April 26, 2024
United States:
Fed’s Preferred Core Inflation Gauge Rose at Brisk Pace in March
The Federal Reserve’s preferred gauge of underlying US inflation rose at a brisk pace in March, reinforcing concerns of persistent price pressures that are likely to delay any interest-rate cuts.
The so-called core personal consumption expenditures price index, which strips out the volatile food and energy components, increased 0.3% from the prior month, data out Friday showed. From a year ago, it advanced 2.8%.
Europe:
ECB’s Panetta Warns Cuts Needed to Avoid Ultra-Low Rates Later
European Central Bank Governing Council member Fabio Panetta warned that a return to ultra-low interest rates may be required if cuts aren’t made soon.
The Italian central-bank chief said the euro-zone economy needs fresh impetus from monetary-policy easing, which would also temper the risk of undershooting the 2% inflation target. A lack of loosening by the Federal Reserve should pose no obstacle to the ECB, he said.
Asia:
Chinese Firms Are Investing Abroad at Fastest Pace in Eight Years
China’s overseas investment is heading for an eight-year high as its dominant firms build more factories abroad, a shift that could soften criticism of Beijing’s export drive.
Chinese companies made 243 billion yuan ($33.5 billion) in foreign direct investments from January to March, data released last week showed. That was the highest first-quarter figure since 2016 — before a crackdown on capital outflows -– and up almost 13% from a year earlier.
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