World's most expensive city for the rich to live 'extremely well'

Yahoo Finance
New inflation reading offers hope for Fed rate cuts later this year
The Fed got another positive signal that inflation is easing after running hotter-than-expected in the first quarter, but the central bank still likely needs more time before cuts can begin in 2024.
The Telegraph
Germany couldn’t afford to bail France out even if it wanted to
The “nein”, “non” or just a plain old “no way” has already been uttered. As France prepares for its most significant election in at least a decade, with its leading parties committed to increasing the government’s already lavish spending, Christian Lindner, the German finance minister, has made one point clear: France is not going to get a bailout, and certainly not from its close neighbours.
Yahoo Finance
Jobless claims data show 'warning sign' for the US labor market
The number of continuing applications for unemployment benefits just hit its highest level in more than two years, concerning economists that the labor market's softening may accelerate.
The Telegraph
France’s hard-Right wants to cut the EU’s budget – Brussels should be worried
Jordan Bardella, the fresh-faced 28-year-old who could be the first French prime minister for Marine Le Pen’s hard-Right National Rally party, has designs on EU cash.
Yahoo Finance
Stock market today: Stocks inch higher with key inflation print looming
A sell-off in Micron put a dent in the AI bullishness that has fueled the tech-driven rally, as investors eye fresh economic data.
GOBankingRates
5 Ways To Fight Inflation That Actually Work — And 5 That Don’t
If you've seen yourself paying a hefty bill at the grocery store or tried to fill your tank, only to get a fraction of what you once paid for, you've likely noticed that many of these costs have...
Reuters
US inflation cools in May, boosting hopes of Fed rate cut
U.S. monthly inflation was unchanged in May as a modest increase in the cost of services was offset by the largest drop in goods prices in six months, drawing the Federal Reserve closer to start cutting interest rates later this year. The report from the Commerce Department on Friday also showed consumer spending rose marginally last month. Underlying prices advanced at the slowest pace in six months, raising optimism that the U.S. central bank could engineer a much-desired "soft landing" for the economy in which inflation cools without triggering a recession and a sharp rise in unemployment.
CNN Business
It’s the economy, stupid. Here’s what you need to know about it for the presidential debate
Bill Clinton’s campaign was right on the money when it coined the famous “It’s the economy, stupid” slogan in 1992. That’s because the economy has consistently ranked among the top – if not the very top — voter issues in presidential election after presidential election.
The Telegraph
How the Tories’ 14-year tax raid is finally being laid bare
The number of pensioners paying income tax has risen by 42pc since the Tories came to power, as the true cost of the Government’s stealth tax raid is laid bare.
Barrons.com
China’s Third Plenum Will Showcase the Country’s Contradictions
A major upcoming policy meeting will set the course of China’s economy, Seong-Hyon Lee writes in a guest commentary.
INSIDER
A Nobel Prize-winning economist breaks down exactly how Trump's proposed policies could make inflation worse
Inflation has slowed but is above its ideal rate. Nobel Prize-winning economist Joseph Stiglitz broke down why Trump's policies could make it worse.
The Telegraph
The Netherlands stung savers with 100 per cent tax rates – and now owes them billions
The Netherlands is expected to pay billions of pounds in compensation to taxpayers after a divisive levy on investments and second homes was shot down by the Dutch Supreme Court.
Reuters
Inflation in Japan's capital accelerates, keeps BOJ rate hike prospects alive
TOKYO (Reuters) -Core inflation in Japan's capital accelerated in June on rising fuel bills and the boost to import costs from a weak yen, data showed on Friday, keeping alive expectations for a near-term interest rate hike by the central bank. Separate data showed factory output rebounded nationally in May as automakers recovered from shipment disruptions, offering policymakers hope the economy was on track for a moderate recovery. The data may help the Bank of Japan (BOJ) make the case to raise interest rates as early as this month, as cost pressures from the weak yen heighten the chance of inflation staying well above its 2% target in coming months, analysts say.
Reuters
Instant view: US inflation cools in May; consumer spending rises moderately
The flat reading in the personal consumption expenditures(PCE) price index last month followed an unrevised 0.3% gain inApril, the Commerce Department's Bureau of Economic Analysissaid on Friday. In the 12 months through May, the PCE priceindex increased 2.6% after advancing 2.7% in April. Economists polled by Reuters had forecast the PCE priceindex unchanged on the month and rising 2.6% year-on-year.
CNN
Trump tells wealthy donors he wants to extend his 2017 tax cuts. Here’s why they’d benefit the most
Wealthy donors forked over a record $50.5 million at a recent fundraising dinner for former President Donald Trump, but they could also reap big benefits if he returns to the White House.
Associated Press
Federal Reserve's preferred inflation gauge shows price pressures easing further
A measure of prices that is closely tracked by the Federal Reserve suggests that inflation pressures in the U.S. economy are continuing to ease. Friday's Commerce Department report showed that consumer prices were flat from April to May, the mildest such performance in more than four years. Excluding volatile food and energy prices, so-called core inflation rose 0.1% from April to May, the smallest increase since the spring of 2020, when the pandemic erupted and shut down the economy.
BBC
UK economy grew more than first estimated in early 2024
Revised figures show the economy grew by 0.7% between January and March this year.
Reuters
Fed gets heartening inflation data, but slow road ahead
(Reuters) -U.S. Federal Reserve officials got encouraging data on Friday suggesting inflation is cooling, news that helped ease doubts over how well monetary policy is doing its job after stronger-than-expected price increases earlier in the year. But while progress on a month-to-month basis is increasingly clear, the road to the Fed's 2% inflation goal - measured in year-over-year terms - is likely to be long, complicating discussions about when to cut interest rates. "We are getting evidence that (policy) is tight enough," San Francisco Federal Reserve Bank President Mary Daly told CNBC in an interview just minutes after a Bureau of Economic Analysis report showed inflation did not rise at all from April to May. "It's really challenging to look anywhere and not see monetary policy working: we have growth slowing, spending slowing, the labor market slowing, inflation coming down."
Reuters
Analysis-French bond market gets taste of euro zone 'periphery' turmoil
The recent turmoil in France's bond market could mark a new chapter for the euro zone's wealthiest economies, with emerging political and fiscal risks fuelling volatility earlier associated with its high-debt members such as Greece or Spain. French President Emmanuel Macron's rattled markets with his shock decision on June 9 to call a snap election after his grouping got trounced by far-right parties in European parliamentary elections. French government bond yields are around 3.25%, near their highest level of the year.
The Guardian
Who could replace Joe Biden? Here are six possibilities
With Biden not yet officially endorsed as Democratic presidential candidate, it is in theory open to the party to choose another candidate

