September 12, 2023
United States:
Fed Is Done Raising Rates and Will Cut Them in 2024, Economists Say
The Federal Reserve is done raising interest rates and will likely cut them by roughly one percentage point next year, according to chief economists at some of North America’s largest banks.
While the US will probably dodge a recession, economic growth looks set to slow markedly in the coming quarters, pushing up unemployment while reducing inflation, the latest forecast from the American Bankers Association’s Economic Advisory Committee shows.
Europe:
ECB Suspense Intensifies With Officials Split Over Rate Decision
The European Central Bank’s decision is a cliffhanger for investors, but even participants in the meeting have no inkling of the likely outcome, according to people familiar with the matter.
The judgment on whether to deliver another blow against inflation by raising interest rates this week or to enact a pause because of the weakening economy is so finely balanced that officials going to the gathering starting Wednesday are in suspense too, the people said.
Asia:
China’s Housing Rebound Fades Fast in Big Cities After Stimulus
A spurt of home sales in China’s biggest cities is losing momentum less than two weeks after authorities loosened mortgage restrictions, raising doubts over whether the steps are enough to revive the market before a crucial busy season.
While a dearth of official statistics makes it difficult to gain a comprehensive view, checks by industry watchers suggest that the rebound is fading in tier-1 cities.
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