‘Historic’ Price Surges, Tightening Pressure, Fed Heat: Eco Day
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Welcome to Wednesday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:
- U.K. firms are tackling “historic” price surges just as growth is slowing, British Chambers of Commerce survey data show
- The energy crisis is hammering low-income households and risks widening inequality in the U.K. It’s also raising inflation concerns at the Reserve Bank of India, which meets this week
- The fastest inflation in two decades probably won’t push the Polish central bank to raise interest rates in its decision Wednesday
- Inflation pressures are also having an impact on central bankers elsewhere, with the Reserve Bank of New Zealand hiking Wednesday and unexpectedly high price growth in South Korea further firming rate-hike bets there. In Colombia, September’s faster inflation reading is making an acceleration in policy tightening more likely
- Australia has tweaked some loan buffers in an effort to cool a red-hot property market
- Federal Reserve Chief Jerome Powell is under fire from some corners over embarrassing trading revelations of three senior central bank officials, with Senator Elizabeth Warren saying he “failed” as a leader. Powell’s still backed for renomination by a majority of Republicans on the Senate Banking panel, and President Joe Biden has reiterated support for the chairman
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