United States:
Fed Officials Stressed Flexibility on Taper Pace at Last Policy Meeting
“Federal Reserve officials at their last meeting were open to removing policy support at a faster pace to keep inflation in check, even before data showed price pressures accelerating. “Various participants noted that the Committee should be prepared to adjust the pace of asset purchases and raise the target range for the federal funds rate sooner than participants currently anticipated if inflation continued to run higher,” according to minutes released Wednesday of the Nov. 2-3 meeting of the Federal Open Market Committee.”
Europe:
U.K. Records First Net EU Emigration in Three Decades Last Year
“Migration from the European Union to the U.K. went into reverse for the first time since 1991 last year as a net 94,000 EU nationals left the country during the pandemic. The sharp drop caused overall migration to plummet. The net fall in EU numbers last year was a stark contrast to 2019 and 2018, when there was a gain of 32,000 and 51,000 respectively.”
Asia:
Bank of Korea’s Lee Signals More Hikes Ahead, Avoids Timetable
“Bank of Korea Governor Lee Ju-yeol said interest rates are still accommodative after two hikes since August, suggesting further tightening is in the pipeline as inflation risks mount in the recovering economy. The board considered the price pressures building in the economy and financial imbalances when it decided to raise rates by 25 basis points to 1% on Thursday, Lee said at a press briefing. The central bank revised up its inflation outlook to 2.3% for this year and 2% for 2022, expecting price gains will exceed, or at least hover around, its target through next year.”
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