Understanding the wage-price inflation cycle

The global semiconductor shortage could continue until the second half of next year, according to a projection from chip supplier Foxconn — which could mean higher prices for goods like cars. And people’s expectations that prices will go up can lead them to ask for higher wages to afford said goods. Businesses then raise prices to compensate, leading to a continuing cycle of inflation. Are we in danger of entering that cycle? Plus, we look at what the new COVID-19 variant means for markets and the holiday travel season.