September 24, 2024
United States:
Bowman Says Fed Must Keep Eye on Inflation, Upside Risks Remain
Federal Reserve Governor Michelle Bowman said the central bank should lower interest rates at a “measured” pace, arguing that inflationary risks remain and that the labor market has not shown significant weakening.
“Turning to the risks to achieving our dual mandate, I continue to see greater risks to price stability, especially while the labor market continues to be near estimates of full employment,” Bowman said Tuesday to the Kentucky Bankers Association.
Europe:
ECB’s Muller Says October Cut Not Excluded But Data Are Scarce
European Central Bank Governing Council member Madis Muller isn’t “totally” ruling out another interest-rate cut next month but reckons policymakers may lack sufficient data to make definitive judgments on the region’s struggling economy.
“It’s early to express a clear position on the interest-rate decision in October,” the Estonian official told Bloomberg on Tuesday in Tallinn. “It will be easier to decide in December because then we’ll again have a full picture with an updated outlook.”
Asia:
China Unleashes Stimulus Package to Revive Economy, Markets
China’s central bank unveiled a broad package of monetary stimulus measures to revive the world’s second-largest economy, underscoring mounting alarm within Xi Jinping’s government over slowing growth and depressed investor confidence.
People’s Bank of China governor Pan Gongsheng cut a key short-term interest rate and announced plans to reduce the amount of money banks must hold in reserve to the lowest level since at least 2018, appearing at a rare briefing alongside two of the country’s other top financial regulators in Beijing. That marked the first time reductions to both measures were revealed on the same day since at least 2015.
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