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Markets  |  December 18, 2012 15:31:13

The day's events - Inflation in the UK and U.S. fiscal cliff


iPoint.cz Great Britain

Inflation in the UK has remained surprisingly at the highest levels since May of this year. British Statistical Office today released the consumer price index (CPI), which remained at 2.7 percent. The decline in gasoline prices failed to contain inflation and especially food price increases affect the inflation rate. Inflation in the service sector jumped to 4.2 percent and peaked from December 2011.
Forecast the Bank of England showed that reducing inflation below 2 percent, we will see the earliest at the end of the third quarter in 2014. High inflation policy discouraged from increasing the money supply in November. Earlier this month also approved the National Bank not to increase their purchases of government bonds.
Minutes from the Bank of England will be available tomorrow and should reveal more details.
USA
Debate on fiscal cliff is probably coming to an end. Obama retreats further from its requirements, the latest proposal is to maintain the current tax rates for all Americans earning below $ 400 000 a year. Obama shifted the threshold of $ 250,000.Republicans Boehner boss still insists on higher taxes for people earning more than $ 1 million.
Obama made a further step forward when lowered its previous proposal for the total amount levied in taxes from 1.4 trillion to 1.2 trillion dollars. Republicans still insist on only 1 trillion dollars.
It is also an increase in the debt ceiling. Boehner is willing to approve the increase, while the White House would have liked two years. Boehner remains hard in their requirements, but concessions from the Democrats could shift the debate to the desired approval.
Republican boss awaits trial by fire today, will have to appear before the party legislators and inform them of the new steps. It is not expected that Boehner acted without support of 241 Republicans.
Sterling continues to strengthen, to today's inflation report does not significantly react. Currently struggling with price 1.6225 and it is possible that we will see a slight weakening from breaking this level.
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Události dnešního dne - inflace v UK a US fiskální útes

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