Inflation target reached in the US in the third quarter: "Merry Christmas"
US core inflation was at an annual rate of 2.0 percent in the third quarter, according to the PCE price index, which is commonly known as the Federal Reserve's favorite measure. It was expected that Thursday's revised figures for the period would land at 2.3 percent.
"Merry Christmas Jerome Powell!", writes Nordea's economist Gustav Helgesson on X.
It is the first time since the last quarter of 2020 that the inflation target has been reached in the US. At most, core inflation was up to 6 percent, according to Trading Economics.
The figure together with other statistics from the last week leads Bloomberg to state that the fight against inflation is now basically won.
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The aftermath of the US election
Rudy Giuliani files for personal bankruptcy
Donald Trump's former lawyer Rudy Giuliani files for personal bankruptcy, US media reports.
It comes just days after he was sentenced to pay the equivalent of around 1.5 billion kroner in damages to two former election workers in Georgia whom he accused of helping to falsify the 2020 election results.
In the bankruptcy filing, Giuliani writes that he has debts equivalent to around one to five billion kroner, and around ten to one hundred million in assets.
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Cocaine sales may become legal in Switzerland's capital
Selling small amounts of cocaine for everyday use could become legal in Switzerland's capital, Bern, reports Sky News.
Parliament supports a pilot program, similar to the one currently underway with cannabis sales, but the city's local authorities have not yet had their say.
- The war on drugs has failed, it is time to consider new ideas. Control and legalization can work better than pure repression, says Eva Chen from the local left-wing party AL.
No similar initiative has been taken in any European city.
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