33 Mins Ago
Fed’s Kashkari sees U.S. inflation to be closer to 2% next year
Minneapolis Fed President Neel Kashkari said he believes inflation in the U.S. economy will near the central bank’s target of 2% in 2024.
Speaking at a town hall in Montana State University, he added that he’s “less optimistic” than the bond market, which are pricing in a recession soon to come in the U.S., and that markets were also seeing a faster decline in inflation than his expectations.
He also highlighted he expects inflation to come down to “the mid threes” by the end of 2023.
The U.S. consumer price index rose 6% year-on-year in February, in line with expectations. The March inflation report is slated for release overnight.
— Jihye Lee
36 Mins Ago
India’s consumer price index expected to have cooled in March
India’s inflation is expected to show a cooled picture for the month of March.
The consumer price index for India is expected to rise 5.8% year-on-year, less than the prior month’s 6.44%, according to a Reuters poll.
India’s central bank, the Reserve Bank of India, held its key repo rates steady last week at 6.5% after six consecutive hikes.
The central bank’s governor Shaktikanta Das emphasized last week that the move is a “pause, not a pivot.”
— Jihye Lee
31 Mins Ago
South Korea’s unemployment rate ticks up to 2.7%
South Korea’s unemployment rate ticked up to 2.7% in March from the 2.6% seen in February, government data showed.
The nation’s labor market showed some resilience in the past two months after the unemployment rate hit an 11-month high in December as the central bank aimed to bring down inflation in a global tightening cycle.
The Korean won stood at 1,322.7 against the U.S. dollar on Wednesday trading at slightly weaker levels, a day after the Bank of Korea decided to hold its benchmark interest rate steady for a second consecutive time.
25 Mins Ago
Oil prices inch higher as investors look towards Fed rate hike decision
Oil prices rose during Asia’s morning trade as the upcoming U.S. inflation data remains under spotlight as it would inform the Fed’s next move on rate hikes.
Brent crude futures traded up 0.11% at $81.62 a barrel, while the U.S. West Texas Intermediate futures climbed 0.15% to $85.74 a barrel.
– Lee Ying Shan
An Hour Ago
CNBC Pro: Citi just named 4 new picks, including a Buffett-backed stock it says could soar 70%
Citi just added four names to its recommended stock lists amid the market volatility.
The Wall Street bank gave 70% upside to one of the companies — which is also backed by Warren Buffett’s Berkshire Hathaway.
CNBC Pro subscribers can read more here.
— Weizhen Tan
An Hour Ago
Japan’s producer price index cools while machinery orders rise
Japan’s producer price index rose 7.2% in March compared to a year ago, hotter than expectations to see an increase of 7.1% but lower than the prior reading of 8.2% seen in February.
Month-on-month, the reading was unchanged.
Machinery orders for February rose 9.8% year-on-year, higher than expectations to see a rise of 2.9% and higher than the prior reading of 4.5%.
The reading fell 4.5% in February month-on-month.
— Jihye Lee
6 Hours Ago
New York Fed’s Williams says central bank will stay data dependent
“We have to be driven by the data,” New York Fed President John Williams told Yahoo Finance on Tuesday. “I will say that one thing that we’re paying attention to is credit conditions but also do we really see signs of this underlying inflation coming down?”
Williams’ comments come a day ahead of the release of the latest U.S. inflation figures. Economists polled by Dow Jones expect a 6% year-over-year increase in the consumer price index. Currently, the Fed is expected to raise rates by 25 basis points next month.
— Fred Imbert
12 Hours Ago
IMF says global economy heading for weakest growth since 1990
The International Monetary Fund on Tuesday released its weakest global growth expectations for the medium term in more than 30 years.
The D.C.-based institution said that five years from now, global growth is expected to be around 3% — the lowest medium-term forecast in an IMF World Economic Outlook since 1990.
“The world economy is not currently expected to return over the medium term to the rates of growth that prevailed before the pandemic,” the Fund said in its latest World Economic Outlook.
— Silvia Amaro
11 Hours Ago
Information technology stocks lag
An Hour Ago
CNBC Pro: Morgan Stanley says this chip giant will be a long-term tech leader — and gives it 30% upside
Semiconductor stocks are outperforming this year, but one in particular is viewed by Morgan Stanley as a leader in the sector.
Pro subscribers can read more here.
— Zavier Ong
6 Hours Ago
Chicago Fed president is keeping eye on credit conditions
Chicago Fed President Austan Goolsbee said Tuesday he’s keeping an eye on credit conditions ahead of the central bank’s May meeting.
“Foremost thing on my mind before our next meeting in May is trying to get a handle on this question about credit: is it actually credit tightening?” he said at the Economic Club of Chicago. Concerns over credit conditions heightened after the collapse of Silicon Valley Bank and Signature Bank.
— Fred Imbert
8 Hours Ago
Warren Buffett sold Taiwan Semi partly due to geopolitical tensions, Nikkei reports
Warren Buffett revealed in an interview with Nikkei that his decision to dump a significant portion of Taiwan Semiconductor recently stemmed partially from geopolitical tensions.
The “Oracle of Omaha” sold 86% of his stake in the chipmaker in the fourth quarter. He had just bought the stock in the third quarter and made it Berkshire’s 10th biggest holding.
Buffett said geopolitical tensions were “a consideration” in the divestment, the paper said. He called the Taiwanese chip company a well-managed one but said Berkshire had better places to deploy its capital.
— Yun Li
