SINGAPORE, May 23 (Reuters) - Singapore's current policy stance remains appropriate to contain imported inflation and domestic cost pressures, Edward Robinson, deputy managing director at the Monetary Authority of Singapore, told reporters.
Robinson was speaking after the release of data showing Singapore's economy grew an annual 2.7 percent in the first quarter. (Reporting by Xinghui Kok; Editing by John Mair)
Treasury Secretary Janet Yellen told Yahoo Finance she does "not see the basis" for a US recession, and she expects the Federal Reserve will hit its 2% inflation target next year.
TOKYO (Reuters) -The Bank of Japan is dropping signals its quantitative tightening (QT) plan in July could be bigger than markets think, and may even be accompanied by an interest rate hike, as it steps up a steady retreat from its still-huge monetary stimulus. Notwithstanding a market shock or severe economic downturn, a rate hike would be on the table at each policy meeting, including July's, said three sources familiar with its thinking. "Given what's happening with inflation, interest rates are clearly too low," said one of the sources.
Chinese Premier Li Qiang has warned against a “vicious cycle” of economic decoupling from the West, as Beijing struggles to contain rising global pushback over soaring electric vehicle (EV) exports.
Russia's oil and gas revenue in June is set to rise by more than 50% year on year to $9.4 billion, Reuters calculations showed, after a decrease in subsidies to refineries and reflecting the Russian economy's ability to limit the impact of sanctions. These revenues have been the most important single source of cash for the Kremlin, accounting for around a third to a half of total federal budget proceedings for the last decade. The military conflict in Ukraine has prompted the West to impose multiple sanctions aimed at curbing Russian oil and gas income that accounts for about a third of the country's federal budget.
(Reuters) -U.S. Federal Reserve Governor Michelle Bowman on Tuesday reiterated her view that holding the policy rate steady "for some time" will probably be enough to bring inflation under control, but also repeated her willingness to raise borrowing costs if needed. "Inflation in the U.S. remains elevated, and I still see a number of upside inflation risks that affect my outlook," Bowman said in remarks prepared for delivery in London. During a question and answer session following her speech, Bowman concurred when asked to confirm she had not penciled in any reduction in borrowing costs for the rest of this year.
Increased spending by Hong Kong's wealthy residents pushed the city one notch higher in terms of the "cost of living extremely well", making it the world's second-most expensive metropolis, according to a Julius Baer report on Tuesday. Singapore retained the title, with London and Shanghai in third and fourth place, respectively. Monaco rounded out the top five. Shanghai dropped one spot from last year while London climbed one place. The Swiss bank's fourth annual global wealth and lifestyle rep
Labour and the Conservatives have been accused of a ‘conspiracy of silence’ in their General Election manifestos.
BUENOS AIRES (Reuters) -Argentina entered a technical recession in the first quarter of the year, official data showed on Monday, and job losses mounted amid a tough austerity drive by libertarian President Javier Milei who is prioritising restoring fiscal order. The South American country's gross domestic product (GDP) shrank 2.6% in the first quarter of the year versus the final quarter of 2023, the second consecutive quarter-on-quarter contraction, the usual definition of a recession. The quarter marks the first full period under Milei who took office in December after winning a shock election last year, when he often campaigned with a chainsaw as a blunt illustration of his plans to slash spending and hit a zero fiscal deficit.
The Federal Reserve must "exhibit care" as it aims to finish the job of bringing inflation under control, San Francisco Fed President Mary Daly said on Monday, noting that rising unemployment is increasingly a risk. "We must continue the work of fully restoring price stability without a painful disruption to the economy," Daly said in remarks prepared for delivery to the Commonwealth Club in San Francisco. Reducing inflation further will likely require restraining demand, she said, and while so far the unemployment rate - now 4% - remains below long-run sustainable levels, "future labor market slowing could translate into higher unemployment."
