Most Asian bourses traded in the red after the Fed announcement, as two other central banks in Asia followed through with rate hikes.Continue Reading
THE Philippine peso sank to a record low and other Asian currencies fell against the greenback on Wednesday ahead of a Federal Reserve interest rate decision that is likely to determine the direction of financial markets for months. Read full storyContinue Reading
The Reserve Bank of Australia’s deputy governor says the loss will not effect its normal operations.Continue Reading
Bitcoin has, once again, proved it is an unstoppable force in the global financial system – and what’s surprising is that it has done so in China. Blockchain analytics firm Chainalysis has released its 2022 Global Cryptocurrency Adoption Index detailing world usage of Bitcoin and other digital currencies. Emerging markets dominate the adoption index. The World Bank […]
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Fed officials have for months stuck to the mantra that they will only ease up on their hawkish drive when inflation comes down and remains subdued. This has led many to warn that rates are unlikely to come down anytime soon, possibly as late as 2024, with a recession moreContinue Reading
China’s growth prediction for 2022 has been reduced to three or more. 3 per cent from 5 per cent, because Beijing pursues the zero-COVID strategy which has devastated the tour’s second-largest economy. Chinese authorities are under pressure in order to curb even the smallest virus outbreaks quickly, ahead of aContinue Reading
TOKYO — Punchbowls everywhere are becoming endangered species as central bankers scramble to yank them away with increasing urgency. Nowhere more so than here in Asia.
This metaphor is courtesy of William McChesney Martin, the US Federal Reserve’s longest-serving chairman who held the position from 1951 to 1970. He famously said a monetary authority’s role is that of a “chaperone who has ordered the punchbowl removed just when the party was really warming up.”
Since the 2008 Lehman Brothers crisis, the catchphrase markets most associate with central banks is “whatever it takes.” Mario Draghi, then-president of the European Central Bank, famously uttered these words in July 2012 amid debt-market turmoil on the continent. A year later, Bank of Japan Governor Haruhiko Kuroda would embrace a similar mantra.
Today, officials are racing to do what they can to tame inflation and keep up with current US Federal Reserve Governor Jerome Powell’s tightening cycle.
The post Race to hike rates guarantees global recession appeared first on Asia Times.
(Reuters) – The Merge came, saw and conquered. Not that you’d guess from crypto prices. Read full storyContinue Reading
Following the Russian invasion of Ukraine on February 24, 2022, the United States, the European Union and other countries swiftly imposed a mix of wide-ranging diplomatic and economic sanctions. Russia was excluded from the Council of Europe and voted off the United Nations Human Rights Council. Russian diplomats were expelled by various Western countries. Travel […]
The post Are Western sanctions on Russia actually working? appeared first on Asia Times.
Nanmadol is one of the worst typhoons ever to strike Japan, with flooding and landslides expected.Continue Reading