November 27, 2024
United States:
US GDP Grows at Solid 2.8% Pace, Helped by Consumer Spending
The US economy expanded at a solid pace in the third quarter, largely powered by a broad-based advance in consumer spending as inflation continued to cool.
Gross domestic product increased at a 2.8% annualized pace in the third quarter, the second estimate of the figures from the Bureau of Economic Analysis showed Wednesday.
Europe:
ECB’s Schnabel Sees Only Limited Room for Further Rate Cuts
The European Central Bank needs to be wary of cutting interest rates too far as borrowing costs are already near a level that no longer restrains the economy and going lower could backfire, according to Executive Board member Isabel Schnabel.
Officials can continue to loosen monetary policy but should do so only gradually to avoid taking rates below the so-called neutral threshold, Schnabel said in an interview.
Asia:
BOJ’s Interest Payments on Excess Reserves Jump After Rate Hikes
The Bank of Japan’s interest payments on excessive reserves reached a record high, underscoring the costs of policy normalization after it put an end to more than a decade of massive monetary stimulus in March.
The BOJ paid ¥392.2 billion ($2.6 billion) in interest on excess reserves in the first half of the fiscal year that started in April, according to its financial report released Wednesday.
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