October 25, 2024
United States:
Economists Boost US Growth, Spending Forecasts into Early 2025
Economists nudged up quarterly US economic growth projections through early next year on more sanguine views of consumer demand and maintained views that limited inflation will keep the Federal Reserve on a path toward lower borrowing costs.
The slight upward adjustments in gross domestic product from the third quarter of 2024 through the first quarter of 2025 indicate average growth of around 2% over the period, according to the latest Bloomberg monthly survey of economists.
Europe:
ECB’s Lagarde Reiterates That Disinflation Is ‘Well on Track’
European Central Bank President Christine Lagarde affirmed that the slowdown in consumer prices is continuing, though she highlighted lingering risks from wage pressures.
“The incoming information on inflation shows that the disinflation process is well on track,” Lagarde said Friday in a statement at a meeting of the International Monetary and Financial Committee in Washington. “Recent indicators of economic activity have surprised somewhat to the downside and financing conditions remain restrictive.”
Asia:
Xi’s Stimulus Package Met with Wall of Skepticism in Washington
President Xi Jinping’s boldest economic stimulus since the pandemic failed to impress global luminaries gathered in Washington this week, who called for more measures to rebalance China’s growth and greater clarity over Beijing’s policy plans.
Central bank governors and finance ministers who spoke on the sidelines of the annual meeting of the International Monetary Fund and World Bank threw cold water on China’s recent roll-out of interest-rate cuts, more cash for banks and housing sector support.
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