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.
Heard on the Street: Carl Icahn has taken a stake in Freeport-McMoRan, the copper miner which recently has been a hive of activity in terms of cutting costs and addressing concerns about its balance sheet.