January 4, 2023
United States:
Fed Minutes to Reveal Source of Inflation Angst Pushing Up Rates
The Federal Reserve is set to shed more light on why it’s worried that strong inflation may linger as the US economy moves into the new year.
At the conclusion of the Dec. 13-14 meeting of the Federal Open Market Committee, policymakers published new projections showing they expected inflation would end 2023 higher than they previously thought. That led to surprisingly widespread support in the projections for the notion that interest rates would need to rise above 5% in 2023.
Europe:
European Debt Defaults Seen Surging in Echo of Covid Turmoil
Credit defaults are set to more than double in Europe this year to levels approaching the worst days of the global coronavirus pandemic.
That’s the view of S&P Global Inc., which expects the trailing 12-month speculative-grade corporate default rate to reach 3.25% by September 2023, up from 1.4% a year earlier, according to its latest estimate.
Asia:
China’s Most International Brokerage Follows Xi’s ‘Common Prosperity’ Drive
India’s financial market may see key activities from corporate bond sales to share buybacks halt in a seasonally busy season as the nation’s government upgrades the online portal companies use to file regulatory documents.
The government’s digital platform, used by companies to inform it of key financial developments, will not be available from Jan. 7 to Jan. 22, as its updated version is introduced, according to a statement on the Ministry of Corporate Affairs website. The unavailable filing documents include those required by firms to use the money they have raised through bond sales.
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