August 25, 2023
United States:
Fed Latest: IMF Chief Sees Monetary Policy Diverging on CPI Duel
International Monetary Fund Managing Director Kristalina Georgieva expects global monetary policies to diverge after most major central bankers have spent the last year tightening credit conditions to slow price gains.
Central bankers from around the world are gathering in Jackson Hole, Wyoming, for the Federal Reserve Bank of Kansas City’s annual two-day gathering. Investors will parse everything out of the symposium for clues on the outlook for interest rates, which the Fed in July lifted to a range of 5.25% to 5.5%, the highest level in 22 years.
Europe:
Germany Faces Grim Outlook as Business Confidence Worsens
Business confidence in Germany took another hit in August, despite the economy just exiting a recession in the second quarter.
The Ifo institute’s sentiment gauge dropped to 85.7 from a revised 87.4 the previous month, falling short of the median estimate in a Bloomberg survey. A separate report confirmed earlier Friday that gross domestic product stagnated in the three months through June, weighed down by trade.
Asia:
China Eases Home Purchase Rules in New Push to Boost Economy
China unveiled a further easing of its mortgage policies to halt a slump in its residential property market and revive growth in the world’s second-largest economy.
The country is proposing that local governments can scrap a rule that disqualifies people who’ve ever had a mortgage – even if fully repaid – from being considered a first-time homebuyer in major cities, official Xinhua news agency reported on Friday, citing the Ministry of Housing and Urban-Rural Development, the People’s Bank of China and the National Administration of Financial Regulation.
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