September 15, 2023
United States:
Fed Seen Signaling One More Hike and Pushing Out 2024 Rate Cuts
A resilient US economy will prompt the Federal Reserve to pencil in one more interest-rate hike this year and stay at the peak level next year for longer than previously expected, according to economists surveyed by Bloomberg News.
The Federal Open Market Committee will keep rates steady in the 5.25% to 5.5% range at its Sept. 19-20 meeting, the survey showed, and remain there until a first cut next May – two months later than the economists’ view in July.
Europe:
Russia Raises Rates With Ruble Weaker Despite Emergency Hike
Russia’s central bank raised interest rates for a third straight time, bracing for inflationary risks and adding to an emergency hike a month ago that’s so far done little to take pressure off the ruble.
Policymakers lifted the benchmark to 13% from 12% on Friday. In a statement accompanying the decision, the central bank said it “will consider the necessity of further key rate increases at its upcoming meetings.”
Asia:
China Economy Shows More Signs of Stability on Policy Boost
China’s economy picked up steam in August as a summer travel boom and a heftier stimulus push boosted consumer spending and factory output, adding to nascent signs of stabilization.
Industrial production and retail sales growth jumped last month from a year earlier, blowing past expectations, while the urban jobless rate eased slightly. That improvement came as the government has in recent weeks beefed up pro-growth measures, including plans to spur more spending on home goods and ease curbs on some housing purchases.
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