September 6, 2023
United States:
Fed Set to Double Its Economic Growth Forecast After Strong US Data
The US economy has been looking so solid lately that Federal Reserve officials will probably need to double their projection for growth in 2023 when they publish an updated outlook later this month.
Following a string of stronger-than-expected reports on everything from consumer spending to residential investment, economists have been boosting their forecasts for gross domestic product. One widely-followed, unofficial estimate produced by the Atlanta Fed even has it expanding 5.6% on an annualized basis in the third quarter.
Europe:
ECB’s Knot Says Markets Risk Underplaying Hiking Chances
Investors largely betting against a European Central Bank interest-rate increase next week are “maybe” underestimating the likelihood of it happening, according to Governing Council member Klaas Knot.
While a slowdown in the euro zone’s 20-nation economy is sure to damp demand, updated inflation projections won’t differ much from the last round in June, the hawkish Dutch central bank chief said.
Asia:
Japan Ramps Up Verbal Defense as Yen Sets Fresh 10-Month Low
The yen pulled back from a 10-month low against the dollar after Japan issued its strongest warning in weeks over sharp currency moves, raising the odds of government intervention if the slump continues.
The nation’s top foreign exchange official said speculative moves could be seen in the market and warned that Tokyo was prepared to take action if needed.
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