Powell Inflation View Backed by Fed Majority in Rate Debate
“Federal Reserve Chair Jerome Powell has received the public backing of a majority of colleagues for his view that the recent inflation surge will fade, even as some policy makers question that stance and see the need for interest-rate hikes next year. Those calling for rate increases next year cite inflation risk Top policy makers including Fed Chair Powell play down concern Powell Inflation View Backed by Fed Majority in Rate Debate – Bloomberg Remarks by numerous officials since the U.S. central bank’s June 15-16 meeting show a debate over how long inflationary pressures will last. For now, the coalition around Powell’s position appears to have the upper hand.”
U.K. Population Grew at Slowest Rate Since 2002 as Pandemic Hit
“The U.K. population grew at its slowest pace in almost two decades last year as the effects of the coronavirus pandemic took hold. The Office for National Statistics said the number of people living in the country rose to a record 67.1 million as of June 2020, an increase of 284,000 from mid-2019. The 0.4% increase was the smallest since 2002 and even lower than estimated in preliminary figures published two months ago.”
China’s PBOC Leads the Fed in Weaning Economy Off Stimulus
“China’s central bank is a step ahead of its U.S. counterpart in reining in its Covid-19 emergency stimulus, relieving potential market pressure from the Federal Reserve’s looming shift in policy. The People’s Bank of China has already started curbing credit growth to tackle debt risks, although it’s doing so gradually to avoid stalling the economy’s still uncertain recovery. Consumer inflation also remains tame despite the recent surge in factory prices.”
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