February 7, 2023
United States:
Fed’s Kashkari Says Strong Jobs Data Show Need for More Hikes
Federal Reserve Bank of Minneapolis President Neel Kashkari said January’s strong labor-market report shows the US central bank needs to keep raising interest rates.
“Right now I’m still at around 5.4%,” Kashkari told CNBC in an interview Tuesday, referring to his forecast for how high rates need to go to bridle inflation. “If I had to pick a number today, I’d be where I was in December.”
Europe:
Blanchflower Says Housing Market Collapse Will Force BOE Pivot
Danny Blanchflower, a former Bank of England policy maker, said “collapsing” house prices will push the UK central bank into a rapid pivot toward interest rate cuts.
Blanchflower, a professor of economics at Dartmouth College, said the BOE will have to “respond to really bad data” as previous rate increases continue to feed through to the economy.
Asia:
Indian Central Bank Seen Delivering Final Rate Increase of Cycle
India’s central bank is poised to deliver its final interest-rate increase in the current tightening cycle, amid signs of cooling inflation and weakening growth.
Thirty-four of 40 economists in a Bloomberg survey expect the Reserve Bank of India’s six-member Monetary Policy Committee to move by a quarter-point Wednesday, with the rest seeing a pause after 225 basis points of increases to the main repurchase rate since last May.
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