February 23, 2024
United States:
Fed’s Waller Urges Patience on Rate Cuts After Jump in Prices
Federal Reserve Governor Christopher Waller said January’s jump in consumer prices warrants caution in deciding when to start cutting interest rates, though he still expects reductions to begin later this year.
“The strength of the economy and the recent data we have received on inflation mean it is appropriate to be patient, careful, methodical, deliberative – pick your favorite synonym,” Waller said Thursday in a speech in Minneapolis. “Whatever word you pick, they all translate to one idea: What’s the rush?”
Europe:
Ukraine, IMF Reach Staff-Level Agreement for $880 Million Disbursement
Ukraine and the International Monetary Fund reached a preliminary agreement to unlock part of a $15.6 billion loan to strengthen the country’s budget as US aid remains bogged down in Congress.
The staff-level agreement, which requires approval by the IMF’s board, paves the way for Ukraine to receive some $880 million next month. IMF officials signed off on the accord following talks in Warsaw on Thursday.
Asia:
China’s Central Bank Tries to Catch Markets Off Guard With Surprise Easing
Constrained on all sides, China’s central bank is aiming to squeeze more value out of its policy actions by catching markets unaware with surprise easing aimed at putting a floor under the struggling economy.
A record cut to a key lending rate earlier this week announced by the People’s Bank of China was just the latest unexpected move since Governor Pan Gongsheng took office last summer. At a press briefing last month, he shocked with an outsized cut to banks’ reserve requirement ratio.
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