Overseas Headlines – February 23, 2023

February 23, 2023


United States:

Fed’s Williams Says 2% Inflation Goal Key to Taming Prices

Federal Reserve Bank of New York President John Williams said it’s critical the US central bank remain committed to its 2% inflation goal, and emphasized monetary policy must bring supply and demand into better balance to lower inflation.

“At the end of the day our job is clear,” Williams said Wednesday at a conference held at the New York Fed. “Our job is to make sure that we restore price stability which is truly the foundation of a strong economy.”



Euro-Zone Core Inflation at Record Set to Embolden ECB Hawks

Underlying inflation in the euro area hit a record in January, revised data showed, likely cementing the European Central Bank’s plan to raise interest rates by another half-point next month.

Core price gains reached 5.3% — more than an initial reading of 5.2% — Eurostat said Thursday. Headline inflation, which includes food and power, also ticked up by 0.1 percentage point to 8.6% after Germany’s figure turned out to be higher than the agency’s preliminary estimate.



China Considering Veteran Banker as Next PBOC Governor, WSJ Says

China is considering installing veteran banker Zhu Hexin as its next central bank governor, while a close ally of Xi Jinping is a likely candidate to become its Communist Party chief, the Wall Street Journal reported.

He Lifeng, expected to replace Liu He as China’s vice premier responsible for economic policy in a government reshuffle next month, is being considered for the role of party secretary at the People’s Bank of China, the paper reported, citing people familiar with the matter.




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