delay cuts to interest rates.
booming jobs market has created an average of 289,000 jobs a month, more than double estimates of the sustainable rate
expansion remains healthy
In Europe unemployment is low but growth less strong.
Britain fell into recession at the end of 2023
The Chinese economy is in a funk and prices are falling. In Japan interest rates are still below zero. It would be considered a victory if inflationary pressures stayed strong enough to let the central bank raise rates.
That means monetary policy is likely to diverge
boost the value of the dollar, which is already climbing.
poorer countries struggling to borrow in dollars suffer most
The inflation problem is not what it was a year ago, but the world is not yet clear of the danger.
Over the past three months core consumer prices, which exclude food and energy, have risen at an annual rate of 4%, up from 2.6% in the three months to August.
If interest rates do not fall there could be nasty surprises on Wall Street, too.
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