Overseas Headlines – August 23, 2021

United States:

Fed Experts Say Powell Framework Needs Endgame, Inflation Reset

“Federal Reserve chairs have frequently used the central bank’s annual Jackson Hole symposium at the base of the magnificent Teton mountain range in Wyoming to make major policy pronouncements. Last year was no exception — even though the conference was held virtually because of Covid-19.”



U.K. Economy Seen Slowing Sharply on Record Staff Shortages

“Britain’s economy grew at the slowest pace since the height of lockdown in February, which purchasing managers blamed on staff shortages that left them unable to meet demand. IHS Markit said its survey showed a reading of 55.3 in August, well below the 58.7 predicted by economists. That reflected the lowest level of activity in six months for services and manufacturing.”



Japan’s Services Activity Shrinks at Fastest Pace in 15 Months

“Activity in Japan’s service sector shrank at the fastest pace in 15 months as restrictions to combat the nation’s worst wave of Covid-19 infections hit businesses. The au Jibun Bank’s purchasing managers index of activity in Japan’s service sector fell 3.9 points to 43.5, the lowest since May 2020. The services PMI has run below 50, indicating contraction, every month since February 2020.”




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