Former Treasury Secretary Larry Summers, a critic of loose central bank policies who was early to sound the alarm on the current bout of surging prices, warned in a CNN interview last week that, unless the Fed makes a significant change to policy or an “accident” delivers a major disruptive blow to the economy, it’s “quite…
No End In Sight to Inflation Unless Fed Makes ‘Significant’ Course Correction: Larry Summers
Japan, US Agree to Start Talks on Additional Steel, Aluminum Tariffs
November 15, 2021
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TOKYO—Japan and the United States have agreed to start discussions aimed at tackling additional U.S. tariffs on Japanese steel and aluminum imports during a bilateral meeting in Tokyo, Japan’s industry ministry said on Monday. The meeting was held between Japan’s Industry Minister Koichi Hagiuda and U.S. Commerce Secretary Gina Raimondo, but a ministry official said…
Japan’s Economy Shrinks More Than Expected as Supply Shortages Hit
November 15, 2021
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TOKYO—Japan’s economy contracted much faster than expected in the third quarter as global supply disruptions hit exports and business spending while new COVID-19 cases soured the consumer mood, undermining efforts to stoke a virtuous growth cycle. While many analysts expect the world’s third-largest economy to rebound this quarter as virus curbs ease, worsening global production…
Pledging to Retain Stimulus, BOJ’s Kuroda Projects Inflation Near 1 Percent Mid-Next Year
November 15, 2021
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TOKYO—Bank of Japan Governor Haruhiko Kuroda expects inflation to accelerate to around 1 percent in the first half of next year as the economy recovers to pre-coronavirus levels, pledging to maintain ultra-easy policy in hopes of a consumption-driven recovery. With inflation still short of its 2 percent target, the BOJ will maintain its “powerful” monetary…
Fed’s Kashkari Expects Inflation to Stay Hot Over Next Few Months
Minneapolis Federal Reserve Bank President Neel Kashkari, one of the central bank’s most dovish policymakers, said Sunday that he expects inflation to stay elevated—and possibly even accelerate—over the next several months before starting to trend down. Kashkari, who in September was the Fed’s only policymaker to call for leaving rates at their current near-zero level…
Dollar Eases From 16-Month High as Traders Seek Clues on Fed Rate Plans
November 15, 2021
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LONDON—The dollar eased on Monday from an almost 16-month high versus major peers, as traders awaited fresh clues on Federal Reserve interest rate hike plans on the back of red-hot inflation. The dollar had been buoyant since Wednesday, when data showed U.S. consumer prices rose last month at the fastest annual pace since 1990, casting…
Asian Shares Higher as Japan Says Economy Shrank in Third Quarter
November 15, 2021
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Shares advanced in Asia on Monday as plans for stimulus in Japan overshadowed news that its economy contracted in the last quarter. Investors are awaiting the outcome of a virtual meeting between President Joe Biden and Chinese President Xi Jinping. Benchmarks rose in Tokyo, Sydney, Hong Kong, and Seoul but fell in Shanghai. Japan reported…
Amazon Worker Group in New York Withdraws Petition for Union Vote
November 13, 2021
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SAN FRANCISCO—A group of Amazon.com Inc. workers in New York City’s Staten Island have withdrawn a petition to hold a union election, marking a setback in a growing push by organized labor to bring the online retailer’s staff into the fold. The group, known as the Amazon Labor Union, which is not affiliated with a…
Rising Gasoline Prices Make ‘Even Stronger Case’ for More Government Spending on Green Energy: White House
November 13, 2021
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White House Press Secretary Jen Psaki told reporters at a Nov. 12 briefing that rising gasoline prices—which are up around 60 percent from a year ago—are a strong argument in favor of more government spending on green energy solutions, while dismissing suggestions that the Biden administration’s policies like halting new oil and gas drilling leases…
Prices Continue to Surge: Here’s What’s Becoming More Expensive
With inflation running hot in October, American consumers paid slightly more for most goods and services compared to the previous month, and far more compared to a year ago. The Labor Department’s consumer price index (CPI), a key inflation gauge that measures how much Americans pay for goods and services, rose 0.9 percent over the month…
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