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In the News
Investors are turning their attention to the upcoming US Fed policy meeting, at which the majority expects a rate cut. We have today’s Fed headlines and other major global news:
Household Spending Helps Spain to Buck Euro Zone Growth Trend
After years in the economic doldrums, Spain’s economy seems to be on much sounder ground. In fact, “Most forecasters expect gross domestic product to expand by more than 2% this year, compared with less than 0.5% for Germany and just over 1% for the single currency bloc as a whole.” Though naturally, there are simultaneously reasons for caution.
Hong Kong Chief Carrie Lam Formally Withdraws Extradition Bill
Hong Kong’s chief executive had not formally withdrawn the extradition bill; she had only suspended it—a move which technically allowed her to revive it down the road if and when the protests calmed. With the bill formally withdrawn, though, that possibility is off the table.
Fed’s Quarles Floats New Tool to Combat Credit Crunches
The vice chairman for supervision proposed introducing a countercyclical capital buffer, which would allow the Fed to shift the capital requirements based on extant economic conditions.
Fed Lines Up Another Quarter-Point Rate Cut
In other Fed news, it’s broadly anticipated the central bank will cut rates at its upcoming policy meeting. “Mr. Powell cited weaker global growth, trade uncertainty and muted inflation when he led his colleagues in July to cut interest rates to their current range between 2.00% and 2.25%. He called the move a midcycle adjustment, adding that it wasn’t necessarily the start of a ‘long cutting cycle.’”
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