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Jerome Powell believes high inflation is temporary – how are interest rates affected?
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Jerome Powell believes high inflation is temporary – how are interest rates affected?
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An Argument for Transitory Inflation
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Macro Roundup (Jul 19)
CST
Source:SMM
The dollar edged higher on Friday, logging its largest weekly gain in a month, after upbeat retail sales data boosted expectations that economic growth accelerated in the second quarter.
SHANGHAI, Jul 19 (SMM) This is a roundup of global macroeconomic news last Friday and what is expected today.
The dollar edged higher on Friday, logging its largest weekly gain in a month, after upbeat retail sales data boosted expectations that economic growth accelerated in the second quarter.
The dollar index, which measures the greenback against a basket of six currencies, was 0.11% higher at 92.675. The index is up 0.6% for the week.
The Dow and S&P fell 0.52% and 0.97% last week, respectively. The Nasdaq Composite, meanwhile, was the relative underperformer, dropping 1.87%, to post its worst week since May.
Inflation fears weighed on stocks, with a U.S. consumer sentiment index from the University of Michigan released on Friday showing that consumers believe prices will jump 4.8% over the next year. This is the steepest climb since August 2008. Earlier in the week, the June Consumer Price Index showed that inflation jumped 5.4% year-over-year, spooking investors.
On the flip side, retail sales numbers released Friday came in better-than-expected, rising 0.6% in June compared to expectations of a 0.4% decline.