Fed Minutes Show Most Officials See Taper Starting This Year
“Most Federal Reserve officials agreed last month they could start slowing the pace of bond purchases later this year, judging that enough progress had been made toward their inflation goal, while gains had been made toward their employment objective. “Various participants commented that economic and financial conditions would likely warrant a reduction in coming months,” minutes of the Federal Open Market Committee’s July 27-28 gathering, released Wednesday, said. “Several others indicated, however, that a reduction in the pace of asset purchases was more likely to become appropriate early next year.”
U.K. Inflation Posts a Temporary Slowdown on Its Way to 4%
“U.K. inflation eased in July in what is widely seen as a blip on its way to double the Bank of England’s target this year. Consumer prices fell back to the 2% goal for the first time since April, easing from a 2.5% increase in June, the Office for National Statistics said Wednesday. It’s the first time in four months that inflation rose less than economists had expected.”
China Port Congestion Worsens as Ningbo Shuts for a Week
“The partial closure of the world’s third-busiest container port is worsening congestion at other major Chinese ports, as ships divert away from Ningbo amid uncertainty over how long virus control measures in the city will last. In nearby Shanghai and in Hong Kong, congestion is once again increasing after dropping due to the reopening of Yantian port in Shenzhen, which shut in May for a seperate outbreak. The number of container ships anchored off Xiamen on China’s southeast coast rose to 24 Tuesday from 6 at the start of the month, according to shipping data compiled by Bloomberg.”
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