Fed’s New Abnormal, Black Household Wealth, Europe Woes: Eco Day

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Good morning Americas. Here’s the latest news and analysis from Bloomberg Economics to help round off your week:

• Federal Reserve policy makers have concluded that when in doubt, do no harm. Welcome to the new abnormal
  • That’s going down well in some quarters. On Friday, President Donald Trump expressed hope the central bank had finished raising interest rates
  • Trump is also said to be considering Stephen Moore, a visiting fellow at the Heritage Foundation and a long-time supporter of the president, for a seat on the Federal Reserve Board
• In 2016, black household wealth in the U.S. was just 9 percent of whites’ -- that’s the same share as in 1965
• Europe’s economic outlook has been thrown into fresh doubt after reports showed weakness across France and Germany
  • Meanwhile, a policy formula the European Central Bank recently described as “remarkable” is suggesting it needs to ease monetary policy once again
• Britain has a debt problem and, with the nation locked in the political hamster wheel of trying to leave the European Union, the risk is that a financial shock from Brexit could tip many people over the edge
• The Bank of Russia kept interest rates unchanged at a second straight meeting after a currency rally, combined with weak consumer demand, helped blunt a spike in inflation this quarter
• Meet Anita Angelovska Bezhoska, one of just four women in Europe to run a monetary authority
• As the share of G-20 GDP controlled by populists and non-democratic regimes rises, there are increasing signs that bad policies are hurting growth, according Bloomberg Economics’ Tom Orlik
• Finally, here’s our weekly wrap of what’s going on in the world economy

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

To contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, Zoe Schneeweiss

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