May 24, 2024
United States:
Fed’s Bostic Says Policy Is Taking Longer to Slow Growth
Federal Reserve Bank of Atlanta President Raphael Bostic said monetary policy has been less effective in slowing growth than in previous cycles, reinforcing the need to keep rates higher for longer to curb inflation.
Speaking in a virtual discussion with students from the Stanford Graduate School of Business on Thursday, Bostic indicated he was pleased that inflation has resumed falling after making little headway in the January-to-March quarter, but noted progress is still slow.
Europe:
ECB’s Muller Says Wage Jump Doesn’t Derail Slowdown in Inflation
The jump in a key gauge of euro-zone pay doesn’t derail the ongoing retreat in inflation and won’t stop the European Central Bank from lowering interest rates in June, Governing Council member Madis Muller said.
In an interview Friday in Reykjavik, Iceland, Muller highlighted that this week’s first-quarter data on negotiated wages included some one-off payments that produced the “somewhat higher” number.
Asia:
Foreign Investment in China Drops for Fourth Month in April
Foreign investment into China slowed for a fourth straight month in April, underscoring Beijing’s struggle to attract more overseas funds to boost its flagging economic growth.
New actually utilized foreign investment into China was 58.5 billion yuan ($8.1 billion) last month, according to calculations based on figures provided by the Ministry of Commerce on Friday. That was down 36% compared with the same month in 2023 and was the second-lowest result for any month since late 2019.
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