Fed to Weigh Near Zero Rates Through 2023: Decision Day Guide
“Federal Reserve officials, who recently unveiled a more relaxed strategy on inflation, have an opportunity Wednesday to back up the plan with details as they look to accelerate the U.S. economic recovery. The Federal Open Market Committee is all but certain to keep its benchmark overnight rate in a target range of 0% to 0.25%, where it’s been since March 15 to help soften the Covid-19 pandemic’s blow. The committee, in its final scheduled meeting before the U.S. election on Nov. 3, will release a statement and economic forecasts at 2 p.m. Washington time. Chair Jerome Powell will hold a press briefing 30 minutes later.”
BOE Readies for Action as U.K. Faces a Turbulent End to 2020
“Bank of England officials are expected to lay the groundwork this week for yet more monetary stimulus as optimism over the U.K.’s economic rebound from the coronavirus pandemic fizzles out. While economists and investors don’t see immediate action, they widely predict the BOE’s bond-buying program will be expanded again before the end of the year. The latest policy decision, released at noon London time on Thursday, will likely back that view.”
China Criticizes U.S. Sanctions on Firm Tied to Cambodia Project
“China on Wednesday criticized a U.S. government decision to level sanctions against a state-owned company responsible for the development of a project along the coast of Cambodia that it’s concerned may ultimately be used as a military base. Union Development Group Co., Ltd., which is building a $3.8 billion development project in western Koh Kong, became the latest Chinese company to face U.S. sanctions on Tuesday amid continued pressure on businesses seen as complicit in advancing China’s “ambitions to project power globally.”
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