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1 Article
Source: Common Domain

Inflation Weakens Support for Government of Philippine Strongman Duterte

16-Oct-2018

The highest inflation in almost a decade is eating away at support for President Rodrigo Duterte’s government and forcing sacrifices to his flagship economic agenda.

On Sunday Mr. Duterte’s finance chief announced suspension of a fuel-tax increase scheduled for January, an important source of funding for Mr. Duterte’s $166 billion infrastructure vision. “This course of action will help anchor inflation expectations for the coming year, allow the public to manage their finances better, and disallow hoarders and profiteers from taking advantage of the situation,” Finance Secretary Carlos Dominguez said.

1 Article
Source: Common Domain

Janet Yellen Calls Trump’s Attack on Fed Counterproductive

Tuesday 22:48 GMT

Former Federal Reserve Chairwoman Janet Yellen said President Trump’s attacks on the central bank could be counterproductive if they cause investors to doubt the Fed’s commitment to keeping inflation in check.

Ms. Yellen said Monday at the annual convention of the Mortgage Bankers Association that she didn’t think the central bank or her successor as Fed chairman, Jerome Powell, would be influenced by Mr. Trump’s criticism last week, in which he said the Fed had “gone crazy” in its campaign to slowly raise short-term borrowing costs.

1 Article
Source: Common Domain

Policy Makers Rethink a 2% Inflation Target

Wednesday 02:26 GMT

From Ottawa to Oslo, policy makers have been considering whether that level of consumer-price growth, a Holy Grail for the world’s major central banks over the past quarter-century, is still relevant.

The case for a higher target runs like this: Policy makers find it difficult to cut benchmark interest rates much below zero. If inflation is 2%, that means central banks can reduce the real interest rate—the benchmark rate minus inflation—to minus 2% by cutting the benchmark rate to zero.

1 Article
Source: Common Domain

Trump Complains About Rising Interest Rates, Calling the Fed ‘My Biggest Threat’

Wednesday 09:58 GMT

President Trump reiterated his complaints that the Federal Reserve is raising short-term interest rates too fast, calling the U.S. central bank “my biggest threat.” “It’s independent so I don’t speak to him, but I’m not happy with what he’s doing, because it’s going too fast,” Mr. Trump said in an interview with the Fox Business Network, referring to Fed Chairman Jerome Powell, whom he nominated last year.

1 Article
Source: Common Domain

Sterling slides after U.K. inflation data; dollar traders await Fed minutes

Thursday 16:23 GMT

The U.S. dollar was among the better-developed market performers, with the ICE U.S. Dollar Index DXY, +0.43% last up 0.4% at 95.384, counteracting Tuesday’s sluggishness.

In European data, harmonized inflation for the European Union was unchanged at 2.1% for the year leading up to September, while U.K. harmonized consumer prices undershot expectations at 2.4% versus 2.6% expected. The cooler British print was “dampening any need for Bank of England action in the immediate future,” said Boris Schlossberg, managing director of FX strategy at BK Asset Management.

2 Articles
Source: Common Domain

Inflation Is Back—and Consumer-Goods Giants Are Taking Advantage

Friday 08:05 GMT

Two of the world’s largest consumer-goods companies, Unilever UL -0.60% PLC and Nestlé SA, reported stronger sales as a wave of inflation in many markets emboldened them to raise prices.

Official Chinese data showed annual inflation at 2.5% last month, a seven-month high, while eurozone inflation was 2.1% last month.

2 Articles
Source: Common Domain

Inflation Is Back—and Consumer-Goods Giants Are Taking Advantage

Friday 08:05 GMT

Two of the world’s largest consumer-goods companies, Unilever UL -0.60% PLC and Nestlé SA, reported stronger sales as a wave of inflation in many markets emboldened them to raise prices.

Official Chinese data showed annual inflation at 2.5% last month, a seven-month high, while eurozone inflation was 2.1% last month.

2 Articles
Source: Common Domain

Quarles says it’s better for Fed to keep on path of rate hikes than assume economy has higher potential

Friday 16:22 GMT

While the productive capacity of the U.S. economy may be increasing, it’s better for the Federal Reserve to continue on its path of steady interest-rate hikes until there’s strong evidence of it, a key official said Thursday.

U.S. stocks DJIA, -1.18%  were getting blasted on Thursday, as reverberations from the hawkish signal sent on Wednesday from the Fed minutes continued.

1 Article
Source: Common Domain

Quarles Backs Fed’s Gradual Policy Course

Friday 23:42 GMT

Federal Reserve Vice Chairman for Supervision Randal Quarles reaffirmed the central bank’s gradual monetary-policy course Thursday, saying policy makers should avoid focusing too much on metrics that come with a higher degree of uncertainty, such as some measures of labor slack, productivity and inflation.

It means Fed officials should “chart a course that is stable, gradual and predictable,” and follow that “unless some strong and steady signal requires a firm but moderate correction.”


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