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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
Powell says rate hikes, tighter policy will be needed to control inflation
US Federal Reserve (Fed) Chairman, Jerome Powell, in his testimony before the Senate Banking Committee, stated that the economy could handle the Covid-19 surge and tighter monetary policy. Further, he expressed concerns about higher inflation and pledged that the Fed would take the necessary steps to control rising prices. Also, he reiterated that the central bank’s plans of raising interest rates and reducing its asset holdings were necessary to maintain the economic expansion.
US NFIB business optimism index advanced in December
In the US, the business optimism index jumped to a level of 98.90 in December, compared to a reading of 98.40 in the previous month.
Japan current account surplus narrowed less than expected in November
In Japan, current account surplus narrowed to ¥897.30 billion in November, compared to a surplus of ¥1180.10 billion in the previous month. Markets were expecting the current account surplus to narrow to ¥585.00 billion.
Japan trade balance surplus widened in November
In Japan, trade surplus widened to ¥431.30 billion in November, compared to a surplus of ¥166.70 billion in the previous month. Markets were expecting the trade surplus to widen to ¥421.90 billion.
China CPI rose less than expected in December
In China, the consumer price index (CPI) recorded a rise of 1.50% on a YoY basis in December, compared to a rise of 2.30% in the previous month. Markets were expecting the CPI to record an advance of 1.80%.
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