Overseas Headlines – May 20, 2022

United States:

Fed to Plow Ahead on Half-Point Hikes, Undeterred by Stock Slump

“Don’t count on Federal Reserve Chair Jerome Powell to ride to the rescue of a faltering stock market — at least not yet. Kansas City Fed President Esther George said Thursday that the market rout was no surprise in light of the central bank’s repeated caution that it will continue raising interest rates to cool the hottest inflation in decades. While she acknowledged equities were having a “rough” week, her remarks in a CNBC interview did nothing to soften the tone set by Powell on Tuesday, who warned that officials seek “clear and convincing” evidence that price pressures are retreating.”



UK Consumer Confidence Falls to Its Lowest Level Since 1970s

“UK consumer confidence fell to its lowest level in at least 48 years after a surge in the cost-of-living left people more gloomy than at the depths of the 1970s energy crisis and during the recession more than a decade ago.



China’s Stimulus Tops $5 Trillion as Covid Zero Hits Economy

“China’s plans to bolster growth as Covid outbreaks and lockdowns crush activity will see a whopping $5.3 trillion pumped into its economy this year. The figure — based on Bloomberg’s calculation of monetary and fiscal measures announced so far — equates to roughly a third of China’s $17 trillion economy, but is actually smaller than the stimulus in 2020 when the pandemic first hit.”




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