The Fed‘s Stanley Fischer said there is “good reason” to think sluggish U.S. inflation will firm and move back toward the U.S. central bank’s 2% annual target, touching on a significant assessment facing the Fed ahead of its September policy meeting.
Central bankers aren’t sure they understand how inflation works anymore. Inflation didn’t fall as much as many expected during the financial crisis and it hasn’t bounced back as they predicted when the economy recovered and unemployment fell.
Rebekah Brooks is expected to head News Corp’s U.K. division, a position similar to one she resigned from amid the phone-hacking scandal. Separately, Britain’s Crown Prosecution Service is reviewing a police referral related to the hacking probe.