Forget data – Today Fed chief Powell speaks by Barbara Rockefellar fed usa inflation rates
above zero this year for the first time since 2012, after a string of hawkish comments from policymakers. Money markets are pricing 75 basis points of interest-rate hikes by the ECB’s December decision, according to swap contracts linked to the euro short-term rate. The ECB should be able to phase out asset purchases in July to pave the way for an interest-rate increase as early as that month, according to Vice President Luis de Guindos.
In Germany, the FT Reports panic is spreading over the possible loss of Russian natural gas to embargo. It gets 55% of its supply from Russia. “The fear is that any sudden gas shut-off could paralyse large parts of the country’s industry. Martin Brudermüller, chief executive of the chemicals group BASF, says it would plunge German business into its ‘worst crisis since the second world war.’”
The FT article says the dependence grew out of East German relations with Russia and helped along by the Merkel government phasing out nuclear after Fukushima. “The German politicians seen as having fostered close ties to Russia are now being pilloried. One is Frank-Walter Steinmeier, a former foreign minister in Merkel’s government who is now Germany’s president.
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