March 3, 2023
United States:
Fed Says More Rate Hikes Are Needed to Curb Inflation
The Federal Reserve said that further interest-rate hikes would be required to restore price stability.
“The committee is strongly committed to returning inflation to its 2% objective,” the Fed said in its semi-annual report to Congress released Friday. Officials expect that “ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive.”
Europe:
ECB’s Wunsch Sees 4% Rates Possible If Inflation Stays High
European Central Bank Governing Council member Pierre Wunsch said market bets for interest rates to reach a 4% peak may prove accurate if underlying price pressures remain elevated.
How far borrowing costs must rise “depends very much on the evolution of core inflation,” the Belgian central bank chief said.
Asia:
Pakistan Seals $2 Billion Loan From China Amid IMF Delay
Pakistan expects to receive a $1.3 billion loan rollover from Industrial and Commercial Bank of China, taking the total relief to $2 billion for the nation that is seen at risk of a default.
ICBC has approved the rollover of existing debt and actual inflows will happen in three tranches with $500 million in the next few days, Finance Minister Ishaq Dar said at a briefing in Islamabad Friday.
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