Is a post-dollar world coming?
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 13 September 2022
⏱️ 9 minutes
🧾️ Download transcript
Summary
US inflation is expected to have eased due to falling energy prices and Ukraine has regained momentum fighting back the Russian invasion. Plus, Ruchir Sharma tells us why he thinks the dollar may not be the world’s dominant currency for much longer.
Mentioned in this podcast:
Pace of US consumer price growth expected to have eased in August
Ukraine’s defence minister warns of Russian counter-attack
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.4 | Learn more at equinole.co.uk |
| 0:09.8 | Good morning from the Financial Times. |
| 0:11.3 | Today is Tuesday, September 13th, and this is your FT News Briefing. |
| 0:18.8 | US inflation is expected to have eased in August and will hear from a guest |
| 0:23.2 | columnist who envisions a world where the dollar is no longer the dominant currency. |
| 0:28.4 | Plus, Ukrainian troops have regained momentum and changed the narrative in the war with Russia. |
| 0:33.9 | I'm Mark Filipino and here's the news you need to start your day. |
| 0:45.5 | The US government is out with its latest inflation numbers today. |
| 0:49.0 | Economists expect the August consumer price index will show the pace of price rises. |
| 0:53.9 | We'll have slowed a bit, but the FT's Colby Smith says that may just reflect a lower gas prices. |
| 1:00.1 | More broadly, what we really need to be looking at are these month-over-month metrics |
| 1:05.0 | and inflation once we strip out volatile prices that are related to energy and food as well. |
| 1:12.0 | So when we do that, it's a little bit more of a worrying picture. |
| 1:16.0 | That's forecasted to show is a 0.3% increase between July and August. |
| 1:22.8 | Now on an annual basis, that's going to translate to a 6.1% increase and that's up from the annual |
| 1:30.7 | pace that was recorded during the previous period. So if I hear you right, anyone who hopes that |
| 1:37.5 | today's numbers will make the federal reserve ease up on aggressive rate hikes when it meets next |
| 1:43.0 | week, those people are going to be disappointed. So for the Fed, what they really need to see is more |
| 1:49.4 | substantial evidence that inflation is coming down and this August report is just not going to |
| 1:54.4 | be sufficient to change their view. Colby Smith is the FT's US economics editor. |
| 2:05.6 | The Fed's rate hikes have helped strengthen the US dollar and right now the dollar is the |
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