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The news comes after the boss of the Bank Of England, andrew bailey, said the economy had turned a corner, but wasnt yet in a strong recovery. For more on this im joined now byjackie bowie, head of europe at chatham financial. Where is this growth coming from . The good news is the Surprise Upside in gdp was actually very broad based. If you look across the different components of gdp we saw a good recovery in the Service Sector activity. Actually good recovery in Consumer Spending as well because obviously thats been a big focus with The Cost Of Living issue and of course then with inflation that we have seen over the last year as well. So i pretty broad based recovery and again it took some economist ....
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Another rate hike coming down the pike in december? there is another rate hike coming, in fact, one more in december. three more next year, as well. the market was pretty much on board that that would be how the interest rate scenario would play out. the range is now 2% to 2.25%. the market had been set up for a fairley hawkish comment or statement from the fed. the removal of that accommodative the comment or language around how to describe monetary policy means we re now moving toward neutral. so monetary policy will no longer effectively stimulate the economy. that s where we stand when we start to move along this normalization process away from the extraordinary stimulus the u.s. economy has had since the financial crisis. president trump again weighed in saying he was not happy about ....
And a normal kind of interest rate scenario, i think, will also be helpful for the economy towel. paul: okay. so you don t think that rising rates will necessarily slow down growth? not if it s, you know, taking the fed funds rate back to something that is historically normal. obviously, if you start to get into, you know, what it looks like in the early 1980s, that s a different ballpark. we don t have that problem. we don t have an inflation problem. and part of that, a big part of that goes to the private sector because, you know, all of the um improvements in productivity are part of what holdsç down inflation while, you know, you re able to grow. paul: james, some of our friends on the right i mean, on the left, rather, larry summers called it a sugar high yeah. paul: gets the fed fueling things but also the short-term tax cut, perhaps, anticipation. so it s all phony. what do you think? yeah. well, keep in mind a lot of those people were saying in ....
Rate scenario, i think, will also be helpful for the economy towel. paul: okay. so you don t think that rising rates will necessarily slow down growth? not if it s, you know, taking the fed funds rate back to something that is historically normal. obviously, if you start to get into, you know, what it looks like in the early 1980s, that s a different ballpark. we don t have that problem. we don t have an inflation problem. and part of that, a big part of that goes to the private sector because, you know, all of the um improvements in productivity are part of what holdsç down inflation while, you know, you re able to grow. paul: james, some of our friends on the right i mean, on the left, rather, larry summers called it a sugar high yeah. paul: gets the fed fueling things but also the short-term tax cut, perhaps, anticipation. so it s all phony. what do you think? yeah. well, keep in mind a lot of those people were saying in october of 2016 that a trump win ....