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☆ Europe is beating inflation. Why can’t America declare victory?
▼ + stars: | 2024-04-26 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

The Fed aims to keep inflation at 2% over the longer run. Meanwhile, among the 20 countries that use the euro, annual consumer price inflation has slowed steadily since the start of the year. Fed Governor Michelle Bowman said earlier this month that she would favor a rate hike “should progress on inflation stall or even reverse.”So why does the United States appear to have a bigger inflation problem than Europe? Some economists argue there isn’t actually much daylight between the US and European rates of inflation, pointing to a quirk in the US measures. The measure is designed to track inflation in the real estate market while accounting for the fact that most Americans own their homes.

Persons: Michelle Bowman, Paul Donovan, Simon MacAdam, ”, MacAdam, ” Carsten Brzeski, Janet Yellen, Jim Watson, Brzeski, “, ” Davide Oneglia Organizations: London CNN, Federal Reserve, European Central Bank, PCE, UBS Global Wealth Management, Capital Economics, ING, CNN, Monetary Fund, Washington, Reuters, Getty, —, ECB, Lombard Locations: United States, Europe, Centreville , Maryland, AFP, Russia, Ukraine

☆ Red Sea crisis: How global trade is being upended by attacks on container ships
▼ + stars: | 2024-02-08 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

That’s added as much as two weeks to a typical East-to-West journey for container ships, and 18 days for slower bulk carriers and tankers. Global container shipping costs are less than half their level during the coronavirus pandemic, which peaked at $10,380 in September 2021. Even so, he said, container shipping is “very cost-effective” as many goods can be packed into a single shipping container. The Galaxy Leader cargo ship is escorted by Houthi boats in the Red Sea on November 20, 2023. Fewer oil tankers have avoided the Red Sea than container ships, which the Houthi militants more closely identify with Western countries allied with Israel.

Persons: Richard Meade, Tesla, Peter Sand, Good Hope, That’s, ”, Lloyd —, “, ” Simon MacAdam, ” Maersk, Meade Organizations: London CNN —, Hamas, Lloyds, CNN, Maersk, Hapag, Carriers, Global, Container, Capital Economics, Organisation for Economic Co, Development, Galaxy Leader, Houthi Military Media, Reuters Locations: Iran, Suez, Asia, Europe, Germany, Swedish, Africa, South Africa’s, Good, Sand, Vietnam, Drewry, Shanghai, China, Rotterdam, Netherlands, Xeneta, Israel, United States, Canada

☆ How the Red Sea crisis could clobber the global economy
▼ + stars: | 2024-01-10 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

The Suez Canal accounts for 10-15% of world trade, which includes oil exports, and for 30% of global container shipping volumes. Maersk CEO Vincent Clerc told the Financial Times Thursday that re-establishing safe passage through the Red Sea could take “months.” “It could potentially have quite significant consequences on global (economic) growth,” he added. Ikea has warned of shipment delays and potential shortages of certain products due to disruption in the Red Sea. Some ocean carriers that ordinarily transit through the Panama Canal had rerouted to the Suez Canal before the attacks in the Red Sea escalated, according to logistics company C.H. Matthew Burgess, vice-president of global ocean services at the firm, said global shipping capacity would be constrained for a while yet.

Persons: Joe Biden, Vincent Clerc, Germany’s, Mohamed, El Erian, ” Simon MacAdam, Lily Millard, Ben May, Good Hope, ”, ” It’s, Abercrombie &, Nathan Howard, “, ” Philip Damas, —, Judah Levine, Levine, Eric Thayer, Carolina Klint, Marsh McLennan, Robinson, Matthew Burgess, we’ve, Gene Seroka, Burgess, C.H Organizations: London CNN, British, Energy, World Bank, Maersk, MSC, Lloyd, CMA CGM, Financial Times, Global, Germany’s Kiel Institute, Allianz, Bank, Capital Economics, Oxford Economics, European Automobile Manufacturers ’ Association, Ikea, CNN, Abercrombie, Abercrombie & Fitch, Bloomberg, Getty, Drewry Supply Chain Advisors, Marsh, United, Port Locations: Iran, Crocs, Suez, Yemen, Gaza, Germany, Brent, Gulf, Oman, South Africa, Germany’s Kiel, Red, Israel, Good, Europe, ”, China, Asia, Los Angeles, United States, Panama, Rotterdam, of Los Angeles, of New York, New Jersey

☆ Markets may be on a tear this year, but the economy is under the most pressure since 2008 and could still easily fall into recession, research firm says
▼ + stars: | 2023-08-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Markets have rallied this year, but the US is still facing a significant risk of recession, Capital Economics warned. That's because financial conditions are the tightest they've been since 2008. That's led to the tightest financial conditions since 2008, the firm said, pointing to financial condition indexes, or FCIs, which show financial conditions in US, Europe, Australia, Canada, and Japan nearing Great Recession levels. Capital Economics' broad financial conditions indexes show financial conditions at their tightest since 2008 across most tracked economies. Interest rates on consumer credit have spiked past 8%, which is one of the largest drivers of tight financial conditions, the firm said.

Persons: they've, That's, Simon MacAdam Organizations: Capital Economics, Service, Federal Reserve, Capital, New York Fed, Atlanta Fed Locations: Wall, Silicon, Europe, Australia, Canada, Japan

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