Speaking at the annual Jackson Hole symposium, Federal Reserve Chair Janet Yellen said the solid performance of the United States labour market and current economic outlook mean the case for an increase in the federal funds rate has ‘strengthened in recent months.’
The United States’ services sector recorded its weakest rise in activity since February as Federal Reserve chair Janet Yellen puts the finishing touches to her Jackson Hole speech.
The price of brent crude broke through $50 per barrel on Thursday afternoon prompting headlines writers to tout oil’s return to bull market territory.
Retail sales in the United Kingdom rose 1.4% during July from levels recorded in June, confounding expectations of a drop-off.
Better than expected United Kingdom employment figures prompted the pound to regain slightly more of its post referendum lost ground this morning.
Inflation in the United Kingdom ticked up to 0.6% in the year to July from 0.5% for June according to the Office for National Statistics, prompting a rise in the pound.
Business and mortgage lenders and general insurers are in for a “tough” 2018, even if a softer, transitional Brexit deal is reached, according to an Ernst & Young economic forecast.
The United States’ non-farm payroll growth in July comfortably outstripped forecasts, according the Bureau of Labor Statistics.
The Bank of England’s Monetary Policy Committee has cut interest rates to 0.25%, and committed to a new term funding scheme to “reinforce the pass-through” of the decision into the broader market.
Japan is set to launch $45bn of new fiscal stimulus measures after Prime Minister Shinzo Abe and the cabinet gave the plan the go ahead.
The United Kingdom Purchasing Managers’ Index reading fell to 48.2 in July as the economy felt the effect of post-referendum uncertainty.
The Bank of Japan’s unsurprising move last Friday is a relief for banks, but fund managers are not adjusting their portfolios.
