Pound Recovers Slightly Vs Euro, US Dollar As Hunt Appointed Chancellor
Prime Minister Truss has sacked Chancellor Kwarteng in an attempt to reinforce her position and there will be a further U-turn on fiscal policy with strong expectations that the corporate tax increases will now go ahead rather than being scrapped. There will be intense political debate during the weekend with Truss seen as extremely vulnerable. The Pound to Dollar (GBP/USD) exchange rate dipped to lows around 1.1170 after Kwarteng’s dismissal before a rebound to 1.1280 as the dollar retreated sharply from earlier highs. The Pound to Euro (GBP/EUR) exchange rate dipped to 1.1500 before a recovery to 1.1530. Susannah ... (full story)
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tweet at 9:34am: UK PM TRUSS: I WANT TO DELIVER A LOW TAX, HIGH WAGE, HIGH GROWTH ECONOMY - Reuters via https://t.co/ymHY6x4lOb tweet at 9:34am: UK PM Truss: - I Am Not Prepared to Accept Lack of Growth for Our Country - From Day 1 I Have Been Ambitious for Growth - Since 2008 UK Potential Has Been Held Back - I Want to Deliver a Low Tax, High Wage, High Growth Economy tweet at 9:35am: Liz Truss says it is clear that parts of. Uni budget went due to re and faster than markets expected ĎWe need to act now to reassure the markets of our commitment to fiscal disciplineí She confirms she will raise corporation tax from 19 per cent to 25 per cent - a huge u turn tweet at 9:36am: UK PM Truss: - Spending Will Grow Less Rapidly Than Planned - Sorry to Lose Kwarteng - Finance Minister Hunt Shares My Convtictions - Hunt Will See Through Support We Are Providing Families and Businesses - Hunt Will Deliver Medium Term Fiscal Plan
The Conference Board Leading Economic Indexģ(LEI) for the United Kingdom declined by 0.5 percent in August to 80.7 (2016=100), following a 0.6 percent decline in July. The LEI ...
As James Knightley noted in his review of the September US CPI release, core inflation has not been this high since 1982. This suggests there will be no letup in the Fed's hawkish ...
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tweet at 10:03am: FED'S GEORGE:ONLY PIECE OF CLEAR DATA IS THAT WE HAVE HIGH INFLATION tweet at 10:03am: THE FED'S GEORGE: TODAY'S ECONOMIC LANDSCAPE IS ESPECIALLY MURKY. tweet at 10:05am: FED'S GEORGE: THERE IS NO CLEAR NARRATIVE ON GROWTH PROSPECTS. tweet at 10:07am: Fedís George: - We Are Operating in a Tight Economy - Broad-Based Nature of Inflation Is Worrisome - Am Watching if Persistently High Inflation Seeps Into Expectations - If It Does, Trade Offs Become More Costly tweet at 10:11am: Fedís George: - Faster Supply Growth Unlikely to Take Care of Inflation Problem - Supply Could Be Slow in Helping US on Inflation Front - Recent US Producivity Performance Has Been ĎAbysmalí - Financial Conditions Have Tightened Considerably This Year, but Clear More to Be Done
UMich headline sentiment was expected to rise very modestly in preliminary October data and did - beating expectations with a 59.8 print against 58.8 expectations. However, this was driven by a jump in current conditions offsetting a drop in future expectations... chart Continued uncertainty over the future trajectory of prices, economies, and financial markets around the world indicate a bumpy road ahead for consumers. However, what most investors were watching for was inflation expectations which unexpectedly spiked higher... The median expected year-ahead inflation rate rose to 5.1%, with increases reported across age, income, and education. Last month, long run inflation expectations fell below the narrow 2.9-3.1% range for the first time since July 2021, but since then expectations have returned to that range at 2.9%. After 3 months of expecting minimal increases in gas prices in the year ahead, both short and longer run expectations rebounded in October. tweet at 10:01am: US Univ. Of Michigan Sentiment Oct P: 59.8 (est 58.8; prev 58.6) - Current Conditions: 65.3 (est 59.6; prev 59.7) - Expectations: 56.2 (est 58.3; prev 58.0) - 1-Year Inflation: 5.1% (est 4.6%; prev 4.7%) - 5-10 Year Inflation: 2.9% (est 2.8%; prev 2.7%)
tweet at 10:21am: Fedís Daly: - Mindful About Making Sure Inflation Doesnít Become Embedded - Weíll Stop Raising Rates When Appropriate, and Then Will Hold It for A While - We Can Correct Our Course if Needed - 4.5%-5% Is Most Likely Top Fed Funds Rate, Then Will Hold It There tweet at 10:22am: FED'S DALY: THE FED'S SUMMARY OF ECONOMIC PROJECTIONS IS NOT OUT OF DATE. IT IS AN EXCELLENT POLICY GUIDE. tweet at 10:23am: FED'S DALY: US DOMESTIC DATA STRONGLY SUGGESTS FURTHER RATE HIKES. tweet at 10:24am: FED'S DALY: WE NEED TO SLOW GDP GROWTH SUBSTANTIALLY tweet at 10:25am: FED'S DALY: IF NECESSARY, WE CAN ALTER OUR COURSE.