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Security Verification For help please visit help.ft.com. We apologise for any inconvenience. The following information can help our support team to resolve this issue. - Error Code - CG000 / 403 - Request ID - a528a841be8b1ec6 Security VerificationFor help please visit help.ft.com. We apologise for any inconvenience.The following information can help our support team to resolve this issue.- Error Code- CG000 / 403- Request…

The Bank of Japan said today that inflation had hit its 2% target, more than 13 years after it adopted the goal in a bid to pull the economy out of deflation, but held …

The Bank of Japan said today that inflation had hit its 2% target, more than 13 years after it adopted the goal in a bid to pull the economy out of deflation, but held off hiking interest rates for now. Successive governments struggled for decades to pull the country out of a spiral of deflation - sustained falls in prices that are harmful for economic growth - and the 2% goal was set in 2013 as the Bank of Japan launched massive monetary easing measures. While core consumer inflation intermittently topped the level in the early 2020s, today marked the first time that the central bank confirmed the long-term price trend had been achieved. "Underlying CPI (consumer price index) inflation is at a level that is generally consistent with the price stability target of two percent, and is expected to remain at around that level," the central bank said on its website. Despite the central bank's view of sustainable inflation, Prime Minister Sanae Takaichi's government has been more cautious about officially declaring victory over deflation. "We're not there," Economy Minister Minoru Kiuchi said last week. Takaichi is seen as prioritising economic stimulus measures over controlling inflation, at the risk of giving the impression of pressuring the Bank of Japan to keep rates low. The Bank of Japan also said in a statement it had kept its key interest rate unchanged at 1.25% after an eight-to-one majority vote, following similar moves over the past two days by the US Federal Reserve and the European Central Bank. However, Japanese officials are expected to hike in December as inflationary pressure builds. Japan has faced sustained consumer price increases since spring 2022, and the Bank of Japan began tightening rates in March 2024 after 10 years of ultra-loose monetary policy. Core inflation in September stood at 2.1%, sharply up from 1.7% in August, according to data released by the government last week. The Bank of Japan warned today that the year-on-year rate of increase in CPI excluding fresh food "is likely to accelerate to a level clearly above 2%". It said this was because of various factors including a rise in oil costs that "is expected to push up prices, mainly of energy and goods", and the rise in the price of semiconductors, reflecting the increase in global AI-related demand. The depreciation of the yen is also a factor, it added. Marcel Thieliant of Capital Economics said "further tightening looks very likely and we expect the policy rate to reach 2% by the middle of next year". "If anything, the risks are tilted towards further tightening thereafter," he added.

Governor Kazuo Ueda said Friday that the central bank would not declare victory on inflation, stressing the need to achieve stable price growth around its 2% target."All members ag... Governor Kazuo Ueda said Friday …

Governor Kazuo Ueda said Friday that the central bank would not declare victory on inflation, stressing the need to achieve stable price growth around its 2% target."All members ag... Governor Kazuo Ueda said Friday that the central bank would not declare victory on inflation, stressing the need to achieve stable price growth around its 2% target."All members ag... This story app…

Let’s call it the great food fight of the 2026 midterm elections. It all could have been so easily won by Donald Trump, the undisputed heavyweight champion of fast-food populism.But this was a one-sided …

Let’s call it the great food fight of the 2026 midterm elections. It all could have been so easily won by Donald Trump, the undisputed heavyweight champion of fast-food populism.But this was a one-sided food fight that began in Cleveland this week, where Obam… Lets call it the great food fight of the 2026 midterm elections. It all could have been so easily won by Donald Trump, the undisputed heavyweight champion of fast-food populism. But this was a one-s…

The reasons today are much the same as they were in the 1970s. In an inflationary era, home values have outstripped both overall price increases and working- and middle-class wages, which, after a short …

The reasons today are much the same as they were in the 1970s. In an inflationary era, home values have outstripped both overall price increases and working- and middle-class wages, which, after a short period of relatively strong growth, have stalled again. In the ’70s, the culprits were corrupt assessors who handed out obscenely low valuations on the most valuable properties. Today, it’s cities subsidizing real estate developers through tax increment financing and handing generous tax breaks to data centers, both of which shrink local tax bases and shift the costs of local government onto everyone else. It’s a tax appeals process designed by and for large real estate owners and their attorneys, who use it to win ever-larger reductions, while it remains virtually inaccessible to those most unfairly overtaxed. It’s a local political culture that caters to corporations and mobile capital and asks little in return. And it’s the steady withdrawal of federal and state support for local governments and schools. That process began under Reagan and, with a brief exception during the Covid pandemic, has continued ever since, leaving localities to fend for themselves. In short, average Americans are paying more, and local governments are still coming up short, because the wealthy are paying so little. Today’s tax revolts should be seen not simply as a threat but also as an opportunity for the left. While orchestrated by anti-tax extremists intent on defunding the state, these campaigns consistently draw their support from average Americans with pocketbook concerns and valid frustrations at a patently unfair tax system. Those voters should not be mocked and dismissed as selfish adversaries but embraced as potential allies, whose mounting anger can—and should—be channeled into a movement for structural reform.

