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    A billionaire New York hedge fund manager has come up with an unusual suggestion for reducing inflation - recommending that the U.S. government bring down wage costs by welcoming in more migrants. Bill Ackman, who as CEO of investment firm Pershing Square Capital Management is worth an estimated $3.2 billion, said that the current tactics employed by the government to bring down inflation were 'a blunt tool' and not effective. Inflation is currently at a 14-year high at 8.26 percent, and on Wednesday the Federal Reserve hiked interest rates by another 0.75 percentage points - its fifth interest rate increase since March. Jerome Powell, the chair of the Fed, said there was no 'painless way' to dampen inflation. Ackman, however, said he had a solution. 'Inflation can be mitigated by reducing demand and/or by increasing supply,' he tweeted. 'The @federalreserve can only reduce demand by raising rates, a very blunt tool. Wage inflation will likely continue until rates rise to restrictive levels. 'Doesn't it make more sense to moderate wage inflation with increased immigration than by raising rates, destroying demand,...
    President Biden has said he doesn't believe the economy is as bad as people think, despite inflation being at a 40-year high and that the pandemic is finally 'over'. Biden, who rarely does interviews, made the assertions during an interview with CBS 60 Minutes on Sunday. His optimistic view on the state of the economy came after stocks fell sharply last week when a key August inflation report came in hotter than expected, hurting investor optimism for cooling prices and a less aggressive Federal Reserve. The August consumer price index report showed a higher-than-expected reading for inflation. Headline inflation rose 0.1% month over month, even with falling gas prices.  President Biden has promised to take 'control' of inflation, currently at 8.3% Despite the record rate of inflation, Biden appeared to downplay the news by noting how the rate had barely budged since July. 'Let's put this in perspective. Inflation rate month to month was just an inch, hardly at all,' Biden began.  Core inflation rose 0.6% month over month - but on a year-over-year basis, inflation is at 8.3%.  'We're...
    The governor of the Federal Reserve said he's in favor of what he calls another 'significant' increase in interest rates for a third consecutive month.  Christopher Waller backed the central bank making what's known as a 75 basis-point move, or a .75 percent increase, during a speech in Austria on Friday, according to Bloomberg.  Waller, while noting inflation was still 'far too high', said: 'I support a significant increase at our next meeting on September 20 and 21 to get the policy rate to a setting that is clearly restricting demand.  His speech likely means interest rates will increase yet again on Tuesday when the monthly inflation report comes out for August 2022. Waller's comments mean the Fed remains committed to slowing down some of the highest inflation levels in American history.  The governor of the Federal Reserve Christopher Waller (pictured) said he's in favor of what he calls another 'significant' increase in interest rates for a third consecutive month Christopher Waller backed the central bank making what's known as a 75 basis-point move, or a .75 percent increase, during...
    The ECB is heading to a critical meeting in July with a rate rise expected and investors awaiting details of its new fragmentation tool.Daniel Roland | Afp | Getty Images The European Central Bank on Thursday announced a 75 basis point interest rate rise, taking its benchmark deposit rate to 0.75%. "This major step frontloads the transition from the prevailing highly accommodative level of policy rates towards levels that will ensure the timely return of inflation to the ECB's 2% medium-term target," it said in a statement. It added it "expects to raise interest rates further, because inflation remains far too high and is likely to stay above target for an extended period." Markets had largely priced in a 75 basis point hike. The move follows a hike from -0.5% to zero at the ECB's July meeting. The central bank, which sets monetary policy for the 19 euro-using nations, has kept rates in negative territory since 2014 in a bid to spur spending and combat low inflation. The central bank now faces a very different problem, with consumer prices in...
