FT News Briefing

A year of the Inflation Reduction Act

Aug 16, 2023

09:45

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US stocks hit a five-week low due to potential Fitch downgrades. China tackles local government debts. Investment in clean technology is dominated by Republican districts. Breakthroughs in communication technology for non-speaking individuals.

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Quick takeaways

Concerns about credit ratings of multiple lenders contribute to the fall of US stocks.

China deploys debt squads to tackle local government debt problem and potential solutions.

Deep dives

Concerns over US stocks and Federal Reserve interest rates

US stocks hit a five-week low as bank shares fell due to concerns about the credit ratings of multiple lenders. Strong US retail sales data has raised concerns that the Federal Reserve may keep interest rates higher for longer, which has contributed to investor unease.

Introduction

2min

Debt Accumulation and Tensions between Central and Local Governments in China

2min

Debt problem in China and political implications of US investment

5min

Breakthrough in Communication Technology for People Who Can't Talk

1min

US stocks hit a five-week low as a warning of potential Fitch downgrades sent bank shares lower, Beijing is making one of its biggest top-down efforts in years to tackle the debts racked up by local governments, and a year after passage of the US Inflation Reduction Act and Chips Act the vast majority of investment is going to red states.

Mentioned in this podcast:

US and European stocks hit five-week lows after strong retail sales data

China sends finance experts to tackle regions’ debts

Republican districts dominate US clean technology investment boom

Pink Floyd strike a chord as scientists recreate song from brain activity

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. Additional help from Josh Gabert-Doyon, Monique Mulima, Monica Lopez, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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