July 18, 2024
United States:
US Companies Boost Imports in Rush to Avoid Tariffs
A race to bring goods into the US before more tariffs on Chinese goods kick in is helping to fuel an earlier-than-usual peak season at West Coast ports.
That import frenzy is adding to a capacity crunch on Pacific trade lanes caused mainly by shipping lines avoiding attacks by Houthi rebels in the Red Sea and contributing to elevated freight charges.
Europe:
ECB Holds Rates Steady With More Data Needed for Next Cut
The European Central Bank left interest rates unchanged after last month’s landmark cut — giving away little on its plans as investors and economists bet on another move in September.
The deposit rate was kept at 3.75% on Thursday — as all 55 economists in a Bloomberg survey predicted. The ECB reiterated that borrowing costs will remain “sufficiently restrictive for as long as necessary” to ensure inflation returns to 2%.
Asia:
BOJ Likely to Skip Rate Hike This Month, Former Official Says
The Bank of Japan is unlikely to raise interest rates this month and will instead cut its bond buying a little more than expected to avoid any fueling of yen weakness, according to a former executive director at the central bank.
“I don’t think there’s a chance of a rate hike in July,” Hideo Hayakawa said in an interview Wednesday. “It’s hard to confirm from recent data that the economy is definitely progressing in line with BOJ expectations.”
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