Overseas Headlines – September 15, 2022

 September 15, 2022


United States:

US Jobless Claims Fall for a Fifth Week Amid Strong Labor Demand

 Applications for US unemployment insurance fell for a fifth straight week, suggesting demand for workers remains healthy despite an uncertain economic outlook.

Initial unemployment claims decreased by 5,000 to 213,000 in the week ended Sept. 10, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for 227,000 new applications.



ECB’s Makhlouf Says Raising Rates Is ‘Absolutely Necessary’

It’s “absolutely necessary” for the European Central Bank to raise interest rates, Governing Council member Gabriel Makhlouf said.

“A pivot to further tighten monetary policy has been necessary, as history has taught us that these issues will only be exacerbated if we delay action,” Makhlouf said Thursday, according to the text of a speech he gave in Dublin.



China Holds Key Rate, Withdraws Liquidity Amid Yuan Defense

China’s central bank drained liquidity from the banking system for a second straight month while leaving rates unchanged as it sought to ease pressure on the yuan from a widening policy divergence with the Federal Reserve.

The People’s Bank of China offered 400 billion yuan ($58 billion) via its medium-term lending facility, matching the median forecast in a Bloomberg survey. That would result in a net withdrawal of 200 billion yuan in September. The rate was held at 2.75% after being lowered by 10 basis points in August.




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