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☆ The latest data signals the Fed will pause next week and keep future rate hikes on the table
  + stars: | 2023-09-15 | by ( Krystal Hur | ) edition.cnn.com   time to read: +6 min
That data indicates that the Federal Reserve is still likely to hold rates steady next week, some investors say. Inflation: US inflation climbed 3.7% in August from the prior year, marking an acceleration for the second consecutive month, according to the latest Consumer Price Index. Excluding the boost from gas station sales, retail spending added 0.2% in August from July. Traders see a roughly 97% chance that the central bank keeps rates unchanged in September, according to the CME FedWatch Tool. The central bank has now raised its main interest rate at 10 consecutive meetings, taking it to the highest level since the launch of the euro currency in 1999.
Persons: “, ”, Sam Millette, Price, Taylor Swift, Bill Adams, Jerome Powell, Liz Young, CNN’s Olesya, Michelle Toh ., Read Organizations: CNN Business, Bell, CNN, Federal Reserve, Commonwealth Financial Network, National Federation of Independent Business, Comerica Bank, Traders, European Central Bank, Central Bank, ECB, Cornell University, Schroders, Fashion, Cornell’s Global Labor Institute Locations: Saudi Arabia, Russia, Jackson Hole , Wyoming, Bangladesh, Pakistan, Vietnam, Cambodia, Schroders
☆ Extreme weather may cost the global fashion industry $65 billion by 2030
  + stars: | 2023-09-14 | by ( Michelle Toh | ) edition.cnn.com   time to read: +4 min
Together, they account for 18% of global apparel exports, roughly 10,000 clothing and footwear factories and more than 10.6 million manufacturing workers. Pakistan, especially, is no stranger to extreme weather, with more than one third of the country underwater last year during its worst floods in history. The first scenario includes the assumption that heat stress will cause considerable changes in worker productivity. For example, output may decline by about 1.5% for each 1°C increase in the “wet-bulb globe temperature,” a measure of heat stress, according to the report. “Workers need these investments now because extreme heat standards and flood protections are non-existent.”
Persons: Mohammad Ponir Hossain, Schroders, Jason Judd Organizations: Hong Kong CNN, Cornell University, Schroders, Fashion, Cornell’s Global Labor Institute, Reuters, Cornell, “ Workers Locations: Hong Kong, Bangladesh, Pakistan, Vietnam, Cambodia, Schroders, Dhaka, Phnom Penh, Karachi, Lahore, Ho Chi Minh City, Hanoi, South, Southeast Asia
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