In today’s briefing:
- Late-2022 Policy Developments Further Complicate 2023 Outlook
Late-2022 Policy Developments Further Complicate 2023 Outlook
- Passage of a $1.7 trillion spending bill by the US Congress complicates the Fed’s task of restoring price stability. Higher borrowing could push up interest rates and crowd-out private investment.
- The yen’s depreciation before October was accentuated by Japanese financial institutions hedging against losses on US Treasuries. Little evidence exists of significant liquidation of US financial assets by Japanese investors.
- China’s decision to cease its zero-tolerance policy towards COVID-19 will be positive for the global economy in 2023, but, initially, rising infection rates could be a headwind.
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