Global supply chain pressure decreased in September, aiming for improvement with the end of the port strike - NY Fed.

October 5, 2024, 6:02 AM GMT+9

On the 4th, the New York Fed announced that the Global Supply Chain Pressure Index (GSCPI) for September decreased to 0.13. The same indicator had been on an upward trend from -0.96 in April to 0.2 in August.
Following the end of the US port strike, it is widely believed that the pressure on the global supply chain has eased, and the likelihood of inflation deceleration continuing remains high.
Against the backdrop of supply chain disruptions seen at the onset of the COVID-19 pandemic, the inflation rate in the USA surged to levels not seen in about 40 years in 2022. Concerns were growing in the market that inflation would reignite due to the prolonged US port strike, leading to worries that the Federal Reserve (FED) might no longer be able to continue its rate-cutting strategy.

On the 4th, Chicago Federal Reserve Bank President Goolsbee stated in an interview with Bloomberg TV that regarding the employment statistics announced that day, "Realistically speaking, one cannot expect better news for the economy." With the end of the port strike as well, he expressed the view that "these two are very good news for the economy."