December 14, 2022
United States:
Fed to Downshift to Half-Point Hike But Point to Higher Peak
The Federal Reserve is poised to moderate its aggressive tightening on Wednesday while signaling that interest rates will ultimately go higher than previously forecast.
The tricky part for Chair Jerome Powell will be convincing investors that this isn’t a dovish pivot and that officials won’t prematurely end their assault against inflation that’s running three times higher than their 2% goal.
Europe:
UK Inflation Eases More Than Expected From 41-Year High
UK inflation dipped from a 41-year high in November, raising the possibility that the worst of the cost-of-living squeeze is over.
Consumer prices rose 10.7% from a year earlier, the Office for National Statistics said Wednesday, down from 11.1% in October. Economists expected a rate of 10.9%.
Asia:
China Emphasizes Domestic Demand in New 12-Year Growth Plan
China plans to expand domestic demand so that it plays a greater role in economic growth as the country recovers from Covid, state media reported, saying external conditions have become “complex and grave.”
The plan’s main goal is to stimulate consumption and investment in the years to 2035, broadcaster CCTV said Wednesday. Xinhua News Agency published the first chapter of the plan, which warned of global economic and geopolitical uncertainties and was issued by the Central Committee of the Communist Party of China and the State Council.
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