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  • Sep 04, 2024

Fed's Bostic warns against keeping restrictive policy stance for too long

"We must not maintain a restrictive policy stance for too long," Bostic said in an essay released on the regional bank's website. Waiting until inflation has actually fallen back to the Fed's 2% goal before reducing borrowing costs "would risk labor market disruptions that could inflict unnecessary pain and suffering," he said. Bostic added that recent price increase reports had bolstered his confidence that inflation is now on a sustainable path to return to the Fed's objective, with pricing pressures diminishing quickly and broadly.

  • Sep 04, 2024

Chile Restarts Interest Rate Cuts and Strikes Dovish Tone on Economic Outlook

(Bloomberg) -- Chile’s central bank lowered its interest rate by a quarter percentage-point, playing down the risks of sustained inflation while indicating borrowing costs could fall faster than previously expected in a dovish shift.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsPolicymakers voted unanimously to cut borrowing costs to 5.5% on Tuesday, as expected by nearly a

  • Sep 04, 2024

Turkey seeks to join the BRICS bloc of emerging economies, a Kremlin official says

NATO member Turkey has applied for membership in the BRICS bloc of developing economies, a senior Kremlin official said Wednesday, as Russia and China seek to counter the West's global influence. Yuri Ushakov, President Vladimir Putin's foreign affairs aide, told reporters that Turkey has submitted an application “for full membership” in the bloc that Russia this year chairs, and it will be considered.

  • Sep 04, 2024

US Mortgage Rates Continue to Ease on Expectations of Fed Move

(Bloomberg) -- US mortgage rates fell last week to their lowest level since April 2023, prompting potential homebuyers to apply for loans at a faster clip.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsThe contract rate on a 30-year fixed mortgage fell slightly to 6.43% in the week ended Aug. 30, according to data released Wednesday by the Mortgage Bankers Association. That

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