Federal Reserve Bank of Chicago President Austan Goolsbee is still looking for inflation to cool further as part of the process that would open the door to a rate cut. Describing himself as “closet optimistic that we're going to see improvement” on the inflation front, Goolsbee said in a CNBC interview on Monday that he is hopeful that the central bank is going to get "a little bit more confidence that on the inflation side” pressures are coming down after being higher than expected at the start of the years. While Goolsbee declined to say anything about the timing of rate cuts, he said policymakers do need to consider whether the high level of the Fed's short-term rate target, now at between 5.25% and 5.5%, is appropriate for an economy that's starting to show signs of cooling outside of inflation.
NEW YORK (Reuters) -Federal Reserve Governor Lisa Cook said on Tuesday the U.S. central bank is on track for a rate cut if the economy’s performance meets her expectations, but she declined to say when the Fed will be able to act. “Our current policy is well positioned to respond as needed to any changes in the economic outlook,” Cook said in a speech given before a gathering of the Economic Club of New York. “With significant progress on inflation and the labor market cooling gradually, at some point it will be appropriate to reduce the level of policy restriction to maintain a healthy balance in the economy,” she said, adding “the timing of any such adjustment will depend on how economic data evolve and what they imply for the economic outlook and balance of risks.”
As the national debt soars toward a new and worrisome record, neither President Biden nor former president Donald Trump is likely to bring the tide of red ink under control, experts say. Trump is pledging to extend the enormous package of tax cuts adopted on his watch and has discussed further reducing taxes for corporations. Biden, meanwhile, also wants to extend the Trump tax cuts for families earning less than $400,000 a year, while calling for nearly $1 trillion in fresh spending over the ne
The UK establishment is attracted to the EU single market like a mouse to a mousetrap. They will never understand how damaging it has been. They fail to grasp that it is not so much a market as a way of grabbing power and exercising control. Labour’s belief that if they align us more closely with the EU we will grow faster is the opposite of what will happen. The EU is a low growth zone. EU per capita GDP is now just half that of the US. They watch the US grow much faster while killing too much
China and the European Union have agreed to discuss tariffs on electric vehicles (EVs). The EU previously threatened tariffs of up to 38% on Chinese EV imports. Yahoo Finance Reporter Pras Subramanian joins Catalysts to discuss the negotiations between the EU and China, and China's EV market. For more expert insight and the latest market action, click here to watch this full episode of Catalysts. This post was written by Nicholas Jacobino
The US became Germany's top trading partner, ending an eight-year streak by China. The shift reflects competition over electric vehicles.
Vying to oust the centrist government of President Emmanuel Macron in an upcoming two-round parliamentary election June 30 and July 7, French political parties of both the far right and far left are vowing to cut gasoline taxes, let workers retire earlier and raise wages. The turbulence began June 9 when voters handed Macron a defeat at the hands of Marine Le Pen’s hard right National Rally party in EU parliamentary elections. Macron promptly and surprisingly called a snap parliamentary election, convinced that French voters would rally to prevent the first far-right government from taking power in France since the Nazi occupation in World War II.
UBS economists on Monday reaffirmed their outlook for a soft landing for the US economy, expecting the Federal Reserve to begin cutting interest rates in September.
The former president’s potential economic policies could have the reverse effect many Americans hope for in a presidency
Premier Li Qiang spoke out against efforts from the West to "decouple" their economies from China and engage in "bloc confrontation", part of a high-profile address that also served as a tenacious defence of the country's new energy sector against accusations of overcapacity that have become prolific in recent months. Speaking at the World Economic Forum's (WEF) Annual Meeting of the New Champions - also known as Summer Davos - on Tuesday, Li affirmed that China's market would remain open, Beiji
Australian consumer sentiment rebounded modestly in June as the promise of imminent tax cuts lightened the mood, a survey showed on Tuesday, though the risk of yet higher borrowing costs loomed in the background. The Westpac-Melbourne Institute index of consumer sentiment rose 1.7% in June from May, when it dipped 0.3%. However, the survey also bracketed a meeting of the Reserve Bank of Australia (RBA) which warned there were upside risks to inflation and another rise in interest rates could not be ruled out.
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