ECB Can Wait, Powell Prefers Patience, Yuan's Defiance: Eco Day

(Bloomberg) -- Happy Friday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help get your day started:

• The European Central Bank should wait until the spring before tweaking its policy and keep all options open amid economic weakness and a fragile international outlook, according to Governing Council member Francois Villeroy de Galhau
• Federal Reserve officials say the U.S. central bank can be patient before adjusting interest rates again as it waits to see how global risks impact the domestic economy; Meanwhile, Jerome Powell is still waiting for that White House invite
• The Fed’s shift to pause mode is helping China’s currency defy a deepening slowdown across the world’s No. 2 economy
• Japan will review the handling of its economic statistics and budget for the coming fiscal year after incomplete wage data saw it shortchange 20 million welfare recipients by around $525 million
• Less than a month before India’s budget, risks are growing that Prime Minister Narendra Modi’s government will miss fiscal targets for a second year in a row as it bows to populist pressures before a high-stakes election
• Australia’s construction activity has slowed to the weakest in five-and-a-half years as tighter lending conditions and falling prices weigh on the nation’s housing market
• This chart suggests U.S. inflation will likely be steady in data scheduled for release later today

To contact the reporter on this story: Anirban Nag in Mumbai at anag8@bloomberg.net

To contact the editors responsible for this story: Nasreen Seria at nseria@bloomberg.net, Chris Bourke

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