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Welcome to Friday, Asia. Here's the latest news and analysis from Bloomberg Economics to help take you through to the weekend.
- Fed Chair Jerome Powell reaffirmed the U.S. central bank is on track to raise interest rates this month and undertake a series of hikes
- Wall Street's biggest banks are sticking by their calls for as many as seven Fed rate hikes this year
- The rapid wage growth U.S. workers have come to enjoy -- and left businesses scrambling -- isn't retreating soon
- Initial U.S. jobless claims continued to fall amid an acute shortage of workers, Bloomberg Economics notes
- Two studies published by the New York Fed this week cast doubts on the need for fast and aggressive tightening
- The European Central Bank is set to take a timeout from plotting its exit from stimulus as it assesses the damage Russia's war in Ukraine could inflict on the continent's economy
- Russia's invasion of Ukraine could mean ECB hikes are off the table
- The European Union wants to rescind Russia's most-favored nation status at the World Trade Organization
- Sanctions on Russia have lit the fuse on four intersecting crises, according to Bloomberg Economics
- Ukraine says international aid will likely exceed $15 billion
- China will probably announce its lowest economic growth target in more than three decades when top leaders gather Saturday
- China's Covid stance left a $280 billion tourism black hole
- Powell says Russia's actions could accelerate China's moves to develop an alternative payments infrastructure
- South Korea's inflation unexpectedly accelerated as rising costs weigh on voters ahead of next week's presidential election
- New Zealand Finance Minister Grant Robertson is bracing for slower economic growth and faster inflation as he prepares his budget
- Bank of Japan policy makers are increasingly emphasizing the significance of higher wages
- Bloomberg Economics sees upside risk to its end-June forecast of 10.5% for the State Bank of Pakistan's policy rate
- The Bank of Canada expects its balance sheet to shrink quickly
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