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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK CPI unexpectedly rose in August
In the UK, the consumer price index (CPI) rose 0.20% on a YoY basis in August, compared to a rise of 1.00% in the prior month. Markets were expecting the CPI to record a flat reading.
UK retail price index dropped as expected in August
In the UK, the retail price index dropped 0.30% on a MoM basis in August, at par with market expectations and compared to a rise of 0.50% in the previous month.
Euro-zone trade surplus widened in July
In the Euro-zone, trade surplus expanded to €20.30 billion in July, compared to a revised surplus of €16.00 billion in the prior month.
US Fed signals rates near zero through 2023
The US Fed, in its September monetary policy meeting, kept its benchmark interest rates unchanged at 0%-0.25% and also indicated that rates could stay anchored near zero until inflation rises consistently. Meanwhile, Fed officials expect interest rates to remain at or near zero through at least 2023. Further, the policymakers forecasted an annual GDP decline of 3.7%, lower than 6.5% previously forecasted in June. However, it lowered its 2021 outlook to 4% and 2022 to 3%. Further, the committee expects a 2.5% GDP growth in 2023.
US advance retail sales rose less than expected in August
In the US, advance retail sales climbed 0.60% on a MoM basis in August, compared to a revised rise of 0.90% in the prior month. Markets were expecting advance retail sales to record an advance of 1.00%.
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