Yahoo News is better in the app -- US underlying inflation picked up along with consumer spending as the third quarter drew to a close, government figures showed ahead of the Federal Reserve’s penultimate policy meeting of the year.Everything Apple Plans to Launch at Oct. 30 ‘Scary Fast’ Mac EventConsumer price growth also gathered pace in Tokyo, an indicator of nationwide inflation. Bank of Japan officials also meet next week, as do Bank of England policymakers.
The US economy grew at the fastest pace in nearly two years last quarter on a burst of consumer spending, which will be tested in coming months. Gross domestic product accelerated to a 4.9% annualized rate, more than double the second-quarter pace, according to the government’s preliminary estimate. Chinese President Xi Jinping stepped up support for the world’s second-biggest economy, issuing additional sovereign debt, raising the budget deficit ratio and even making an unprecedented visit to the central bank. The budget revision underlined concerns among top leadership about the economy’s outlook into next year and the government’s increased focus on shoring up the economy and financial markets.
--With assistance from Christopher Anstey, Maya Averbuch, Christopher Condon, Toru Fujioka, Tom Hancock, Jennah Haque, Sam Kim, Yujing Liu, Yoshiaki Nohara, Reade Pickert, Tom Rees, Zoe Schneeweiss, Fran Wang, Alexander Weber and Erica Yokoyama.
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