January 3, 2023
United States:
US Recession ‘Pretty Likely,’ Ex-New York Fed Chief Dudley Says
A US economic recession is in the cards because of what the Federal Reserve must do to cool inflation, former New York Fed President William Dudley, but it probably won’t be a severe slowdown.
“A recession is pretty likely just because of what the Fed has to do,” he said in an interview on Bloomberg Surveillance Tuesday. “But what’s different this time I think is that if we have a recession, it’s going to be a Fed-induced recession and the Fed can end the recession by subsequently easing monetary policy.”
Europe:
German Inflation Slowed After Government Picked Up Gas Bills
German inflation slowed more than anticipated in December after the government paid some households’ gas bills for the month, offering a temporary respite in the country’s cost-of-living crisis.
Consumer-price growth at 9.6% was the weakest since August. Economists anticipated 10.2%, according to the median of 20 forecasts.
Asia:
China’s Economy Ends Year in Slump as Covid Infections Surge
China’s economy ended the year in a major slump as business and consumer spending plunged in December, with more disruption likely in the first few months of the year as Covid infections surge across the country.
Official data over the weekend showed the decline in manufacturing worsened last month, while activity in the services sector plunged the most since February 2020.
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