Bloomberg Daybreak: Europe Edition Daybreak Weekend: New Inflation Data, Party Conferences, Elections in Japan
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Sep 21, 2024 Anticipation swirls around upcoming inflation data in the US, with potential Federal Reserve rate cuts on the horizon affecting the housing market. The UK faces crucial party conferences that could reshape its political landscape, while Japan gears up for a significant leadership election in the ruling Liberal Democratic Party. Discussions include the stakes of these elections, candidates' responses to economic challenges, and the broader implications for voters as both nations navigate shifting political climates.
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Fed's Rate Cut and Focus Shift
- The Federal Reserve cut its benchmark lending rate by 50 basis points, hinting at further cuts due to improved risk balance.
- While inflation remains a concern, the focus has shifted towards potential labor market deterioration.
Housing Market Outlook
- Lower lending rates are expected to positively impact the housing market, as seen in increased housing starts and mortgage purchase applications.
- However, rising home prices and limited inventory still pose challenges for potential buyers.
UK Political Landscape
- The UK's political landscape is shifting after the Labour Party's election win, with the upcoming party conferences marking a critical juncture.
- The Labour Party faces economic challenges and internal divisions, while the Conservative Party seeks a new leader and direction.