April 10, 2024
United States:
US Core CPI Tops Forecasts Again, Likely Delaying Fed Rate Cuts
A measure of underlying US inflation topped forecasts for a third straight month, heralding a fresh wave of price pressures that will likely delay any Federal Reserve interest-rate cuts until later in the year.
The so-called core consumer price index, which excludes food and energy costs, increased 0.4% from February, according to government data out Wednesday. From a year ago, it advanced 3.8%, holding steady from the prior month.
Europe:
French Deficit to Be Wider Than Expected, Pressuring Macron
The French government said its deficit will be wider than anticipated as pressure mounts on Emmanuel Macron to cut expenses — or find new sources of state income.
The finance ministry now sees a shortfall of 5.1% this year and 4.1% in 2025, compared to previous forecasts of 4.4% and 3.7%. It will then narrow to 3.6%, before hitting 2.9% in 2027, it said in an update to France’s multi-year public finance plan, which will be submitted to Brussels on April 17.
Asia:
Fitch Cuts China Outlook to Negative on Steady Rise in Debt
Fitch Ratings revised China’s outlook to negative from stable, saying the government is likely to pile on debt as it seeks to pull the economy out of a real estate-driven slowdown.
Growing uncertainty about the outlook for the world’s second-biggest economy, amid Beijing’s drive to make growth less dependent on housing, “could keep debt on a steady upward trend,” Fitch said on Wednesday.
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