United States:
Fed Repeats It Will ‘Soon’ Be Time to Raise Interest Rates
“The Federal Reserve reiterated its view that it will “soon” be time to raise interest rates to counter high inflation amid a buoyant U.S. job market. The Fed said “it will soon be appropriate to raise the target range for the federal funds rate,” citing inflation well above its 2% target and a “strong” labor market in its semi-annual report to Congress released Friday, ahead of testimony to lawmakers next week by Chair Jerome Powell.”
Europe:
Russia Erects Financial Defenses to Shield Economy From Curbs
“The Bank of Russia acted quickly to shield the nation’s $1.5 trillion economy from sweeping sanctions that have imperiled backstops for the financial sector and left President Vladimir Putin unable to access much of his war chest of more than $640 billion.”
Asia:
Sanctions on Russia Puts Focus on China’s Central Bank
“China’s central bank could provide a financial lifeline to Russia if Beijing decides to buck Western efforts to cut its strategic partner out of the global financial system. The People’s Bank of China has a multi-billion dollar currency swap with Russia’s central bank, allowing the two nations to provide liquidity to businesses so they can continue trading. China has also signed Russian banks onto its homegrown payments settlement system, seen as an alternative to the SWIFT messaging system, which many Russian lenders will be banned from using.”
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