Richard Beales joined Breakingviews in 2007 from the Financial Times, where he was U.S. markets editor and a Lex columnist. Prior to the FT, he spent more than 10 years as an investment banker at Schroders and Citigroup, based largely in Hong Kong and working on project finance, mergers and acquisitions. He has also lived in Sydney, Australia, and began his working life in London at Mars & Co, a management consultancy. Richard holds a masters in business journalism from New York University and a degree in biochemistry from St John’s College, Cambridge. Follow Richard on Twitter @richardbeales1
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Vice Chair Stanley Fischer reckons inflation is only temporarily subdued. Along with the BoE’s Mark Carney, he also downplayed China’s deceleration. The Fed’s doves, meanwhile, remain wary of raising interest rates. The split is evidence the U.S. economy is finally mending.
GDP expanded at a 3.7 pct pace in the second quarter and 2.7 pct year-on-year. The jobs market looks steady. For central bankers like the Fed’s Bill Dudley, that ought to be more “compelling” than the now-arrested slide in shares. Zero interest rates are past their sell-by date.
The Fed chair is skipping central bankers’ annual shindig in Jackson Hole this week. For all her institution’s professions of transparency, recent global market ructions mean nothing she might have said would have satisfied anyone. Better to wait until the FOMC meets next month.
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