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Fed’s Bostic:
– There is some risk of a recession, But if we fall into one, it will not be long or deep
– There could be some increase in unemployment from here but economy will still be strong
– Appropriate policy is to wait and see the effects of tighteningEuropean Central Bank Policymaker De Guindos said that the ECB is in the final stages of its hiking cycle while policymaker Kazimir said that hikes may continue for longer than originally thought.
The EU Commission’s spring forecast raised the 2023 growth outlook to 1.1% from 0.9% while the outlook for 2024 was increased to 1.6% from 1.5%.
The inflation outlook was raised to 5.8% from 5.6% for 2023 while the forecast for 2024 was increased to 2.8% from 2.5%.The People’s Bank of China noted that implementation of monetary policy will be precise and forceful, and that inflation may rebound gradually in the second half of the year.
The European Central Bank’s latest economic bulletin reiterated that inflation has remained too high for too long and that future policy decisions will ensure that inflation returns to its 2.0% target.
ECB President Lagarde said that the council will be making “more delicate” decisions going forward.
We continue to see bond and currency markets roiled by renewed debt ceiling theatrics and in that setting we have another busy week of central bankers
[See the full post at: Central Bank Watch – Fed, New Zealand, Korea, Indonesia, Turkey and South Africa on Deck]
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