This year has witnessed millions more perish from the coronavirus, a fact that will forever color its memory. The pandemic’s other consequences, from mass resignations to labor shortages to supply chain crunch-induced inflation, also made themselves known over the past 12 months as our year in review details. Economies roared back, but the fallout of global warming became more apparent. This will go down as one of the hottest years in modern telling as the horrors of the climate crisis were on full display, from floods in Germany and frosts in Brazil to the relentless heatwave in the Pacific Northwest. Power shifts, rulers-for-life and an unprecedented attack on American democracy from within punctuated the year in politics. But on Wall Street, the big lesson was that crypto and NFTs can no longer be ignored. 

The week was spent weighing the threat, cost and impact of the omicron variant of the coronavirus. One study showed it was four times more transmissible than delta and a U.K. report suggested booster shots could make a big difference in fighting it off. Here’s why omicron should be a wake-up call and what the hardest part is about developing a super-vaccine for all coronaviruses.

U.S. President Joe Biden engaged in Cold War-era diplomacy to defuse tensions triggered by Russia’s threatening military buildup on the border with Ukraine. James Stavridis, the former supreme allied commander of NATO, has four ideas to make sure Vladimir Putin doesn’t invade his neighbor again. In Washington, Republicans are pushing Democratic Senator Joe Manchin to help them kill Biden’s $2 trillion package to fund healthcare, climate and social infrastructure initiatives.

Best (and worst) bangs for your buck: Bank of America is turning to private jets and exotic cars to compete with American Express and JPMorgan to lure big spenders to its credit cards. JPMorgan is testing ways to help hedge funds dodge meme stock shocks. And what asset do money mangers see as ripe for a big selloff next year? Yep, crypto.

RIP RTO. The return to office keeps getting kicked down the road. Jefferies asked staff to work from home and will require employees get a Covid booster by the end of January. Manhattan rents surged even without a mass return to the office. And with international travel largely on hold yet again, Bloomberg Opinion’s Alexis Leondis says tap your rewards points and airline miles soon.

This year’s unexpected stocking stuffer may be NFTs—whether you want them or not. Here’s our primer on how they work. For more delicious gifts, check out our best finds to impress the most discerning foodie, the 50 best wines under $50 (our writer sampled 2,705 in the process) and the 15 top beers of the year, from traditional to innovative. And if those don’t tickle your fancy, perhaps a bespoke suit will do instead.

• The Fed, the ECB and the BOE have rate decisions.
• China’s top leaders meet to set the economic agenda. 
• The Bloomberg Technology Summit convenes.
• Watch for market volatility from quarterly witching.
• EU leaders discuss mandatory vaccinations.

Young Generations Opt Out of Pursuing Wealth

Rethinking your lifestyle in pandemic times? You're not the only one. Millions of people around the world are mulling how they work and live as they strive for more balance. The U.S. has seen workers quit in record numbers, with surveys showing more people suffering burnout and mental health struggles.

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