July 11, 2024
United States:
US Inflation Broadly Cools, Bolstering Case for Fed Rate Cut
US inflation cooled broadly in June, driven by a long-awaited slowdown in housing costs and providing another dose of confidence for Federal Reserve officials that they can cut interest rates soon.
The so-called core consumer price index — which excludes food and energy costs — climbed 0.1% from May, the smallest advance since August 2021, Bureau of Labor Statistics figures showed. The year-over-year measure rose 3.3%, also the slowest pace in more than three years, according to data out Thursday.
Europe:
France Must Find €15 Billion Annually to Meet EU Demands
France’s next government will need to find more than €15 billion ($16.2 billion) in extra revenue or savings a year to meet European Union demands, according to people with knowledge of the assessment.
With current Finance Minister Bruno Le Maire vowing to leave the public finances on a steady course when he leaves office, the tally provides a glimpse of the challenge faced by President Emmanuel Macron in getting a coalition government together whose likely constituent parties all want higher spending.
Asia:
Bank of Korea’s Rhee Seeks to Curb Moves Based on Rate Cut Hopes
Bank of Korea Governor Rhee Chang-yong sought to rein in market moves based on assumptions of a near-term policy pivot as the board extended its record-long holding of interest rates.
“Market expectations for a cut are somewhat excessive,” Rhee said at a news briefing after the board unanimously decided Thursday to keep the seven-day repurchase rate unchanged at 3.5%, matching the forecast of all 22 economists surveyed by Bloomberg.
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