The Beijing Winter Olympics are almost here, shadowed by boycotts, fear of a possible Russian attack on Ukraine and of course the coronavirus. There’s been no shortage of issues for other nations to protest about, from the case of the missing tennis star to Beijing’s comprehensive effort to snuff out free speech and a free press in Hong Kong. But the biggest source of ire from the West and elsewhere has been China’s detention and treatment of more than a million Muslim Uyghurs in Xinjiang. The presence of thousands of foreign athletes from countries that value free speech may be risky for President Xi Jinping, who seeks to cement (maybe lifetime) control over China with a third term. Avoiding controversy could be key. As for athletes, keep an eye on Eileen Gu, China’s American-born star.

President Joe Biden is pushing as high-priority new legislation aimed at bolstering U.S. competitiveness with China, but what was seemingly bipartisan is now becoming partisan, as Republicans vow to block it over provisions aimed at fighting global warming. With his infrastructure bill passed, Biden has a chance to fulfill another campaign promise and nominate the first Black woman to the Supreme Court after Associate Justice Stephen Breyer decided to step down.

Biden has been saying that his economic plan is working, and America’s GDP, record job growth and rising wages arguably support his case. But consumer confidence has yet to reflect that, with supply chain issues and (relatedly) the “I” word being all the rage. Many economists have predicted inflation will fall to 3% as the year progresses, and the Fed’s rate-hike plans are part of that. But others see inflation being stickier. Meanwhile, Conor Sen writes in Bloomberg Opinion that Biden’s economy is giving Republican governors money to burn.

Cryptocurrencies won’t go up just because they’re going mainstream, at least according to Goldman Sachs. There’s growing concern about criminal activity in the digital asset market, too, while regulators wonder whether 18% yields on crypto savings accounts might be too tempting. Russian President Vladimir Putin may be a fan of crypto mining, but memories of 2018 are sparking fears among the Bitcoin faithful.

What’s worse than failing an exam? Doing really well and the result being meaningless. That’s the fate of the wealthiest U.S. college applicants, who are submitting their SAT and ACT scores to schools who aren’t even asking for them. And speaking of wealth, UBS isn’t just contented with the good old ultra rich, they are going after the younger ones as well.

The Year of the Tiger is almost here and it’s not too late to buy gifts. Fashion houses and Swiss watch brands have created special pieces to ring in the Lunar New Year. These are our top choices. If you’re in the mood for cooking, try Betty Liu’s Oil-Exploded Shrimp.  

• The Winter Olympics begin, with Putin and Xi meeting up.
• Voters take to the polls in Portugal
• Bank of England, European Central Bank announce policy.
• OPEC+ meets to assess market and decide on March supplies.
• The U.S. jobs report released as unemployment falls.

Market Turmoil Is Ultimate Test of What’s Real

The U.S. economy may be pounding away at near pre-pandemic levels, but that doesn’t mean too much to Wall Street. It’s been an ugly start to the year in the stock market, and investors are bracing for it to get uglier. Why? Because the days of easy money are over as the Fed prepares to fight inflation, ripping off the band-aid all year long.

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