United States:
US Producer Prices Rise More Than Forecast in Sign of Persistent Inflation
“Prices paid to US producers rose at a solid pace in April, signaling that elevated consumer inflation could persist for longer than expected, keeping the Federal Reserve geared toward aggressive rate hikes. The producer price index for final demand increased 11% from April of last year and 0.5% from the prior month, driven by goods, Labor Department data showed Thursday. That followed sizable upward revisions to the March figures.”
Europe:
BOE’s Ramsden Says More Rate Hikes Needed to Tame Inflation
“The Bank of England will have to raise interest rates further to control surging prices, and there’s a risk that the UK’s worst inflation crisis in decades will take longer to ease fully, according to Deputy Governor Dave Ramsden.”
Asia:
China’s Covid Zero Policy Makes 2020-Style Rebound Unlikely
“China’s tightening Covid rules and extended lockdowns are making a 2020-style V-shaped economic recovery a dim possibility this time around. The slump in output may not be as deep as two years ago, when most of the country was under some form of restriction from late January through much of February following the outbreak in Wuhan. Currently, areas making up only about 30% of gross domestic product are under full or partial lockdown, according to estimates from Nomura Holdings Inc.”
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