An inflation gauge closely tracked by the Federal Reserve shows price pressures easing gradually
WASHINGTON (AP) — An inflation gauge closely tracked by the Federal Reserve shows price pressures easing gradually.
WASHINGTON (AP) — An inflation gauge closely tracked by the Federal Reserve shows price pressures easing gradually.
China's central bank surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy. The medium-term lending facility (MLF) operation comes after the central bank cut several benchmark lending rates on Monday, just days after a top leadership meeting, which had outlined other major reforms. The People's Bank of China (PBOC) issued 200 billion yuan ($27.5 billion) in one-year loans under its MLF at 2.30%, down 20 basis points from its previous MLF loan, the bank said in a statement.
The Prime Minister has said the threat of further strikes is an important consideration in responding to the review bodies’ recommendations.
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But the Institute for Fiscal Studies said the spending crisis was ‘predictable and predicted’
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Anthony Albanese says a respected forecaster’s latest report pointing to a ‘fork in the road’ moment for the economy has endorsed his government’s policies.
June's Personal Consumption Expenditures (PCE) came largely in line with expectations, reinforcing confidence in a September interest rate cut from the Federal Reserve. Insigneo Chief Investment Officer Ahmed Riesgo joins Market Domination to break down the print and what it signals about the overall state of the economy. "We certainly think the Fed is going to cut in September. I mean, the market's also telling you that they're betting very heavily on that. In fact, the market is starting to price in potentially more than 25 basis point rate cut in September. We don't think it's going to go that far. We think there will be one. But really, we think the Fed should have been cutting rates already," Riesgo explains. He adds that bad news has been good for the markets recently, however, he believes that it will change as higher risks of recession are "currently being reflected into asset prices." He believes that in the second half of the year, some of those risks will resurface. He adds, "what matters for consumers is real rates in the economy, not just the Fed funds rate. So a lot of times, it takes a while for those to trickle down and actually start having an impact on people's wallets, on loan balances, and the like." He believes that if he Federal Reserve cuts rates in September, it will be too little too late in preventing a recession, which he anticipates to begin either by the end of 2024 or the beginning of 2025. Riesgo points to cracks in the labor market and weakness in the lower-income segments of the economy as signals of an incoming economic downturn. For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Melanie Riehl
TOKYO (Reuters) -Core inflation in Japan's capital accelerated for a third straight month in July but an index gauging demand-driven price growth slowed, data showed on Friday, complicating the central bank's decision on how soon to raise interest rates. The data comes ahead of the Bank of Japan's two-day policy meeting that ends on Wednesday, when its board will debate whether to raise interest rates and lay out details on how it plans to taper its huge bond purchases. The Tokyo core consumer price index (CPI), which excludes volatile fresh food costs, rose 2.2% in July from a year earlier, matching a median market forecast and accelerating slightly from a 2.1% gain in June.
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