March 23, 2023
United States:
Powell Stresses Commitment to Cooling Prices as Fed Hikes Rates
The Federal Reserve raised interest rates at a ninth straight meeting and indicated there may be more hikes to come in a clear sign it’s confident that its bid to quell inflation won’t deepen a nascent banking crisis.
The Federal Open Market Committee voted unanimously to increase its target for the federal funds rate by a quarter percentage point to a range of 4.75% to 5%, the highest since September 2007, when rates were at their peak on the eve of the financial crisis. It’s the second straight rise of 25 basis points following a string of aggressive moves starting in March 2022, when rates were near zero.
Europe:
BOE No Longer Expects UK Living Standards to Fall This Year
UK living standards will remain flat this year, according to the Bank of England, rather than sliding as previously expected.
In a relief for cash-strapped households, the central bank said lower inflation and increased government help with energy bills announced in last week’s budget could help support real disposable incomes.
Asia:
Korea’s Education Costs Hit New Record High in Blow to Fertility
South Korea’s private schooling costs rose to a new record and the number of students using them shattered the previous all-time high, highlighting the financial pressure and intense demand for education that’s helped drive the world’s lowest fertility rate.
Monthly spending on additional private schooling, or “hagwons,” climbed to 410,000 won ($315) on average for each student last year, up 11.8% from 2021, the statistics office said Thursday. The highest-earning households spent 648,000 won on them, about five times more than the lowest-earning ones.
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