    A pedestrian passes the closed entrance to the headquarters of Norges Bank, also known as the central bank, in Oslo, Norway, on Wednesday, Oct. 29, 2014. Krister Soerboe/Bloomberg | Bloomberg | Getty Images Norway's central bank on Thursday hiked its benchmark interest rate by 50 basis points and flagged a likely further hike in September as inflation soars. The increase takes the Norges Bank's sight deposit rate to 1.75% from 1.25%, exceeding its prior forecast in June. Norwegian inflation hit an annual 4.5% in July, up from 3.6% in June and well ahead of consensus projections for 3.8%. In its decision notice, the Norges Bank monetary policy committee said activity in the Norwegian economy remained high, with little spare capacity, while unemployment has fallen further and is at a very low level. Policymakers also noticed that price rises had broadened in recent months, and may signal that inflation will remain high for longer than previously expected. The central bank suggested that a faster rate rise now would reduce the risk of high inflation becoming "entrenched," which would necessitate a sharper tightening...
    BANGKOK (AP) — Top financial officials from the Group of 20 leading rich and developing nations met on the Indonesian island of Bali on Friday seeking strategies to counter the economic fallout from the war in Ukraine, inflation and other global crises. Indonesian Finance Minister Sri Mulyani Indrawati opened the two-day meeting by urging fellow finance ministers, central bank chiefs and other leaders to find ways to “build bridges, not walls.” She said the consequences of failure, especially for less wealthy nations, would be “catastrophic.” “Millions and millions if not billions of people are depending on us,” Indrawati said. The meetings in Bali’s Nusa Dua resort town follow a gathering there of foreign ministers earlier this month that failed to find common ground over Russia’s war in Ukraine and its global impacts. A G-20 finance meeting in Washington, D.C. in April saw officials from the U.S., Britain, France, Canada and Ukraine walk out to protest the attendance of Russian envoys. That meeting ended without the release of a joint statement. Still, the G-20 financial meetings have...
    BERLIN (AP) — German Chancellor Olaf Scholz gathered top employer and labor union representatives at his Berlin office on Monday to seek ways of addressing the impact of rising prices while preventing a spiral of inflation in Europe’s biggest economy. The government billed Monday’s meeting as the first in a series aimed at finding a broad alliance for solutions as Germany’s annual inflation rate stands at 7.6%, close to a half-century high. The head of Germany’s central bank was also on the guest list. Scholz’s spokesman, Steffen Hebestreit, said that “we will have to have results in the fall,” but didn’t specify when exactly. In Germany, wage deals are typically hammered out in negotiations between employers’ organizations and unions that cover a whole industrial sector. When he announced his “concerted action against price pressure,” a month ago, Scholz pointed to a recent agreement in the chemical industry as a “very interesting” solution. Employers and worker representatives agreed on a one-time payment of 1,400 euros ($1,460) per employee to help counter rising prices. But they also postponed talks on a...
    PRAGUE (AP) — The Czech Republic’s central bank raised its key interest rate significantly Wednesday as it tried to combat soaring inflation. The hike of a percentage point and a quarter brought the interest rate to 7.00%, the highest level since early 1999. It was the ninth straight increase since June 2021. The bank last raised the rate, by three-quarters of a point, on May 5. Wednesday’s increase was not unexpected. The Czech National Bank considers high consumer prices to be a major threat and had indicated it would raise the rate again. It was the last meeting of the bank’s board on monetary policy under outgoing governor Jiri Rusnok. On July 1, he will be replaced by Ales Michl, a member of the bank’s board since 2018 who opposed previous rate hikes. The announcement of Michl’s appointment by Czech President Milos Zeman on May 11 resulted in a weakening the Czech crown, prompting the central bank to intervene. Fed by high energy and food prices but also factors such as a low unemployment rate, inflation in...
    A centrist Democrat slammed the White House for failing to put forward an 'intellectually honest' plan to tackle spiraling inflation in comments published Tuesday, adding to President Joe Biden's economic and political woes.  Poll after poll has warned that Democrats face heavy defeats in November's midterm elections as voters contend with high prices for essential items.  The White House has repeatedly tried to shift blame, referring to 'Putin's price hike' to explain why the average price of a gallon of gas is now well about $4.60. Rep. Stephanie Murphy, who is not seeking reelection in her Florida seat this year, said measures that sought scapegoats, such as a bill to crack down on gas price gouging, were not the answer. 'If I sound frustrated, it's because I hear from my constituents,' she told NBC News.  'They're struggling.  'This is not a time for political games. It's not the time for finding bogeymen.' Rep. Stephanie Murphy broke ranks with Democrats to condemn the Biden administration for failing to develop an 'intellectually honest' policy to tackle inflation The consumer price index is running...
