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FirstFT – Fed splits over rates, Goldman Sachs aims for the 99% and the capture of ‘the ghost’

Summary:
Sign up to receive FirstFT by email here A divided Federal Reserve left open the prospect of a further interest rate rise this year even as policymakers insisted they needed more evidence on the durability of the rebound before feeling confident enough to pull the trigger. Minutes of the Fed’s latest July meeting revealed a hard-fought debate over when to move rates, with a couple of participants urging an immediate move while others were urging caution amid questions over how rapidly inflation will return to target. (FT) In the news Living with negative rates Almost 500m people are living under negative central bank interest rates — an unprecedented policy move which is “a clear sign of desperation” with a host of unintended consequences for the world economy, Standard & Poor’s has warned. In an in-depth study on the impact of sub-zero interest rates across the developed world in the eurozone, Japan and Scandinavia, S&P calculated that a quarter of the world’s GDP is affected by negative rates. (FastFT) Law and disorder in Rio Two US swimmers have been prevented from boarding flights back to the US by Brazilian police, as doubts swirl about claims that they and two teammates had been robbed at gunpoint at the weekend. Meanwhile, Pat Hickey, the 71-year-old Irish head of the European Olympic Committees, was detained in connection with an alleged ticketing scam.

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Bryan Harris
Bryan Harris is a lead writer at Financial Times. He is a Hong Kong-based journalist with a penchant for international crime stories.

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