This chapter discusses the uncertainty surrounding the Federal Reserve's interpretation of economic data and the possibility of rate cuts. The disagreement between the chairman of the Federal Reserve and the president of the New York Fed regarding rate cuts due to uncertainties in services inflation has caused market corrections and highlights the difficulty in interpreting both the data and the Fed's stance.
America seems to be in a best-of-worlds scenario: growth is outpacing expectations even as inflation keeps falling—how will the party end? This week’s loss of the Peregrine One Moon lander was disappointing, but our correspondent sees the good news from the launch (9:19). And how Japan’s geishas are modernising their trade in order to keep it alive (17:35).
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