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The Latest Breaking News from Inflation

Nasdaq Futures Climb on Upbeat Amazon and Intel Results, U.S. Inflation Data Looms

December Nasdaq 100 E-Mini futures (NQZ23) are trending up +0.86% this morning as upbeat earnings results from Amazon and Intel boosted sentiment, while investors braced for a reading on the Federal Reserve’s preferred inflation gauge.

Barchart

One of Texas’ oldest towns needs $200 million for upgrades. It’s asking voters to approve $44 million this fall.

The East Texas town is one of 218 local governments asking voters to approve new debt for repairs and upgrades to city infrastructure. Local leaders say inflation isn’t helping them keep up with capital needs.

The Texas Tribune

Nasdaq Futures Climb on Upbeat Amazon and Intel Results, U.S. Core PCE Data in Focus

Barchart

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October dates for benefits, pensions and cost of living payments

Lower Energy Price Cap coming into effect this autumn but stubborn inflation means further interest rate hike likely to continue to place strain on mortgage holders

The Independent UK

November dates for benefits, pensions and cost of living payments

Inflation very gradually easing but many households still struggling

The Independent UK

Joe Biden is taking a victory lap after the latest blowout GDP report and says the much-feared recession is canceled, but Wall Street is dubious

The Biden administration celebrated the surge in U.S. GDP growth Thursday, but economists and analysts warn it could be the last hurrah for an ailing economy.

Fortune

Odds Drop to Zero for a Rate Hike at Next Week’s FOMC Meeting

The markets are discounting the odds at effectively zero that the FOMC, at its meeting next Tuesday and Wednesday (Oct 31-Nov 1), will raise its funds rate target by +25 bp. The November federal fund futures contract (ZQX23 ) today is trading at a rate of 5.33% (i.e., 100 –...

Barchart

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US economy accelerated to a strong 4.9% rate last quarter as consumers shrugged off Fed rate hikes

Even though the painful inflation of the past two years has soured many people’s view of the economy, millions have remained willing to splurge on vacations, concert tickets and sports events.

Chicago Sun-Times

Rishi Sunak ‘confident’ of tax cuts as rumours of election next autumn increase

But the Prime Minister said it remained the ‘right economic policy’ to focus on delivering his pledge of halving inflation.

The Independent UK

Weekly applications for US jobless benefits rises slightly

The number of Americans applying for jobless benefits rose last week but remains historically low as the labor market continues to show strength amid high interest rates and inflation

The Independent UK

ECB keeps interest rates steady amid eurozone recession fears

Widely expected decision by European Central Bank follows 10 consecutive rises in borrowing costs

The Guardian - UK

Grattan on Friday: Cost-of-living crisis is the dragon the government can't slay

At a White House briefing early this week, Joe Biden’s press secretary, Karine Jean-Pierre, was asked whether there’d been any thought of postponing Anthony Albanese’s state visit because of the Middle East conflict.

The Conversation

ECB warns eurozone economy ‘remains weak’ after leaving interest rates on hold; US growth accelerates to 4.9% – as it happened

Eurozone central bank gives press conference after pausing its cycle of rate hikes, as inflation slows and Europe’s economy weakens

The Guardian - UK

Europe's central bank is set to halt rate hikes as the Mideast war casts a shadow over the economy

The European Central Bank is likely taking a break from interest rate increases

The Independent UK

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The Independent UK

October dates for benefits, pensions and cost of living payments

Lower Energy Price Cap coming into effect this autumn but stubborn inflation means further interest rate hike likely to continue to place strain on mortgage holders

The Independent UK

November dates for benefits, pensions and cost of living payments

Inflation very gradually easing but many households still struggling

The Independent UK

Strong US economic growth for last quarter likely reflected consumers' resistance to Fed rate hikes

The government is expected to report stellar growth for the U.S. economy during the July-September quarter, highlighting the durability of consumer and business spending despite the Federal Reserve’s efforts to cool the expansion with high interest rates

The Guardian - AU

RBA governor says inflation bump no surprise but won’t say whether rates will rise

Michele Bullock tells Senate estimates ‘we might need to go again’ as Westpac joins other big banks in predicting November rate rise

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news in one place.

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The Hindu

Crushed by inflation, populace using loans to make ends meet: Congress

The October bulletin ‘shows extremely concerning economic trends’ as inflationary trends have remained above the RBI’s threshold level of 4%.

Fortune

Medicare will negotiate drug prices with Big Pharma for the first time. Here’s how your prescription costs might change

Drug price negotiations will likely be a much bigger deal for the federal government than for many of Medicare’s 65.7 million beneficiaries.

The Independent UK

Food insecurity shot up last year with inflation and the end of pandemic-era aid, a new report says

An estimated 17 million households reported problems finding enough food last year

The National (Scotland)

BBC boss faces furious MPs as licence fee increases sought

BBC boss Tim Davie stressed “why the institution matters” as the broadcaster seeks a rise in the licence fee in line with inflation, as he faced…

AAP

RBA 'wary' more rate hikes needed to beat inflation

The head of the Reserve Bank admits decision-makers "don't know if the job is done yet" when it comes to interest rate tightening to combat inflation.

The Conversation

We quizzed 4,000 people on the economy – here's who knew the most

People in the UK say the economy and inflation are currently the most important issues facing the country. But do Britons actually know much about how the economy works?

The Guardian - AU

A Melbourne Cup Day rate rise would not be tough on inflation, it would just be cruel

Australians are already getting hit by higher costs for necessities, reducing their ability to save and spend money on non-essential goods and services

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