November 28, 2024
United States:
Fed’s Favored Inflation Gauge Picks Up, Backs Cautious Approach
The Federal Reserve’s preferred measure of underlying inflation accelerated in October from a year ago, helping explain policymakers’ more cautious approach to lowering interest rates.
The so-called core personal consumption expenditures price index, which strips out volatile food and energy items, increased 2.8% from October last year and 0.3% from a month earlier, according to Bureau of Economic Analysis data out Wednesday.
Europe:
German Inflation Unexpectedly Holds Steady, Backing ECB Cuts
German inflation unexpectedly remained unchanged in November, backing arguments for the European Central Bank to continue lowering interest rates.
Consumer-price growth in Europe’s largest economy held at 2.4% — below the 2.6% median estimate in a Bloomberg survey.
Asia:
BOJ Rate Hike Won’t Derail Budgets, DPP Official Indicates
The Bank of Japan likely won’t change policy abruptly enough to derail budget discussions, according to a senior member of an opposition party whose support is needed by Prime Minister Shigeru Ishiba’s minority government.
While the BOJ shouldn’t rush any interest rate hikes when the economy is at a renewed risk of falling back into deflation, the central bank is unlikely to do something that interferes with the formulation of the budget, Democratic Party for the People tax chief Motohisa Furukawa said in an interview on Wednesday.
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