January 4, 2024
United States:
Fed Sees Rates Staying High for Some Time With Cuts Eyed in 2024
Federal Reserve policymakers agreed last month that it would be appropriate to maintain a restrictive stance “for some time,” while acknowledging they were probably at the peak rate and would begin cutting in 2024.
“Participants viewed the policy rate as likely at or near its peak for this tightening cycle,” according to the minutes of the Dec. 12-13 Federal Open Market Committee meeting released Wednesday.
Europe:
German Inflation Jumps Less Than Expected in Boost for ECB
German inflation quickened less than anticipated in December — reflecting a more muted boost from energy that may help keep wage demands at bay and allow a faster return to the European Central Bank’s 2% target.
Consumer prices rose by an annual 3.8%, the statistics office said Thursday. That’s less than the 3.9% predicted by economists, though up from 2.3% in November. The reading for 2023 as a whole was 6%.
Asia:
China Services Sector Expands in December, Private Survey Shows
A private gauge of China’s services activity climbed to the highest in five months, potentially easing some concern about the economy.
The Caixin services purchasing managers’ index rose to 52.9 last month from 51.5 in November, Caixin and S&P Global said in a statement Thursday. That compares to the consensus estimate among economists of 51.6. A reading over 50 indicates expansion from the prior month.
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