The Bank of Japan kept its benchmark rate at 1.25%, while signaling that underlying inflation has reached its 2% target for the first time, taking more than a decade to achieve.
The boom is hitting two walls at once: Financing and public hatred
The Bureau of Economic Analysis announced today that seasonally adjusted U.S. real GDP grew at a 3.4% annual rate in the third quarter. That is a little above the historical average growth of 3.1% and better than the numbers we’d been seeing over the last three quarters. Today’s GDP report brings the Econbrowser recession indicator […]
United States
Federal Reserve Chair Kevin Warsh champions parsimony in central bank communications and loathes so-called forward guidance. But he’s said plenty about the future of artificial intelligence: He’s an arch optimist on the technology who thinks it will help him vanquish inflation. In a November Wall Street Journal column published shortly before getting picked to lead the central bank, Warsh wrote that “AI will be a significant disinflationary force, increasing productivity and bolstering American - Fed Chair Kevin Warsh really believes in the potential for artificial intelligence to vanquish inflation, maybe a bit too much
On the map → France · sovereign stress
The big news earlier today was ECB President Christine Lagarde announcing that she will depart in February. Bank in April on Bloomberg TV she said: "When there is big clouds on the horizon, the captain does not leave the ship— and this captain is not going to leave the ship, because I see clouds." So I guess she doesn't see clouds any longer. In any case, here are the headlines: Main refi rate 2.65% vs 2.65% expected Deposit rate 2.50% vs 2.50% expected Marginal lending facility at 2.90% vs 2.90% expected Says energy prices continuing to rise, posing upside risks to inflation outlook and downside risks to growth Underlying inflation has remainded broadly stable so far and wages do not show a material response at this stage Well positioned to navigate uncertainty ECB is not pre-committing to a particular path ECB says stands ready to adjust all of its instruments within its mandate to ens
On the map → Ukraine · Black Sea
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