February 7, 2024
United States:
Fed’s Harker Says US Nearing Soft Landing as Inflation Falls
Federal Reserve Bank of Philadelphia President Patrick Harker said a soft landing for the US economy is in sight, pointing to falling inflation and a still-strong labor market.
“The data point to continued disinflation, to labor markets coming into better balance, and to resilient consumer spending — three elements necessary for us to stick to the soft landing we remain optimistic to achieve,” Harker said Tuesday in a speech at Rowan University in Glassboro, New Jersey.
Europe:
ECB’s Schnabel Says Data Caution Against Cutting Rates Soon
Recent economic figures and aggressive market bets on rapid interest-rate cuts mean the European Central Bank should be patient before loosening borrowing costs, according to Executive Board member Isabel Schnabel.
Citing sticky services inflation, a resilient labor market, a notable loosening of financial conditions and tensions in the Red Sea, “this cautions against adjusting the policy stance soon,” she said in a Financial Times interview.
Asia:
China Replaces Top Markets Regulator as Xi Tries to End Rout
China replaced the head of its securities regulator, a surprise move that may foreshadow more forceful measures by Xi Jinping’s government to end the rout in the country’s $8 trillion stock market.
Wu Qing, a banking and regulation veteran who earned the reputation as “the broker butcher” when he led a crackdown on traders in the mid-2000s, is replacing Yi Huiman as chairman and party chief of the China Securities Regulatory Commission, according to the official Xinhua News Agency.
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