The Australian Treasury Department has refuted the idea that corporate profits are worsening inflation. However, it said the mining sector played a small role in consumer price growth. During a recent Senate estimates hearing, Treasury official Sarah Hunter said the department had analysed the impact of corporate profits on inflation. “And that’s where looking at…
Cleveland Fed President Says There Is No ‘Compelling’ Reason to Pause Rate Hikes
May 31, 2023
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Business & Marketseconomic policieseconomyFederal Reserveinflationinterest ratesLoretta MesterMarketsPolicies & ImpactsPoliticsUSUS News
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Loretta Mester, president of the Federal Reserve Bank of Cleveland, said there was no “compelling” reason to wait for another interest-rate hike, in a recent interview. Mester told the Financial Times in a recent interview that more must be done to bring U.S. inflation under control, rather than await for more economic results. Some Fed policymakers have suggested that…
Dollar Hits More Than 2-month High as European Inflation Cools
LONDON/TOKYO—The U.S. dollar rose strongly on Wednesday to a more than two-month high after data showed European inflation is cooling quicker than expected and China’s recovery is sputtering. The euro was last down 0.67 percent at $1.066, the lowest since March 20. That helped the dollar index, which measures the greenback against six major peers,…
Shares Drop Ahead of US Debt Ceiling Vote; China Data Rattles Nerves
May 31, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—Global shares fell on Wednesday ahead of a crucial vote in Washington on the U.S. debt ceiling, while commodities and the Chinese yuan came under pressure after data highlighted faltering growth in the world’s second-largest economy. The MSCI All-World Index of global shares, which is heading for its first monthly decline since February, was down…
Here’s What’s in the Debt Ceiling Deal and Who Benefits
May 30, 2023
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Business & MarketscongresseconomyHouse Speaker Keven McCarthyinflationPoliticsUSUS Debt limitUS President Joe Biden
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Republican and Democratic leaders in Congress both portray the long-awaited deal to raise the nation’s debt ceiling as a win for their side. The Fiscal Responsibility Act of 2023, unveiled on May 29, ends a months-long disagreement between President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) over the terms for increasing the borrowing limit….
Robust Consumer Spending Could Be Bad News for Inflation
American consumers are proving to be more resilient than many market experts had expected in the tough economic climate, and this strength in spending is fueling the reacceleration in inflation. This might not, however, be good news for consumers or the Federal Reserve. In April, the Fed’s preferred inflation gauge—the Personal Consumption Expenditures (PCE) price…
UK Food Inflation Eases in May But Remains High, Says Retailers Group
Food inflation in the UK has fallen for the first time in almost two years, with experts suggesting that lower energy and commodity costs are driving food prices down. A report by the British Retail Consortium (BRC) and Nielsen, published on Tuesday, showed a deceleration from 15.7 percent to 15.4 percent in food inflation in…
Yen Firms on Policymaker Meeting, Dollar up After Debt Deal
LONDON/SINGAPORE—The yen strengthened on Tuesday on news of a meeting of Japan’s finance ministry and central bank, while elsewhere the dollar rose to a two-month high against a basket of its peers after the U.S. debt ceiling deal. The dollar was last down 0.18 percent against the Japanese yen at 140.18 after the country’s finance…
Dollar, European Stocks Steady With US Debt Deal in Focus
May 30, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON/SYDNEY—The U.S. dollar steadied after climbing to a two-month high and European stocks flattened on Tuesday as relief that a possible default by the U.S. government had been averted gave way to concern that the deal could face a rocky path through Congress. The U.S. dollar index and longer-dated U.S. Treasuries rallied as traders welcomed…
Mining Billionaire Says Too Much Fossil Fuels Leading to Inflation
May 30, 2023
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Andrew ForrestAustraliaBusiness & MarketsCompanieseconomic policiesenergyinflationInternationalWorld
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Mining magnate and former CEO of Fortescue Metals, Andrew Forrest, believes an overreliance on fossil fuels is to blame for Australia’s record-high energy prices. In an interview with 2GB’s radio last week, Forrest declared that to combat high levels of inflation, Australia must swiftly transition to what he believes to be the cheapest form of…
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