November 23, 2022
United States:
Fed Minutes Set to Show Breadth of Support for Higher Peak Rate
The Federal Reserve is set to show how united policymakers were at their meeting this month over a higher peak for interest rates than previously signaled as they calibrate their fight against decades-high inflation.
At the conclusion of the Nov. 1-2 meeting of the US central bank’s policy-setting Federal Open Market Committee, Chair Jerome Powell told reporters that rates would probably have to go higher than the FOMC’s quarterly projections in September had indicated.
Europe:
EU Considers Imposing Price Cap of $65-$70 on Russian Oil
The European Union is discussing a price cap on Russian oil between $65 and $70 a barrel, according to people familiar with the matter, a level that would be more generous to Moscow than many expected when the Group of Seven first proposed the idea.
The range is well above Russia’s cost of production and higher than some countries had been pushing for. As Russia is already selling its crude at discounts, a high cap may have minimal impact on trading.
Asia:
South Korea Seen Opting for Smaller Interest-Rate Hike on Credit Risks
The Bank of Korea is poised to return to its usual pace of policy tightening Thursday as it aims to rein in inflation without exacerbating credit risks that threaten to weigh on economic growth.
Fifteen of 17 surveyed economists see the central bank raising its key interest rate by a quarter percentage point to 3.25%. The remaining two expected it will back up last month’s half percentage-point increase with another move of that scale.
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