LONDON—The dollar edged down against major peers on Thursday, reaching its lowest level in 10 days in a pullback from its recent rally, while the Australian and New Zealand dollars rose. Expectations that the U.S. Federal Reserve would tighten monetary policy more quickly than previously expected have helped the dollar rise since early September. But…
Dollar Falls to 10-Day Low as Rally Pauses; Riskier Currencies Rebound
October 14, 2021
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3 Fed Policymakers Throw Support Behind November Taper Timeline
October 14, 2021
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Three Federal Reserve policymakers on Tuesday hinted that the central bank has made enough progress to start cutting back on its monthly bond purchases as early as next month and will start withdrawing the extraordinary support it unleashed after the pandemic lockdowns paralyzed the economy. “Since our December 2020 meeting, the Committee has indicated that it will continue to maintain…
Inflation Angst Lifts Stocks but Reins Back Dollar
October 14, 2021
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LONDON—World markets stayed focused on rising inflation on Thursday as tech stocks rebooted global equities, oil and gas prices fired up again but the dollar and benchmark government bond yields both stalled. Record high Chinese factory gate inflation data overnight following stronger-than-expected U.S. CPI figures on Wednesday meant the price pressure theme was very much…
S&P 500, Nasdaq Rise With Growth Stocks; JPMorgan a Drag
October 14, 2021
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NEW YORK—The S&P 500 and Nasdaq ended higher on Wednesday, led by gains in shares of big growth names like Amazon.com and Microsoft, but JPMorgan shares fell along with other bank shares and weighed on the market. The S&P 500 briefly added to gains following the release of minutes from the September Federal Reserve policy…
Fed Announces Quarles to Step Away From Internal Regulatory Lead Role as Vice-Chair Term Expires
WASHINGTON—The Federal Reserve said on Tuesday that Vice Chair for Supervision Randal Quarles would no longer lead the internal committee overseeing bank rules and supervision, as his term as the central bank’s top regulatory official expires on Wednesday. Instead, that panel will meet as needed on an unchaired basis, and any regulatory projects will only…
China Allows Higher Electricity Prices, Adding to Mounting Inflation Pressure
October 14, 2021
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Asia & PacificBusiness & EconomyChinaChina Business & EconomyEconomiesinflationMarketsPower CrunchPPIWorld
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The Chinese government will allow electricity prices to increase in its boldest reforms to the energy sector in decades, hoping to ease a worsening power crunch. But the country’s inflation pressures are rising, threatening its economic growth. China’s National Development and Reform Commission (NDRC) said on Oct. 12 that the price of coal-fired power could…
Energy Crunch Stokes Inflation, Economic Recovery Concerns
BEIJING—Authorities from Beijing to Delhi scrambled to fill a yawning power supply gap on Tuesday, triggering global stock and bond market wobbles on worries that rising energy costs will stoke inflation and curtail an economic recovery. Power prices have surged to record highs in recent weeks, driven by shortages in Asia and Europe, with an…
The Long Road Ahead for NSW Property Tax Reform
October 13, 2021
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AustraliaBusiness & EconomyDominic PerrottetEconomiesLand TaxNSWOpinionproperty taxStamp DutyViewpointsWorld
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Commentary Dominic Perrottet’s elevation from Treasurer to Premier of New South Wales (NSW) has brought attention back to his long-term plan to replace the stamp duty on property transactions with an annual tax on land value. Perrottet wants to make his mark as a reformer, and this is one key reform idea he developed as…
Biden Administration Weighing Steps to Address Gas Shortages: White House
The Biden administration is weighing its options to deal with fuel and natural gas shortages that have caused prices to surge in recent weeks ahead of the winter season, said White House press secretary Jen Psaki on Wednesday. “The president has asked his economic team, as they do on any range of issues impacting the public, to…
Social Security Announces Largest Benefits Increase Since 1982
As inflation continues to climb, the Social Security Administration (SSA) has announced that social security recipients will see a 5.9 percent increase in their benefits, the largest such increase since 1982. The SSA has historically adjusted benefits to account for inflation, but these have often been minor, granting beneficiaries a one or two percent increase….
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