January 5, 2025
United States:
Fed’s Kashkari Says Rates May Be Pretty Close to Neutral Now
Federal Reserve Bank of Minneapolis President Neel Kashkari said interest rates may be close to a neutral level for the US economy now, leaving it up to incoming data to guide the central bank’s actions.
“Over the last couple of years, we kept thinking the economy is going to slow down, and the economy has proven to be far more resilient than I had expected,” Kashkari, who rejoins the Fed’s voting ranks this year, said Monday on CNBC.
Europe:
UK Household Borrowing Holds Up Better Than Feared Before Budget
UK demand for home loans fell less than expected and consumer borrowing surged in November, suggesting households remained more resilient than feared in the run-up to Labour’s tax-raising budget.
The number of mortgage approvals dipped to 64,530, down from 65,010 in October, the Bank of England said Monday.
Asia:
Ueda Highlights BOJ’s Intention to Keep Raising Rate to Bankers
Bank of Japan Governor Kazuo Ueda used his first public appearance in the new year to underscore his intention to keep raising the benchmark rate in a speech to private bankers.
“We will keep raising rates in line with improvement in the economy and inflation,” Ueda said Monday in remarks at a New Year’s conference hosted by the Japanese Bankers Association. “The appropriate adjustment of monetary easing will lead to the achievement of stable inflation target and longer-term economic growth.”
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