July 6, 2023
United States:
Fed’s Logan Says More Rate Hikes Needed to Slow Hot Inflation
Federal Reserve Bank of Dallas President Lorie Logan said more interest-rate increases will likely be needed to spur meaningful disinflation and bring price-growth rates back to the central bank’s target.
“I remain very concerned about whether inflation will return to target in a sustainable and timely way,” Logan said Thursday in remarks prepared for delivery at the Central Bank Research Association’s annual meeting in New York. “I think more-restrictive monetary policy will be needed to achieve the Federal Open Market Committee’s goals…”
Europe:
Russia Gas Giant Warns of Sanctions Risk for Ukraine Energy Firm
Russia may sanction Ukraine’s state-run energy company if it pursues legal claims against the nation and Gazprom PJSC, putting gas shipments to Europe at risk.
NJSC Naftogaz Ukrainy started a dispute last year with the Russian gas giant over Gazprom’s refusal to use services outlined in a transit contract between the two companies. At the end of June, Naftogaz filed a motion to a US court, asking it to confirm an earlier award by a tribunal in the Hague that ordered Russia to pay $5 billion in compensation for the damages and lost property after Moscow annexed Crimea.
Asia:
China’s Li Says Recovery at Critical Stage, Vows Speedy Measures
China Premier Li Qiang pledged to “spare no time” in implementing a batch of targeted policies to strengthen the economy’s recovery from the pandemic.
China is at a critical stage of economic recovery and industrial upgrading, Li said in remarks at a seminar with researchers on Thursday, according to state-run CCTV. A slew of targeted, comprehensive and well-coordinated measures must be implemented quickly to stabilize growth and employment while preventing risks, CCTV cited Li as saying, without detailing the measures.
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