Overseas Headlines – March 1, 2022

United States:

Fed’s Bostic Says Half-Point Move Possible If Inflation Persists

“Federal Reserve Bank of Atlanta President Raphael Bostic said he favors raising interest rates by 25 basis points at the Federal Open Market Committee’s March meeting and would consider a larger half-point move if monthly inflation readings fail to decline from elevated levels. “I am still in favor of a 25 basis-point move at the March meeting,” Bostic said Monday in a virtual discussion with Harvard University students.”



U.K. Consumers Rein in Borrowing as Cost of Living Crisis Bites

“U.K. consumers unexpectedly scaled back borrowing and tucked away extra savings in January as households braced for a cost of living crisis. Borrowing using credits cards, personal loans and overdrafts totaled 608 million pounds ($805 million), according to Bank of England figures published Tuesday. That was down from 817 million pounds in December and below the average in the second half of 2021.”



China’s Central Bank Says Policy Will be Responsive to Changes

“China’s central bank pledged to keep its monetary policy flexible and responsive to changing economic conditions, with an overriding objective of achieving stability. The People’s Bank of China will adjust the strength, pace and focus of its monetary policy as needed, the central bank said Monday in a post on its official Wechat account. The statement was the first in a series planned in relation to the annual National People’s Congress meetings, which begin on March 5.”




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