. Here's the FT's US economics editor, Colby Smith.

Astounding is the right word here. People have really come to the conclusion that inflation is

going to come in a lot stronger and potentially be a lot more persistent than they initially thought

just a couple of months back. And it also is going to certainly embolden more aggressive action

from the Fed to do something about these price pressures.

Yeah. And even recently, Fed Chair Jay Powell said that this inflation isn't transitory,

something that he had been saying for months. So this CPI number for November would pretty much

drive that point home, right? Yeah, absolutely. I think transitory is dead and gone at this point.

But to be fair, to the Fed and their outlook for inflation, I don't think that the kind of

substantive narrative about inflation has changed so dramatically in the sense that no one's

kind of too concerned about runaway inflation akin to what we saw in the 1970s. You know,

...