September 5, 2023
United States:
Fed’s Waller Says Central Bank Can ‘Proceed Carefully’ With Rate Hikes
Federal Reserve Governor Christopher Waller said policymakers can afford to “proceed carefully” with interest-rate increases given recent data showing inflation continuing to ease.
“There is nothing that is saying we need to do anything imminent anytime soon,” Waller said in an interview on CNBC Tuesday, signaling he supports holding rates steady at the central bank’s next meeting. “We can just sit there and wait for the data.”
Europe:
ECB Says Consumer Inflation Expectations Edged Up in July
Consumer expectations for euro-area inflation inched up in July, remaining above the European Central Bank’s 2% target as officials ponder whether to hike or hold interest rates next week.
Expectations for the next 12 months failed to slow, staying at 3.4%, the ECB said Tuesday in its monthly survey. For three years ahead, they rose to 2.4% from 2.3%.
Asia:
China Slowdown Means It May Never Overtake US Economy, Forecast Shows
China is no longer set to eclipse the US as the world’s biggest economy soon, and it may never consistently pull ahead to claim the top spot as the nation’s confidence slump becomes more entrenched.
That’s according to Bloomberg Economics, which now forecasts it will take until the mid-2040s for China’s gross domestic product to exceed that of the US — and even then, it will happen by “only a small margin” before “falling back behind.” Before the pandemic, they expected China to take and hold pole position as early as the start of next decade.
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