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How the Fed surprised no one
Chair Jay Powell says US central bank could ‘easily move ahead’ with taper announcement in November
Central bank expects similar 100bp increase next month in battle against runaway prices
Worst-case scenario could knock 10% off Europe’s GDP and lead to 30% rise in corporate defaults
Stagflation would create devastating problems for weaker borrowers, notably heavily indebted emerging economies.
Global monetary response to Covid wipes out interest rate gaps between major economies
Market Questions is the FT’s guide to the week ahead
German and Italian yields edge up on ECB modelling as traders price in chance of earlier rate rise
Internal model suggests eurozone interest rates could go up in two years, closing gap with forecast move by Fed
Upbeat reading on strength of US consumer comes ahead of next week’s Federal Reserve meeting
Ending quantitative easing would show that it is serious about inflation risks
Central banks face difficult monetary policy trade-off between taming increases and risking recovery
Careful manoeuvring should allow the bank to calibrate its next move while keeping both sides happy
Central banks in the region are forced to raise rates, some aggressively
Rising prices are becoming an increasing concern across many emerging markets
Policymaker warns decentralised finance and stablecoins will ‘challenge’ banks’ business models
But Lagarde insists ‘the lady isn’t tapering’ and warns eurozone is ‘not out of the woods’
Central bank is pulling back but needs to convince markets its asset purchase programme will not end too soon
More than in the developed world, rising prices already pose a real threat to stability
Outlook is still unclear but justification for emergency support is weakening
Ecuador’s Andrés Arauz argues there’s no legal basis for central banks to appropriate the IMF’s fresh SDR allocation.
Slowing asset purchases to support the economy would send the wrong signal
Monetary policy hawks fear rising inflation while doves seek to maintain stimulus
Warning highlights country’s growing concern over worldwide increases in prices
Central bank expected to hint at lighter support for bond market but with big safety nets