Persistent US services inflation dampens oil outlook: Kemp
LONDON -U.S. service-sector businesses returned to steady expansion in the third quarter after a brief and scarcely perceptible slowdown in the second quarter, according to business surveys.
The Institute for Supply Management’s services activity index was at 53.6 in September up from a low of 50.3 in May. Service-sector prices are rising more than twice as fast as the central bank’s whole-economy flexible average inflation target of a little over 2%. With most actual borrowing rates fixed for multiple years, rather than tracking the overnight rate, the increase in borrowing costs has only affected a minority of households and businesses so far.
Based on futures prices, the Federal Reserve is not expected to cut interest rates from their current level of 5.25%-5.50% until the middle of 2024.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Carbon Sequestration — Diving Into The Various OptionsThe 'net' of 'net zero' implies that we can make up for the global warming from persistent emissions by deliberately removing carbon dioxide
Read more »
Apple iPhone 15 Pro: The Coolest New Feature Is About To Be UpgradedI’ve been writing about technology for two decades and am routinely struck by how the sector swings from startling innovation to persistent repetitiveness. My areas of specialty are wearable tech, cameras, home entertainment and mobile technology.
Read more »
Apple iPhone: Surprise 2023 System Could Revolutionize iPhone ReleasesI’ve been writing about technology for two decades and am routinely struck by how the sector swings from startling innovation to persistent repetitiveness. My areas of specialty are wearable tech, cameras, home entertainment and mobile technology.
Read more »
IMF countries to boost funding by year-end, Israel-Gaza war weighs on outlookIMF countries to boost funding by year-end, Israel-Gaza war weighs on outlook
Read more »
Energy & precious metals - weekly review and outlookEnergy & precious metals - weekly review and outlook
Read more »
US oil is back, and ExxonMobil's $60 billion deal isn't even the biggest signalExxonMobil's $60 billion acquisition was actually the second-most important number in the oil market: the US just hit record production of 13.2 million barrels.
Read more »