Overseas Headlines-January 28, 2020

United States:

Fed Officials Subtly Shift Inflation Strategy Amid Policy Review

“The Federal Reserve won’t wrap up a year-long review of its policy framework for months, but some officials are already shifting their approach to hitting the central bank’s inflation goal. The number of policy makers forecasting above-target inflation in three years’ time jumped to seven in December projections. As officials convene again in Washington this week, that looks like a signal they’re deliberately aiming to generate price pressures in excess of their 2% objective.”



Barnier Says ‘Much More’ Time Likely Needed for Post-Brexit Deal

“The U.K. will probably need significantly longer than eleven months to strike a future trade deal with the European Union, the bloc’s chief Brexit negotiator warned. The two sides currently have until the end of 2020 to reach an accord on trade under the Brexit withdrawal agreement, and U.K. Prime Minister Boris Johnson is adamant that deadline will be met. That’s unlikely, the EU’s Michel Barnier said in a speech in Belfast on Monday.”



Bank of China Settles Money Laundering Case for $4 Million

Bank of China Ltd. agreed to pay 3.9 million euros ($4.2 million) to settle a French probe into allegations it turned a blind eye as customers moved millions to their Asian accounts without paying European taxes. The lender will pay a 3 million-euro fine and 900,000 euros in damages to French tax authorities to put the criminal allegations behind it, Paris prosecutor Remi Heitz said. The case will continue against 28 business owners and intermediaries involved in transferring the funds to China, Heitz said Tuesday in a statement.”


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