By Howard Schneider WASHINGTON, Oct 30 (Reuters) - New data may challenge Federal Reserve Chairman Kevin Warsh's sense that the US economy can handle a robust expansion without stoking inflation, as a key measure …

By Howard Schneider WASHINGTON, Oct 30 (Reuters) - New data may challenge Federal Reserve Chairman Kevin Warsh's sense that the US economy can handle a robust expansion without stoking inflation, as a key measure of price pressures jumped and strong consumer … By Howard SchneiderWASHINGTON, Oct 30 (Reuters) - New data may challenge Federal Reserve Chairman Kevin Warsh's sense that the US economy can handle a robust expansion without stoking inflation, as a…

I have studied American elections for more than four decades, and I am wary of the word "unprecedented." Pundits use it for every news cycle. But as the country heads toward the November 3 …

I have studied American elections for more than four decades, and I am wary of the word "unprecedented." Pundits use it for every news cycle. But as the country heads toward the November 3 midterms, I cannot find another word that fits. Never in the era of modern polling has a president taken his party into a midterm with all four of these burdens at once: a deeply unpopular presidency, an economy most Americans say is failing them, an unpopular war, and pervasive public alarm about corruption. Any one of these can cost a party dearly. Two or three together have produced some of the worst midterm defeats in our history. All four, simultaneously, is new territory. Consider the numbers. Donald Trump's job approval now averages in the mid-to-high 30s, with several major polls finding it at 30 or 31 percent. That is roughly where he stood when he left office in January 2021, after January 6. On the economy, the AP-NORC poll finds about three in four Americans disapproving of his performance, and nearly four in five disapproving of his handling of the cost of living. Even among Republicans, fewer than half approve of how he has handled prices. The war with Iran began with less public support than any major American war in polling history, and it has lost ground since. Surveys now show it as unpopular as Iraq in 2006 and Vietnam in the early 1970s. One analysis of more than 150 surveys across seven major conflicts concluded that it is the most unpopular major war the United States has fought. And corruption, long a background complaint, has moved to the foreground. In a recent Fox News poll, 88 percent of voters said they were concerned about corruption in government, ranking it above inflation and gas prices. Nearly two in three Americans tell pollsters the president uses his office to enrich himself, with the fastest increase among Republican-leaning voters over the past year. Now look at history. In 1946, Harry Truman's approval sank to about one-third amid postwar inflation and strikes. Democrats lost 54 House seats, 11 Senate seats, and control over both chambers. But there was no unpopular war and no corruption scandal at the center of the campaign. In 1966, Lyndon Johnson’s Democrats lost House 47 seats, and 3 Senate seats, yet Vietnam had not yet turned a majority of Americans against it. In 1974, after Watergate and amid double-digit inflation, Republicans lost 48 House and 4 Senate seats. But American combat in Vietnam was largely over, and Gerald Ford had been president for only three months. The closest parallel is 2006. George W. Bush stood in the high 30s, Iraq was going badly, and Republicans were mired in the Abramoff and Foley scandals. Republicans lost 30 House seats, 6 Senate seats, and like the Democrats in 1946, control over both chambers. Yet even then, the economy was middling rather than broadly seen as broken. Bush had three strikes, not four. Harry Truman's Republican opponents did eventually assemble a four-part indictment of Korea, communism, corruption and a sputtering presidency. But that was the presidential election of 1952, not a midterm. My Keys to the White House predict presidential elections, not midterms. But they rest on the simple principle that American elections are referendums on the governance of the party in power. Several of the keys measure exactly the forces at work today: the short-term economy, scandal, and foreign or military failure. When those turn against the party holding the White House, voters notice. This year, they have turned all at once. Still, a historic environment does not guarantee a historic seat count. The House map is far less elastic than it was in 1946 or 1974. Two rounds of partisan line-drawing have shrunk the number of competitive districts. The Cook Political Report estimates Democrats must win 57 of 77 competitive seats to take the majority. Partisan polarization is also stronger than it was in Truman's day; a president at 35 percent keeps most of his own voters. And the Senate map leans Republican, with Democrats needing to win in Republican states to regain Senate control. When the president’s party is on defense in Texas, Ohio, and even Kansas, which hasn’t elected a Democratic Senator since 1932, the national environment is doing the work. So four strikes may not pull the Republican Party completely under. A large popular-vote rebuke may yield a more modest shift in seats than the national mood would suggest. But let no one mistake the moment. Historians will look back at the conditions under which Americans voted in 2026, and they will find no midterm quite like it. Whatever the final tally, the verdict on this presidency is already written in the polls. On November 3, voters will decide how loudly to deliver it.

European Central Bank (ECB) Governing Council member Fabio Panetta (pictured) said on Friday that additional interest rate hikes might be necessary in order to contain inflation."If international cond... European Central Bank (ECB) Governing Council …

European Central Bank (ECB) Governing Council member Fabio Panetta (pictured) said on Friday that additional interest rate hikes might be necessary in order to contain inflation."If international cond... European Central Bank (ECB) Governing Council member Fabio Panetta (pictured) said on Friday that additional interest rate hikes might be necessary in order to contain inflation."If international con…

Indian government bonds ended October with losses, marking a fourth consecutive decline in bond yields. Brent crude oil prices surged, raising inflation concerns for the country. The Reserve Bank of India raised its policy …

Indian government bonds ended October with losses, marking a fourth consecutive decline in bond yields. Brent crude oil prices surged, raising inflation concerns for the country. The Reserve Bank of India raised its policy rate for the first time in nearly fo… Indian government bonds ended a bruising October with fresh losses on Friday, marking a fourth straight monthly decline as oil's surge rekindled inflation fears and the central bank's broader tighten…

A conservative Georgia crowd delivered Fox News’ Steve Doocy a blunt message Friday regarding President Donald Trump’s war against Iran.Doocy was reporting live from Big Doug’s Place in Hiram, Georgia, Friday morning as part …

A conservative Georgia crowd delivered Fox News’ Steve Doocy a blunt message Friday regarding President Donald Trump’s war against Iran.Doocy was reporting live from Big Doug’s Place in Hiram, Georgia, Friday morning as part of “Breakfast with Friends,” a r… A conservative Georgia crowd delivered Fox News Steve Doocy a blunt message Friday regarding President Donald Trumps war against Iran. Doocy was reporting live from Big Dougs Place in Hiram, Georg…