November 7, 2022
United States:
Fed ‘Hasn’t Accomplished Anything’ on Labor Market, Dudley Says
The Federal Reserve “hasn’t accomplished anything” in loosening the US labor market even after four consecutive 75-basis-point hikes, former New York Fed President Bill Dudley said.
Friday’s jobs report showing a 261,000 gain in payrolls and a slight uptick in unemployment in October is “not consistent with a loosening labor market,” Dudley, chair of the Bretton Woods Committee and senior adviser to Bloomberg Economics, said at a conference on the future of finance in Singapore Monday.
Europe:
Villeroy Urges ECB Hikes Until Underlying Inflation Has Peaked
The European Central Bank should keep raising interest rates, even at a reduced pace, until inflation excluding energy and food prices starts to ease, Governing Council member Francois Villeroy de Galhau said.
“As long as underlying inflation has not clearly peaked, we shouldn’t stop on rates,” the Bank of France Governor said in an interview with the Irish Times.
Asia:
China’s Yuan Resumes Fall on Easing Reopening Bets, PBOC Support
China’s offshore yuan slumped as traders grew less hopeful that authorities would ease the nation’s Covid Zero policies in the near term and the central bank dialed back its support for the currency via fixings.
The currency slid as much as 1% to 7.2596 per dollar, while the onshore unit lost 0.5%. The yuan pared sharp gains from Friday after health officials reaffirmed their adherence to a strict Covid policy over the weekend.
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