Inflation fears ease as commodity prices fall back – business live

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7.44am BST

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Inflation fears are easing today as commodity prices fall back from their recent peaks.

If the circumstances are serious, it shall be ordered to suspend business for rectification, or its business license shall be revoked and publicly exposed.

#Ironore limit-down in #China, down 10% today.
chart @YuanTalks pic.twitter.com/s3Vu77zwfW

Stocks finishing strong. Currencies have been mostly boring all week. Check out the unwind in commodities though. Yikes. pic.twitter.com/FYlk5zP5ie

European Opening Calls:#FTSE 7000 +0.52%#DAX 15299 +0.65%#CAC 6329 +0.65%#AEX 699 +0.63%#MIB 24673 +0.76%#IBEX 9026 +0.67%#OMX 2217 +0.50%#STOXX 3981 +0.72%#IGOpeningCall

“So the really big question is, is [higher inflation] going to persist or not? Our view is that on the basis of what we’re seeing so far, we don’t think it is.”

Related: Bank of England head says drivers of inflation will not persist

Richmond Fed President Barkin said that he didn’t see persistent recurring inflation as likely, while later on Fed Reserve governor Waller joined the chorus saying that the rise in prices is “temporary”.

This comes even as he forecasts inflation remaining above the 2% target through 2022, though he acknowledged that persistent 4% monthly increase would be “very concerning”. Waller wants to observe a few months of economic data before calling any point an outlier or adjusting any policy stances.

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