Singapore Refrains From Easing as Economy Shrinks

Singapore’s central bank unexpectedly refrained from easing monetary policy even as the economy contracted last quarter, saying inflation will remain elevated for some time. The island’s dollar climbed. Gross domestic product fell an annualized 1.5 percent in the three months through September from the previous quarter, when it expanded a revised 0.2 percent, the Trade Ministry said in a statement today. The median estimate of 16 economists in a Bloomberg News survey was for a 1.6 percent contraction. The central bank, which uses the currency to manage inflation, said it will maintain a modest and gradual appreciation of the dollar.

Former Yellen Adviser Says Recession a ‘Live Possibility’
40:24 - Chair Janet Yellen said the Federal Reserve still expects to raise interest rates gradually while making it clear that continued market turmoil could throw the central bank off course from the multiple increases that policy makers have forecast for 2016. Andrew Levin, an economics professor at Dartmouth College in Hanover, New Hampshire, and a former policy adviser to Yellen when she was the Fed vice chair, speaks to Bloomberg’s Manus Cranny and Anna Edwards on “Countdown.”
  • Low Borrowing Costs Help Trudeau to Grow Stimulus
  • Zuckerberg Slams Andreessen's India Tweets
  • Have Central Banks Lost Credibility?