Fed Officials Rattle Rate-Hike Saber as Price Pressures Surprise
“Federal Reserve officials have said for months that price increases are temporary. On Wednesday, they weren’t so sure. “Is there a risk that inflation will be higher than we think? Yes,” Chair Jerome Powell told a press conference. He spoke after financial markets were taken by surprise when policy makers signaled they expect to make not one, but two, hikes to interest rates in 2023 from near zero now.”
How the ECB Is Overhauling Strategy in the Midst of a Pandemic
“In a countryside retreat near Frankfurt this weekend, European Central Bank President Christine Lagarde and her colleagues will try to settle the last remaining arguments in the biggest overhaul of their monetary policy in almost two decades. It’s the first time since the outbreak of the pandemic that the entire Governing Council will meet in person, letting the 23 men and two women jettison the virtual-conferencing that they’ve struggled through in nearly a dozen previous debates. Their aim is nothing less than to retool the ECB for the 21st century, with a new inflation goal, better ways of measuring the economy, and agreement on how to treat issues such as climate change and inequality.”
China’s Home Prices Climb Further as Undersupply Outweighs Curbs
“China’s home prices grew at the fastest pace in nine months in May as buyers competed for dwindling properties, even as authorities introduced more targeted curbs on the market. New home prices in 70 cities, excluding state-subsidized housing, rose 0.52% last month from April, when then gained 0.48%, National Bureau of Statistics figures showed Thursday. However, values in the secondary market climbed 0.3%, the least this year.”
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