June 28, 2024
United States:
Fed’s Favored Price Gauge Slows, Supporting Case for Rate Cut
The Federal Reserve’s preferred measure of underlying US inflation decelerated in May, bolstering the case for lower interest rates later this year.
The so-called core personal consumption expenditures price index, which strips out volatile food and energy items, increased 0.1% from the prior month. That marked the smallest advance in six months. On an unrounded basis, it was up just 0.08%, the least since November 2020.
Europe:
French Inflation Resumes Slowdown Two Days Before Elections
French inflation slowed a little — reinforcing the European Central Bank’s decision to begin cutting record-high interest rates and offering an economic bright spot for President Emmanuel Macron two days before elections.
Consumer prices in the euro area’s second-largest economy rose 2.5% from a year ago in June after advancing 2.6% the previous month, the Insee statistics agency said Friday. The reading matched the median estimate of economists in a Bloomberg survey.
Asia:
Hong Kong Stumbles in Its Own Key Test as a Global Financial Hub
Four years after Hong Kong began a sweeping crackdown against political dissent, the city is struggling to meet one of its own benchmarks in reassuring foreign investors that it remains a predictable place to do business.
Hong Kong’s top court, established in 1997 when the former British colony returned to Chinese rule, has seen about half of its 15 overseas judges step down from a 2019 peak. Eight of them either resigned or chose not to renew their three-year terms after Beijing imposed a national security law on the city in 2020, data compiled by Bloomberg News show.
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