Fed Testimony, U.S. Wages, Inflation Worries: Eco Day
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Welcome to Thursday, Americas. Here's the latest news and analysis from Bloomberg Economics to help you start the day:
- Federal Reserve Chair Jerome Powell is making the inflation fight his top priority over the risks of Russia's attack, backing a quarter-point interest-rate rise this month. He speaks again on Thursday
- The rapid wage growth workers have come to enjoy -- that's also left businesses scrambling -- probably isn't retreating. A report on Friday is forecast to show average hourly earnings advanced 0.5% last month
- One in three U.S. small businesses now say inflation is their biggest challenge, up from about one in four last quarter
- Pandemic-related disruptions and surging U.S. consumer demand for goods have caused congestion, soaring costs and strained relationships at every link in the supply chain -- from factory to store shelf. Russia's invasion of Ukraine will only make matters tougher
- Putin spent the years after 2014 building up his war chest -- or so he thought. Now, extraordinary measures aimed at Russia's central bank could crater the country's economy
- That leaves it facing what Bloomberg Economics calls “four intersecting” crises, which it predicts will unite to tip Russia into a deep recession and cool growth elsewhere
- Chinese President Xi Jinping spent much of the past decade focused on stability. But as he lays the ground for a likely third term as leader, he's facing more crises than ever, both at home and abroad
©2022 Bloomberg L.P.
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