BOE Rate Hike, Central Banks Spooked, Inflation Scars: Eco Day
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Welcome to Monday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the week.
- Two Bank of England officials moved to reinforce signals of an imminent rise in U.K. interest rates to curb inflation
- Many central banks are starting to withdraw the emergency stimulus they introduced to fend off last year’s pandemic-induced recession
- Just because pandemic inflation is transitory doesn’t mean it’s going away anytime soon. It has cast a longer shadow on economies after a week of wild price spikes in things from European natural gas to fertilizers
- The International Monetary Fund’s executive board plans to deliberate Monday over the fate of the lender’s chief, Kristalina Georgieva, according to a person familiar with the talks
- Read Bloomberg Economics’ latest forecast for the global economy in this year and 2022:
- For the world as a whole, BE forecasts GDP growth of 6.6% in 2021 and 4.7% in 2022
- Bolstered by surprisingly rapid rebounds in the U.S. and China, the path for global output still looks more like a “V” than anything else
- Supply shocks keeping prices high and output low still leave central banks with no easy options
- A vast corporate tax overhaul won support from 136 countries
- Goldman Sachs economists cut their forecasts for U.S. growth this year and next, blaming a delayed recovery in consumer spending
- Whether yoga pants and Air Jordans appear under Christmas trees may come down to Vietnamese assembly line workers like Le Thi My
- U.S. job growth in September was the slowest this year
- The labor market will see “ups and downs,” San Francisco Fed President Mary Daly said in response
- A decline in consumer expectations suggests the U.S. economy is in recession even though jobs and wage growth indicate otherwise
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