October 13, 2023
United States:
Fed’s Harker Reiterates Call for Holding Interest Rates Steady
Federal Reserve Bank of Philadelphia President Patrick Harker said disinflation is under way and reiterated that he favors holding interest rates where they are, barring a sharp change in data.
“I believe that we are at the point where we can hold rates where they are,” Harker said in remarks prepared for a virtual event with the Delaware State Chamber of Commerce. “By doing nothing, we are still doing something. And, actually, we are doing quite a lot.”
Europe:
Deutsche Bank CEO Says Hard Times Ahead for Commercial Real Estate
Deutsche Bank AG Chief Executive Officer Christian Sewing said commercial real estate is facing tough times in the years ahead after central banks raised interest rates more than expected to combat inflation.
While Deutsche Bank’s exposure is “very much contained,” the fallout from elevated borrowing costs and increased home office work in the wake of the Covid pandemic will weigh on the asset class, Sewing told Bloomberg TV’s Francine Lacqua in an interview from Marrakech.
Asia:
China Weighs New Stabilization Fund to Prop Up Stock Market
China is considering forming a state-backed stabilization fund to shore up confidence in its $9.5 trillion stock market, according to people familiar with the matter.
After at least two rounds of consultation with industry participants over a period of months, financial regulators including the China Securities Regulatory Commission recently submitted a preliminary plan to the nation’s top leadership, said the people, who asked not be identified discussing a private matter.
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