Hammond presents the Autumn budget statement

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Fed Chair, Janet Yellen took part in a panel discussion titled ‘In conversation with Mervyn King’ at the New York University Stern School of Business last night. During the discussion, she mentioned how raising interest rates in the US too quickly could keep the inflation rate below the targeted two percent. She also hinted expectations for inflation are likely to drop and further hikes too quickly would be dangerous. The hawkish comment saw the Greenback tumble.

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GBP - Autumn Forecast Statement
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The Chancellor of the Exchequer, Phillip Hammond addressed the Houses of Common today, to present the Autumn budget statement. As expected, he announced plans to build 300,000 new houses as well as cut stamp duty tax for first time buyers, in order to help them get on the property market. The tax has been abolished for houses up to £300,000 and reduced for ones up to half a million. Hammond also announced that from April 2018, business rates will be switch from using the Retail Price Index to the Consumer Price Index. He also mentioned a further £2.8 billion will be given to the NHS as well as an increase in living wage, taking it up to £7.83 an hour. However, the statement also downgraded the economic growth estimate. The Pound saw little movement as any gains were reversed by the lower economic growth forecast.

Across the pond, the US will be releasing their Core Durable Goods Orders figure, expected to post 0.4%, alongside the Weekly Unemployment claims, forecaste at 241k. The University of Michigan will release their Consumer Sentiment and Inflation Expectations reports. The FOMC will also be releasing the meeting minutes from the most recent Fed meeting.