August 22, 2024
United States:
Fed’s Schmid Says He Wants to See More Data Before Rate Cut
Federal Reserve Bank of Kansas City President Jeffrey Schmid said he wants to see more economic data before supporting any decision to begin reducing interest rates.
Schmid, speaking with Michael McKee in a Bloomberg TV interview recorded Wednesday and aired Thursday, acknowledged inflation is moving in the right direction while arguing the Fed should be patient.
Europe:
Euro-Zone Wage Growth Slows, Boosts Case for Another ECB Cut
A key gauge of euro-zone wages eased — reinforcing the case for the European Central Bank to continue lowering interest rates next month.
Second quarter negotiated pay rose 3.6% from a year ago, the ECB said Thursday. That’s down from 4.7% in the previous three months and broadly in line with estimates from Bloomberg Economics, as well as analysts at Morgan Stanley and Citi.
Asia:
India’s Rate-Setters Disagreed on Timing of Pivot, Minutes Show
India’s policymakers disagreed on the timing of a rate cut with two of the six members in the monetary policy committee debating if moderating inflation justified keeping interest rates higher for longer, minutes of the panel’s meeting showed Thursday.
The Reserve Bank of India’s rate-setting committee voted four-to-two to keep the benchmark repurchase rate unchanged at 6.5% and retain its policy stance of “withdrawal of accommodation.” External members, Jayanth Rama Varma and Ashima Goyal, voted to change both.
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