October 03, 2024 at 12:44AM
S&P Global Market Intelligence comments were reported in the Wall Street Journal (gated).
In brief:
many importers and manufacturers pulled forward orders to try to get ahead of the looming East Coast port strike now under way
if not resolved soon, the strike could eventually affect the shipping of 40% to 50% of U.S. imports
disruptions would surely put upward pressure on goods prices
in turn complicating the Federal Reserve’s ambition to wind down its fight against inflation
higher shipping costs to the East Coast in anticipation of the strike have already contributed an inflationary impulse
This article was written by Eamonn Sheridan at www.forexlive.com.
Federal Reserve rate cuts under threat from US port strike