The Inflation Reduction Act passed by the Senate over the weekend will, despite its name, do little to rein in inflation, but the climate provisions will make a meaningful difference in efforts to reduce GHG emissions. The bill represents a cumulative fiscal tightening of slightly more than $300bn, or 1.3% of GDP, over the next decade, which is a marked change from the fiscal packages passed by both parties in recent years that all added to the deficit. CPI Drop-In (10th Aug): Will July finally mark the turning point for US inflation? Join our US Economics team for a briefing shortly after the CPI release about the data and likely Fed response. Register now.
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