May 18, 2023
United States:
Fed Poised for Big Upgrade to Outlook Despite Swirling Risks
Federal Reserve officials are likely to deliver their biggest upward revision to the US economic outlook since 2021 next month, as stress in the banking sector and a looming debt default belie the underlying strength of the economy.
That’s likely to reinforce their plan to keep rates at the peak level through the end of the year and into early 2024, despite a growing expectation among economists — including inside the central bank — that a recession will arrive over the coming months.
Europe:
Bank of England Won’t Return Balance Sheet to Pre-Financial Crisis Levels, Bailey Warns
The pace at which the Bank of England shrinks its balance sheet is likely to accelerate, according to one of its deputy governors.
The BOE is currently unwinding about £20 billion ($25 billion) of quantitative easing every three months, both as assets mature and as they are actively sold.
Asia:
India’s Biggest Airline Posts Profit Short of Expectations
IndiGo reported fourth-quarter profit that missed analysts’ estimates, as rising fuel costs offset the post-Covid travel rebound at India’s largest airline.
Net income at parent company InterGlobe Aviation Ltd. was 9.16 billion rupees ($111 million) in the period ended in March, short of the 16.2 billion rupees expected by analysts.
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