Asia-Pacific markets set to trade lower as recession fears grow
Japan's government and central bank are reportedly set to revise a statement committing to a 2% inflation target at the earliest possible date, according toFri, Dec 16 2022San Francisco Federal Reserve President Mary Daly said Friday she sees the recent inflation news as welcome, but it's not enough to change her view on where policy needs to go.
Daly, a nonvoter this year on the rate-setting Federal Open Market Committee, said her own expectations of where rates are headed is probably higher than current market pricing. Daly votes again in 2024.Plans from the Federal Reserve to continue hiking rates into next year heighten the odds of a very difficult downturn ahead, according to Jeremy Siegel, professor of finance at the University of Pennsylvania's Wharton School of Business.
According to Siegel, the central bank should refrain from hiking further, or keeping rates elevated next year. Wang said the firm expects a weaker fourth-quarter GDP for 2022, downgrading its full-year forecast to 2.7% from 3.1%, pointing out November's weakened growth with a recent surge in Covid cases.
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