Last week’s US eco data failed to settle the debate on the outcome of the September FOMC meeting.
Markets Money markets initially added to 50 bps rate cut bets on slightly below consensus PPI numbers, but later on retraced somewhat after CPI showed continuing disinflation though in line with forecasts. Survey data , activity figures and labour market data all helped putting the early August recession scare to bed. Weak US housing data were the odd one out.
News and views Rating agency Fitch confirmed Belgium’s AA- credit rating last Friday, but the outlook remains negative. Strong fundamentals are counterbalanced by fiscal challenge. A very high and rising level of public indebtedness and a political and institutional context complicate fiscal adjustment efforts. The negative outlook reflects insufficient fiscal consolidation to achieve debt stabilization in the medium term.
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