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World's most expensive city for the rich to live 'extremely well'

Latest stories

New inflation reading offers hope for Fed rate cuts later this year

Germany couldn’t afford to bail France out even if it wanted to

Jobless claims data show 'warning sign' for the US labor market

France’s hard-Right wants to cut the EU’s budget – Brussels should be worried

Stock market today: Stocks inch higher with key inflation print looming

5 Ways To Fight Inflation That Actually Work — And 5 That Don’t

US inflation cools in May, boosting hopes of Fed rate cut

It’s the economy, stupid. Here’s what you need to know about it for the presidential debate

How the Tories’ 14-year tax raid is finally being laid bare

China’s Third Plenum Will Showcase the Country’s Contradictions

A Nobel Prize-winning economist breaks down exactly how Trump's proposed policies could make inflation worse

The Netherlands stung savers with 100 per cent tax rates – and now owes them billions

Inflation in Japan's capital accelerates, keeps BOJ rate hike prospects alive

Instant view: US inflation cools in May; consumer spending rises moderately

Trump tells wealthy donors he wants to extend his 2017 tax cuts. Here’s why they’d benefit the most

Federal Reserve's preferred inflation gauge shows price pressures easing further

UK economy grew more than first estimated in early 2024

Fed gets heartening inflation data, but slow road ahead

Analysis-French bond market gets taste of euro zone 'periphery' turmoil

Who could replace Joe Biden? Here are six possibilities