March 2, 2023
United States:
Elizabeth Warren Wants Biden’s Next Fed Pick to Counter Powell’s ‘Extreme’ Rate Hikes
President Joe Biden’s choice for Federal Reserve vice chair will signal where he stands on combating inflation — and whether he agrees with restive progressives worried that the central bank’s rate increases will lead to job losses and recession.
It’s a familiar dilemma for the president, who has had to choose between pleasing progressives and getting broader bipartisan backing in his past Fed picks. This time, however, the political stakes are higher as Biden prepares to mount an expected reelection bid where the economy and persistent inflation will be a central issue.
Europe:
Lagarde Says ECB Rate Hikes May Need to Continue Past March
European Central Bank President Christine Lagarde said interest-rate increases may need to persist beyond a planned half-point move in two weeks’ time.
“At this point in time, it’s possible that we continue on that path,” Lagarde told Spanish television show Espejo Publico on Thursday. “By which amount in each and every meeting is impossible to say at this point.”
Asia:
BOJ Is Said to Prefer Watching Impact of Earlier Tweaks For Now
The Bank of Japan is leaning toward monitoring the impact of recent tweaks to its stimulus program rather than making another adjustment at Governor Haruhiko Kuroda’s final policy meeting next week, according to people familiar with the matter.
While BOJ officials continue to see distortion in the shape of Japan’s yield curve, the central bank still needs time to look at the impact of various measures since December that adjust its control of yields, the people said.
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