May 30, 2024
United States:
Treasuries Steady After Selloff Ahead of GDP and Inflation Data
Treasuries pared this week’s sharp losses Thursday after inflation gauges in the US first-quarter economic growth data were unexpectedly revised lower.
The revisions rekindled expectations for at least one Federal Reserve interest-rate cut this year, which were dented on Tuesday by strong consumer confidence data and a Fed official’s comment on the potential for additional rate increases. Writing for Bloomberg Opinion, former New York Fed chief Bill Dudley said monetary policy appeared to “exerting negligible restraint on growth and inflation.”
Europe:
Swiss Growth Unexpectedly Maintains Pace on Services, Consumers
Switzerland’s economy unexpectedly maintained momentum at the start of the year on services and private consumption, while concerns about struggling exporters persist.
Gross domestic product — adjusted for large sports events — increased 0.3% compared to the previous quarter, the State Secretariat for Economic Affairs said on Thursday. That’s stronger than the government’s initial 0.2% estimate but matches the median forecast in a Bloomberg survey.
Asia:
Taiwan Upgrades GDP Outlook as Concerns Over Inflation Persist
Taiwan sees the economy growing at the fastest pace since 2021 this year as officials upgraded their forecasts, citing a rebound in global trade and surging demand for artificial intelligence technologies.
Gross domestic product is likely to expand 3.94% this year, Taiwan’s statistics bureau said in a statement Thursday, up from their most recent forecast of 3.43%. Officials said the improved forecast was down to increased government and corporate investment in AI and cloud computing as well as an expected overall improvement in global exports.
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