Inflation Set to Spoil Holidays for Struggling U.S. Families
“Retailers are forecasting a record holiday spending season. But for one in ten Americans, prices rising at the fastest pace in 30 years will dampen the Christmas spirit. Inflation is especially taking a toll on lower-income families, who spend roughly a third of their earnings on essentials like food and energy. It’s eating into recent wage increases, and the timing couldn’t be worse after federal pandemic relief expired for about 7.5 million people.”
BOE Governor Blames Investors for Misreading Comments on Rates
“Bank of England Governor Andrew Bailey hit back at critics who accused him of misleading markets before this month’s interest rate decision, saying the fault lay with traders. Investors took his “conditional” statements on the direction of interest rates at a G-30 conference on Oct. 17 and turned them into “unconditional views of the world,” Bailey told lawmakers on the Treasury Committee on Monday.”
China’s Property Crackdown Is Dragging Economy to Lows of 1990
“China’s economy is slowing to the lows seen way back in 1990 — a price President Xi Jinping seems willing to pay to reduce its dependence on the property sector. Beijing’s squeeze on the real estate sector will linger into next year and beyond, a development many hadn’t seen coming that has now prompted banks like Goldman Sachs Group Inc., Nomura Holdings Inc. and Barclays Plc to cut their growth forecasts in 2022 to below 5%.”
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