Trump Slams Fed, Mnuchin Plays Down Rout, London Houses: Eco Day

(Bloomberg) -- Good morning, Americas. Here’s the latest news from Bloomberg Economics to get your Thursday started:

• President Donald Trump slammed the Federal Reserve as “going loco” for its interest-rate increases this year in comments hours after the worst U.S. stock market sell-off since February
  • The comments prompted central bankers from around the world to jump to Fed’s defense, while global finance chiefs played down the economic risks posed by the biggest U.S. stock sell-off since February, with many, including Treasury Secretary Steven Mnuchin, describing the decline as a long-awaited correction
• London’s house price slump left U.K. values stagnating for a fifth month in September as Brexit concerns and interest rate rises discouraged buyers
  • Meanwhile, the U.K. is overhauling the way it calculates gross domestic product with changes the Office for National Statistics are dubbing the biggest in a generation,
• The U.S. and China are set to use the gathering of the world’s finance chiefs in Bali to marshal support for their respective cases in a trade dispute that shows no sign of ending soon
• Euro-area wage growth is finally accelerating, and that’s not the only factor promising to drive up inflation, according to European Central Bank policy maker Ardo Hansson.
  • One way to boost earnings may be to move abroad. That boosts the average worker’s income by $21,000, according to HSBC, with the best-paid staff found in Switzerland, the U.S. and Hong Kong.
• A slumping currency, a brewing inflation crisis and one of the world’s worst-performing stock markets should be enough to focus Philippine President Rodrigo Duterte’s attention on his nation’s economic woes. But he appears more fixed on revenge
• Brazil’s central bank may find the pressure to raise interest rates is weakening as Jair Bolsonaro moves closer to securing the country’s presidency

To contact the reporter on this story: David Goodman in London at dgoodman28@bloomberg.net

To contact the editors responsible for this story: Paul Gordon at pgordon6@bloomberg.net, Joanna Ossinger

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