The widening Atlantic drift

Wednesday 18th September 2024

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There have been no surprises in US economic data overnight. Retail sales, industrial production and manufacturing weren’t far off expectations. So, do they all point to a soft landing? And if that’s the scenario, why would the Fed delay a big rate cut? It’s a question Phil puts to NAB’s Ken Crompton, less than 24 hours from the FOMC decision, which includes revised forecasts and a new dot plot. There’s also the question as to whether the Bank of Canada will move to a faster cutting schedule, given CPI actually showed deflation last month. UK CPI is the main figure today – in particular the sticky services inflation. And, could the ECB be forced to cut rates faster in face of a slowing economy, with the latest ZEW survey for Germany showing confidence has plummeted as hopes of a recovery subside. 

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