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Published 3 hours ago US consumer prices shot up 5% year-on-year in May, according to data released by the Bureau of Labor Statistics on Thursday the steepest such rise since the depths of the recession in May 2008. Core inflation, another measure that omits food and energy prices, seemed even more superheated: 3.8%, the highest since June 1992. Economists had already been predicting that prices would surge by around 4.7%. So the actual 5% figure fed anxieties that the US is settling into a sustained period of inflation that the Fed is mistaken in its belief that this inflation is “transitory.” But the details in the data suggest otherwise. And more importantly, the way in which the numbers are calculated suggests that we should really be waiting for a month for the release of the June data in early July before we begin to fret. ....
New York was set to test record highs on Tuesday, underpinned by reassurances from Federal Reserve officials that monetary stimulus will remain in place during the pandemic ....
Japan’s Nikkei 225 index fell by -484 points (-1.61%) to close at 29,671.70 Hong Kong’s Heng Seng index has fallen by -812 points (-2.70%) currently trades at 29,782.75 FTSE 100 to open lower FTSE 100 futures are trading -33.5 points lower (-0.51%) , the cash market is expected to open at 6592.44 European futures: The Euro STOXX Index futures are trading -7 points lower (-0.19%), the cash market is expected to open at 3682.1 CAC 40 futures are trading -19 points lower (-0.14%), the cash market is expected to open at 13845.81 DAX futures are trading 0 points lower (0%), the cash market is expected to open at 5779.84 US futures ....
Getty Images / Tasos Katopodis Federal Reserve Chairman Jerome Powell reiterated Thursday that the central bank is far from tapering its asset purchases or raising interest rates. Now is not the time to be talking about an exit from easy monetary policy, the central bank chief said in a virtual discussion. The comments come after various Fed officials suggested that inflation could pick up faster than expected and, in turn, prompt an early rate hike. Powell rebuffed fears of an unexpected policy shift, noting the central bank will notify the public well in advance if it is considering changes to its policy stance. ....