August 28, 2024
United States:
Fed Embraces Gradualism, a Familiar Policy for Uncertain Times
With a September interest-rate cut all but certain and attention turning to the pace of future reductions, Federal Reserve officials are coalescing around a gradual approach to the last mile of their inflation fight.
A handful of policymakers at the Fed’s annual research symposium in Jackson Hole, Wyoming, last week made the case for lowering rates in a “gradual” or “methodical” manner. That pushed back against investor expectations for at least one outsized cut this fall.
United Kingdom:
UK Homes for Sale Hit 7-Year High as Market Gains Momentum
The number of UK properties up for sale has hit its highest level in seven years and buyer demand is rising as a recovering economy boosts consumer confidence, according to Zoopla.
The property website said each estate agent had an average of 33 properties on their books in the four weeks to Aug. 18, up 14% from a year earlier. It predicted that growing supply will lift sales this year, in a boon for realtors, but also keep prices in check — good news for those struggling to get onto the housing ladder.
Asia:
BOJ Deputy Governor Sees Rate Hike Justified If Outlook Realized
Deputy Governor Ryozo Himino said the Bank of Japan will raise interest rates as long as inflation moves in line with the bank’s view, showing that the central bank’s stance is essentially unchanged despite the ructions in financial markets earlier this month.
The BOJ’s basic stance “is that it will examine the impact of market developments and the July rate hike,” Himino said in a speech to local business leaders in Yamanashi, central Japan, Wednesday. “If it has growing confidence that its outlook for economic activity and prices will be realized, it will adjust the degree of monetary accommodation.”
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