    Christopher Waller, U.S. President Donald Trump's nominee for governor of the Federal Reserve, speaks during a Senate Banking Committee confirmation hearing in Washington, D.C., U.S, on Thursday, Feb. 13, 2020.Andrew Harrer | Bloomberg | Getty Images Federal Reserve Governor Christopher Waller pledged Tuesday that the rate-setting group wouldn't make the same mistakes on inflation that it did in the 1970s. Back then, he said during a panel chat with Minneapolis Fed President Neel Kashkari, the central bank talked tough on inflation but wilted every time tighter monetary policy caused an uptick in unemployment. This time, Waller said he and and his colleagues will follow through on its intentions to raise interest rates until inflation comes down down to the Fed's targeted level. The central abnk has raised rates twice this year, including a half percentage point move last week. "We know what happened for the Fed not taking the job seriously on inflation in the 1970s, and we ain't gonna let that happen," Waller said. The remarks came with inflation running at its hottest pace in more than 40 years....
    Joe Biden's top economic adviser signaled that the White House is finally putting soaring inflation into focus in the president's agenda on Sunday - though he was vague when asked about an immediate action plan to alleviate the pain in Americans' pocketbooks. Rising prices coupled with worsening supply chain issues ahead of the holiday season are the latest crises plaguing the Biden administration. 'Do you believe that just at the end of the day, everything you've done is everything that can be done with inflation? Or are there more tools in the toolbox that you might use if you think it's getting worse?' Meet the Press host Chuck Todd asked National Economic Council Director Brian Deese.  Deese echoed other Biden officials' line that it was the pandemic that's responsible for what's plaguing the US economy - and that the administration is working to fix it. 'We can address this issue in the short-term and the medium-term. In the short term, we're focused on executing a strategy to finish the task on COVID. Those are immediate steps that we know actually will...
    President BidenJoe BidenVideo depicting violence removed from Rep. Gosar's account after blowback Federal judge rejects Trump effort to block Jan. 6 docs Expected price increases raise political stakes for Biden MORE on Wednesday acknowledged the economic recovery from the coronavirus pandemic has not resonated with swaths of the American public due to rising prices and supply chain slowdowns, but made the case his agenda would alleviate those issues in the coming months. Biden, speaking from the Port of Baltimore, said "everything from a gallon of gas to a loaf of bread costs more," noting some residents in California were paying more than $4 for a gallon of gas. "Many people remain unsettled about the economy, and we all know why," Biden said. "They see higher prices. They go to the store or go online, they can’t find what they always want and when they want it. And we’re tracking these issues and figuring out how to tackle them head on. "My administration has a plan to finish the job of getting us back to normal from the pandemic and having a stronger economy than we...
    U.S. consumer prices surged in April, with a key measure of underlying inflation blowing past the Federal Reserve's 2 percent target and posting its largest annual gain since 1992. In the 12 months through April, the personal consumption expenditures price index vaulted 3.1 percent, the most since July 1992, after rising 1.9 percent in March, data on Friday showed.  A massive increase in the money supply to fund COVID stimulus, disruptions in the supply chain causing shortages, and pent up consumer demand as the pandemic wanes are all being blamed as reasons for the surge in inflation.  Though the new inflation measure exceeded economists' forecasts, Fed Chair Jerome Powell has repeatedly insisted that higher inflation will be transitory, and the news is expected to have no impact on monetary policy. The U.S. central bank slashed its benchmark overnight interest rate to near zero last year and continues to flood the economy with money through monthly bond purchases.  The Fed has signaled it could tolerate higher inflation for some time to offset years in which inflation was lodged below its 2 percent...
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