Yellen Praises Powell’s Response to Fed Trading Controversy
“Treasury Secretary Janet Yellen said she believes Federal Reserve Chair Jerome Powell has taken “significant action” in the wake of revelations over the personal investments of U.S. central-bank policy makers. “He’s certainly responded and put in place a far more strict set of requirements,” she said in an interview with Bloomberg News Sunday.”
BOE’s Hawkish Push Turns Rate Decision Into Credibility Test
“Bank of England policy makers are heading into their meeting this week knowing that failure to deliver a once-unthinkable interest-rate hike would now raise serious questions over their credibility with markets. Investors are almost fully pricing in a 15-basis point increase in the benchmark lending rate on Nov. 4, while economists increasingly share that view, even as they see the decision as a far closer call.”
China’s Economy Weakens as Power Crunch, Covid Rules Hurt
“China’s economy showed signs of further weakness in October as power shortages and surging commodity prices weighed on manufacturing, while strict Covid controls put a brake on holiday spending. The official manufacturing purchasing managers’ index fell to 49.2, the National Bureau of Statistics said Sunday, the second month it was below the key 50-mark that signals a contraction in production. The non-manufacturing gauge, which measures activity in the construction and services sectors, dropped to 52.4, below the consensus forecast.”
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