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The Latest Breaking News from Inflation

Wall Street buys into Bidenomics, with the top economists at Goldman and other banks saying we could really dodge a recession

The White House is taking a victory lap, and economists at Goldman Sachs and JPMorgan are offering rosier economic forecasts.

Fortune

Fed minutes reveal divisions over decision to pause in June

WASHINGTON — Federal Reserve officials were less united at their June meeting than their unanimous decision suggested, as some favored interest-rate increases but went along with the move to leave policy unchanged.

Tribune News Service

Dollar Gains on Hawkish FOMC Minutes

The dollar index (DXY00 ) Wednesday rose +0.32%. The dollar on Wednesday recovered from modest losses and moved higher on strength in T-note yields. Also, a slump in stocks boosted the liquidity demand for the dollar. Gains in the dollar accelerated Wednesday after the release of the hawkish minutes of...

Barchart

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Nobel laureate Paul Krugman dismisses Elon Musk’s economic predictions, calling them conspiracy theories by a ‘recession truther’

The Princeton economist and New York Times columnist said tech billionaires are “often, in practice, easy marks for grifters and con men.”

Fortune

Bank too slow to ‘wake up’ to inflation threat, former deputy governor says

Sir Charles Bean agreed with economic experts that the Bank of England has made mistakes in its recent inflation modelling.

The Independent UK

Stubborn UK inflation may lead to 7% interest rates, economists warn

JP Morgan says risk of ‘hard landing’ for economy heightened, with higher borrowing costs hitting business

The Guardian - UK

Stocks Mixed as Broader Marker Weighed Down by Global Economic Concerns

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is down -0.07%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is down -0.32%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is +0.32%. Stocks this morning are mixed, with the Nasdaq 100 climbing...

Barchart

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‘Stubborn inflation’ hits central London’s luxury home sector

Prices of high end homes in prime central London fell in the second quarter, down 5.9% from a year earlier, as the uncertain economic outlook weighs on the housing market.

Evening Standard

Why aren’t soaring interest rates bringing down inflation?

Rishi Sunak has blamed the high number of fixed-rate mortgages for his government’s failure to bring down inflation.

The Week

Markets Today: Stocks Under Pressure on Weak Chinese Economic News

Morning Markets September E-Mini S&P 500 futures (ESU2 3) this morning are down -0.52%, and Sep Nasdaq 100 E-Mini futures (NQU2 3) are down -0.61%. U.S. stock index futures this morning are moderately lower. Global stocks are under pressure today after weaker-than-expected news on China’s services industry sparked concerns about...

Barchart

UK worst in G7 at curbing inflation, analysis finds

THE UK is the least successful country in the G7 at curbing inflation, new analysis has concluded.

The National (Scotland)

AO World says inflationary pressures are easing, as it returns to profit

Electrical goods retailer reports pre-tax profits of £8m in year to end of March after big restructure

The Guardian - UK

August dates for DWP cost of living payments, benefits and pensions

Food inflation lodged at 18.4 per cent, ONS warns, but supermarkets expect prices to begin to fall

The Independent UK

Istanbul’s bellydancers and DJs fight for survival as Turkey’s night-time economy takes a hit

With inflation at more than 100%, and a ruling party hostile to Istanbul’s vibrant nightlife culture, performers and bar owners are facing severe struggles

The Guardian - UK

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Bangkok Post

Inflation unexpectedly up in June but at slower pace

Thailand's headline consumer price index (CPI) increased 0.23% in June from a year earlier, slowing from a 0.53% year-on-year rise in the previous month, the Commerce Ministry said on Wednesday.

The Guardian - AU

Childcare fees in Australia outpace inflation with rises of up to 32%, report finds

ACCC says households now paying 4% to 15% more for care and services as Albanese government’s cheaper childcare package comes into force

Birmingham Post

Inflation – a deeper story

Peter McGahan, chief executive of Worldwide Financial Planning speaks about inflation

The Times of India

Congress calls PM Modi ‘Menhgaai Man’, blames Centre for price rise

NEW DELHI: The Congress on Tuesday lashed out at the Narendra Modi government for, what it said, its “failure” to control inflation. Describing the prime minister as ‘Menhgaai-Man’, it alleged that inflation had broken all records under his regime. The women’s wing of the principal opposition party staged a flash…

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AAP

PM asserts budget created space for RBA to pause hikes

The prime minister says the federal government has done its bit to help the central bank fight inflation by banking revenue gains and controlling spending.

The Independent UK

UK mortgage rates spike to highest level since Truss tax plan spooked markets

Homeowners and renters in the U.K. are facing further grim news as mortgage rates hit levels not seen since unfunded tax cuts announced by the government last fall spooked investors

The Hindu

Congress slams Modi government over price rise, organises flash protests outside BJP headquarters

The All India Mahila Congress, led by its chief Netta D’Souza, organised a flash protest outside the BJP’s headquarters to demand relief for people from the rising inflation in prices of essential food items.

The National (Scotland)

People are finally waking up to the truth about our economy

This is the latest newsletter from Scotonomics. To receive the email direct to your inbox every Tuesday for free, click here.

Daily Mirror

7 highlights from Rishi Sunak mega-grilling on small boats, cost of living and inflation

The PM often looked uncomfortable as he was quizzed by senior backbenchers on issues such as a rise in migrant crossings by small boat across the Channel, the cost of living crisis and inflation

Evening Standard

Rishi Sunak feels pressure over ‘five key pledges’ as he denies ‘stop the boats’ promise on hold amid Rwanda court battle

Prime Minister also tells MPs he is ‘throwing everything’ at inflation on the six-month anniversary of setting his five priorities for the nation

Evening Standard

Wimbledon food and drink prices: Why is the cost of items causing a stir?

Organisers the All England Lawn Tennis Club say food and drink inflation is a ‘significant challenge nationwide’ and that they had had to increase prices

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