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Powell Pressed, Rate-Rise Limits, Growth Over Inflation: Eco Day

Powell Pressed, Rate-Rise Limits, Growth Over Inflation: Eco Day

Happy Friday, Asia. Here’s the latest news and analysis from Bloomberg Economics to take you through to the weekend:

  • Fed Chairman Jerome Powell defended his stance to keep providing support to the economy even with inflation at uncomfortable levels. St. Louis Fed chief James Bullard meantime urged policy makers to move forward in reducing stimulus
  • New Zealand’s central bank is poised to become one of the first in the developed world to raise interest rates, but it’s unlikely to take them anywhere close to the peaks seen in previous cycles
  • India needs to support economic growth even at the cost of inflation-fighting credentials, a former central bank governor said
  • A formal warning the Biden administration plans to issue to firms doing business in Hong Kong springs from concern that investors aren’t taking the risks of operating in the city seriously enough
  • China’s economic rebound steadied in the second quarter and showed more balance as consumer spending picked up
  • U.S. manufacturing miss, China 2Q GDP and U.K. jobs headline this wrap of reactions and analysis by Bloomberg Economics
  • As the U.S. mulls a digital trade accord to counter China, it’s finding countries in Asia don’t want to be seen as challenging Beijing
  • An unexpected surge in U.K. inflation and a record hiring spree are starting to convince some Bank of England policy makers that the time to step off the stimulus pedal is fast approaching
  • Treasury Secretary Janet Yellen said Fed Chair Jerome Powell’s second term is a conversation for her and President Joe Biden
  • When a marketing director at an internet startup in Beijing told her bosses she was pregnant in 2017, they congratulated her. Then, she says, they began sending her on business trips with increased frequency. After some months they demoted her. Worse was to come

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