Inflation rose 8.6 percent in September compared to the previous year, the Labor Department reported Thursday, reporting it as the greatest gain since 2010. The Producer Price Index News Release summary reported “the final demand index rose 8.6 percent for the 12 months ended in September, the largest advance since 12-month data were first calculated in November…
Yellen Calls for ‘Strong Action’ to Boost Data Integrity at IMF, World Bank
October 14, 2021
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actionBusiness & EconomyCompaniesdataEconomieseconomyIMFintegrityInternationalJanet YellenUSUS NewsWorldWorld Bank
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WASHINGTON—U.S. Treasury Secretary Janet Yellen on Thursday called for “strong action” by international financial institutions to boost accountability, protect data integrity, and prevent misconduct in the wake of a World Bank data-rigging scandal. Yellen, in a statement to the steering committee of the International Monetary Fund, also called for moves by international financial institutions to…
Turkish Lira at New Lows After Erdogan Fires Bank Officials
ANKARA, Turkey—The Turkish lira hit record lows against the dollar Thursday after President Recep Tayyip Erdogan fired senior central bank officials, heightening concerns over the Turkish leader’s interference in the bank’s activities. Erdogan dismissed deputy central bank governors Semih Tumen and Ugur Namik Kucuk as well as Abdullah Yavas, a member of the bank’s monetary…
Europe at Risk of Higher Inflation; ECB’S PEPP Should End in March: ECB’s Knot
FRANKFURT—Euro zone inflation could exceed expectations in the short and medium term, and this outlook for price growth warrants an end to the European Central Bank’s emergency bond purchases next March, Dutch central bank chief Klaas Knot said on Thursday. Inflation has surged this year on a long list of one-off developments but a growing…
Domino’s US Same-Store Sales Fall for First Time in a Decade as Demand Slows
Domino’s Pizza Inc. posted on Thursday its first drop in U.S. same-store sales in over a decade, signaling a slowdown in delivery demand for the world’s largest pizza chain as consumers move away from their pandemic food-ordering habits. As COVID-19 curbs ease, Americans, who spent the last year ordering in, have started to eat out…
US Banks Release Glowing 3Q Earnings as Sector Moves on From Pandemic
From JPMorgan Chase to Citigroup, some of America’s largest banks released their quarterly earnings results this week, and the numbers suggest that these financial institutions are leaving behind the coronavirus pandemic. Bank stocks could extend their rally now that the latest figures show businesses and individuals are borrowing again. Bank of America Beats Analysts’ Forecasts…
Republicans Push Back as Yellen Defends IRS Snooping Into Bank Accounts
October 14, 2021
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Secretary of the Treasury Janet Yellen defended Democrats’ plan to allow the Internal Revenue Service (IRS) to retrieve Americans’ personal information from their banks, a plan that Republicans have decried since news of it became public. Since the introduction of their reconciliation bill, Democrats have insisted that the bill will not add to the debt…
Wall Street Rallies 1 Percent on Upbeat Earnings, Tech Strength
October 14, 2021
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Wall Street’s main indexes rallied on Thursday as a surge in technology stocks and strong quarterly results helped investors to look away from inflation concerns. The biggest boost came from growth names including Facebook Inc., Microsoft Corp., Amazon.com Inc., Tesla Inc., Apple Inc., and Google-parent Alphabet, which rose more than 1 percent. Bank of America…
G-7 Finance Officials Endorse Policy Principles for Central Bank Digital Currencies
October 14, 2021
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G-7 finance officials endorsed 13 public policy principles for central bank digital currencies (CBDC) on Wednesday, noting that while electronic cash could support inclusion and innovation in an increasingly digital economy, the currencies also raise important questions regarding policy and regulation. The G-7 countries consist of Canada, the United Kingdom, the United States, France, Germany, Italy,…
G20 Backs IMF Chief’s New Trust to Reach Broader Range of Countries in Need
WASHINGTON—IMF chief Kristalina Georgieva on Wednesday won the endorsement of the Group of 20 major economies for a new trust that will allow rich IMF members to donate their share of newly created emergency reserves to a broader range of countries in need. G20 finance officials backed the new Resilience and Sustainability Trust (RST) in…
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