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Updated at 3.14pm BST 2.57pm BST US markets rise US markets have opened higher, boosted by those slightly better than expected Chinese growth figures.
Eva Hambach/AFP/Getty Images 1.36pm BST US housing starts rise US housing starts and permits for future homes rose less than expected in July, suggesting higher mortgage rates could be slowing the housing market's momentum.
He admires the "heroic hard work my dad put in, to rise us up from living seven-in-a-room - which he was back in Cyprus - to having a good standard of living".
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How worried should we be by rising US inflation?
Eichengreen said he didn't see a threat from rising US debt.
Updated at 3.39pm BST 2.56pm BST Fed's Bullard concerned over rising US borrowing costs James Bullard, president of the St Louis Federal Reserve Bank.
The US GDP data suggests a strong jobs market and still rising US house prices are providing an offset to weak growth overseas.
One concern is that much of the high-risk investment has taken place in emerging markets, leaving them vulnerable to rising US interest rates.
It looks as if the rout in developed equities is spreading to emerging markets, with concerns about slowing growth combining with a rising US dollar.
Shares have fallen heavily on global stock markets as Wall Street jitters about rising US interest rates rippled across the Atlantic to the City and other European bourses.
Companies in the emerging world loaded up on debt during the commodity boom and are vulnerable to rising US interest rates and any softening of the world economy.
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Justyna Jupowicz-Kozak
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