In today’s briefing:
- Global Monetary Tightening Gathers Pace as US Inflation Raises the Ante on the Fed
Global Monetary Tightening Gathers Pace as US Inflation Raises the Ante on the Fed
- Disappointing inflation data for June raised pressure on the Fed for more hawkish measures. Markets discount 75 basis point increases in the federal funds rate this month and in September.
- Measures undertaken by the Fed have forced other central banks to follow suit, notably the European Central Bank. Meanwhile, other central banks are anchoring future rate hikes to the Fed.
- The Biden Administration seeks to mitigate the inflationary impact of high oil prices via greater supply, particularly from Saudi Arabia. Doubts prevail over Saudi Arabia’s ability to sustain higher production.
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