Japan’s Suzuki: There are no plans to manipulate fx rates by intervening in the market


From rba.gov.au|3 hr ago

Inflation remains high in all major advanced economies except Japan. While pressures from supply chain disruptions and elevated commodity prices have eased, core inflation has not yet shown clear signs of moderating. Services inflation – which tends to be quite persistent – has risen in many economies. Labour markets remain tight, although employment growth has slowed and leading indicators of labour demand have come off a little. Growth in the global economy is expected to slow significantly in the year ahead, to rates well below those seen prior to the pandemic. The post-pandemic recovery in services consumption has largely run its course in most advanced economies, and central banks are increasing policy interest rates rapidly in order to combat high inflation. High energy prices are also likely to continue to weigh on growth, especially in Europe. Growth in China is expected to remain modest, given a range of significant headwinds including a weak property sector and the authorities’ approach to managing COVID-19 outbreaks. In Australia, inflation is likewise very high and broadly based, and the labour market is tight. Growth in activity appears to have remained solid in the September quarter. Inflation is expected to peak around the end of the year and then decline over the forecast period towards the 2 to 3 per cent target range as upstream cost pressures ease and higher tweet at 8:30pm: *RBA CUTS GDP FORECASTS, RAISES CPI AND UNEMPLOYMENT ESTIMATES *RBA SEES CPI AT 4.75% IN DEC. ’23 VS 4.25% IN PRIOR STATEMENT *RBA SEES CPI AT 3.25% IN DEC. ’24 VS 3% IN AUGUST STATEMENT *RBA SEES GDP SLOWING FROM 3% IN DEC `22 TO 1.5% IN DEC ’23, 24 tweet at 8:32pm: ?*RBA REITERATES WILL RESUME OUTSIZED HIKES, OR PAUSE IF NEEDED *RBA SEES WAGE PRICE INDEX RISING TO 3.9% IN DEC. 2023 *RBA SEES UNEMPLOYMENT AT 3.75% IN DEC. ’23, 4.25% IN DEC. ‘24 tweet at 8:37pm: RBA FORECASTS ARE BASED ON THE CASH RATE PEAKING AT 3.5% IN MID-2023 tweet at 8:37pm: RBA FORECASTS ARE BASED ON THE CASH RATE EASING DOWN TO 3% BY THE END OF 2024.



Read More: Japan’s Suzuki: There are no plans to manipulate fx rates by intervening in the market

2022-11-03 17:29:00

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