good morning scholz’s plans fed acceleration eyed quick swedish exit and orange hunts for new boss here’s what’s moving markets olaf scholz set out to steer germany through the resurgent pandemic and transform europe’s largest economy into a climate leader as the social democrat prepared to succeed angela merkel as chancellor the 63yearold first addressed germany’s brutal covid19 outbreak in a sign of the pressure already bearing down on him and his partners even before they’ve formally formed the next government he then called for a wave of spending to upgrade the industrial economy and combat climate change after nearly two months of intense negotiations scholz’s centerleft social democrats reached a deal with the greens and the probusiness free democrats early on wednesday drawing a line under merkel’s 16year tenure federal reserve officials at their last meeting were open to removing policy support at a faster pace to keep inflation in check even before data showed price pressures accelerating “various participants noted that the committee should be prepared to adjust the pace of asset purchases and raise the target range for the federal funds rate sooner than participants currently anticipated if inflation continued to run higher” according to minutes released wednesday of the november meeting since the meeting data on inflation have worsened deutsche bank said it now expects the fed will accelerate the pace of tapering at its december policy gathering sweden’s first female prime minister magdalena andersson got the worst possible start to her tenure when she was forced to resign only hours after her historic appointment the resignation was triggered after a junior partner to andersson’s social democrats left her government over the loss of next year’s budget vote the 54yearold former finance minister who had to step down to get another go at securing the top seat said she is still ready to lead a oneparty cabinet and will now face a new vote the latest turbulence shows how the rise of the antiimmigrant sweden democrats has made it extremely difficult to form viable coalitions orange is hunting for a new leadership after stephane richard was found guilty of aiding and abetting the misuse of public funds the telecom company’s board meeting wednesday night decided new leadership should be nominated by jan 31 at the latest according to a statement richard will keep running the company in the meantime after leading the french company for a decade richard was found to have helped the late bernard tapie cheat the government out of about 403 million euros 453 million in 2008 a court ruled earlier wednesday richard said in a statement he will lodge an appeal with france’s top court to overturn his “profoundly unjust” conviction european futures are pointing to a strong open after us shares rose shrugging off tapering concerns us markets are closed thursday as people get together for thanksgiving in this region earnings have a boozy feel with pub operator mitchells  butlers and liquor group remy cointreau updating for central banks sweden is seen keeping interest rates as they are and bank of england governor andrew bailey is on the speaker schedule this is what’s caught our eye over the past 24 hours and finally heres what cormac is interested in this morning with all the focus on ever sooner fed hikes its often a useful exercise to look further out the calendar to see when investors expect the next rate cut  particularly given concerns over a potential policy error eurodollar traders are expecting about six hikes over the next two years  starting in 2022  before a rapid tail off with less that one priced in for 2024 in 2025 markets are very close to betting on lower rates for the first time that seems too far away to suggest eurodollar traders are in the policy error camp still their treasuries counterparts are less certain with the 5year30year yield curve flattening to a new low for the year on wednesday that ties in more with a potential policy mistake scenario than expectations for a normal cycle of rate hikes as the us economy continues to expand the focus on 2022 continued wednesday after the fed’s most recent meeting minutes disclosed concerns that elevated inflation may spur a faster pace in tapering bond purchases but keep an eye on bets further out as a way to gauge whether the market believes potential central bank action will be successful in keeping the recovery going or not cormac mullen is a crossasset reporter and editor for bloomberg news in tokyo like bloombergs five things subscribe for unlimited access to trusted databased journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters the bloomberg open and the bloomberg close with assistance by cormac mullen and gearoid reidy