NEWSLETTER - JAN 8, 2023
Fed’s Esther George sees rates staying high at least into 2024
Kansas City Federal Reserve President Esther George is advising her colleagues to stay tough in their efforts to stamp out runaway inflation.
Asked whether her view is that the funds rate should hold above 5% into 2024, George replied, “It is for me.”
George said she isn’t forecasting a recession because of Fed policies, but noted that one is possible.
Sourced from CNBC
The UK recession will be almost as deep as that of Russia, economists predict
In its 2023 macro outlook, Goldman Sachs forecast a 1.2% contraction in U.K. real GDP over the course of this year, well below all other G-10 (Group of Ten) major economies.
This would be followed by a 0.9% expansion in 2024.
The figure places Britain only fractionally ahead of Russia, which is projected to see a 1.3% contraction in 2023 as it wages war in Ukraine and weathers punitive Western economic sanctions.
Sourced from CNBC
Tesla suppliers’ shares jump as electric automaker cuts prices for some models in China
Tesla previously cut prices in China in late October in a bid to prop up sales and its competitive edge against rivals including BYD.
Chinese supplier Anhui Shiny Electronic Technology rose as much as 10% while Hengdian Group DMEGC Magnetics gained nearly 9%.
Sourced from CNBC
