December 15, 2023
United States:
Fed’s Williams Says Talk of March Rate Cut Is ‘Premature’
New York Federal Reserve Bank President John Williams pushed back against the idea that the central bank has begun to discuss interest-rate cuts.
“We aren’t really talking about rate cuts,” Williams said in an interview on CNBC. He noted it’s “premature” to be thinking about cutting interest rates in March.
Europe:
Euro Zone’s Rising Recession Risk Fails to Shift ECB on Cuts
The chances of a euro-zone recession rose as private-sector activity worsened — strengthening the case for interest-rate cuts that the European Central Bank is so far resisting.
Data Friday showed S&P Global’s purchasing managers’ index contracted for a seventh month in December, falling to 47. That defied economist expectations for a slight uptick, with readings for manufacturing and services signaling a slump.
Asia:
China’s Gloomy Economic Data Paints ‘Dire’ Growth Picture
China’s economic recovery remained beleaguered by weak demand and a lingering property crisis last month, putting more pressure on Beijing to roll out supportive policies to juice growth.
While industrial output and retail sales expanded in November, according to the official data released Friday, those numbers were distorted by favorable comparisons to a year ago when Covid lockdowns throttled activity.
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