Beijing time:2022-12-02 12:47
On Wednesday, Federal Reserve Chairman Jerome Powell said in a speech that the overheated labor market needs to cool down further to convince the Fed that inflation will continue to decline toward its 2% target.
Powell said the Fed is expected to raise interest rates by 0.5 percentage points at its next policy meeting. “The time to slow rate hikes could come as soon as the December meeting,” he said.
Investors had been expecting the Fed to slow down rate hikes, and markets rallied after Powell’s speech.
India could overtake Japan and Germany to become 3rd largest economy by 2030
According to S&P Global and Morgan Stanley forecasts, India will overtake Japan and Germany to become the world‘s third largest economy.
Standard & Poor’s forecast is based on India’s average GDP growth of 6.3% by 2030.
Likewise, Morgan Stanley estimates that India’s gross domestic product could more than double its current size by 2031.
India recorded a year-on-year growth of 20.1% in the three months to June 2021, according to Refinitiv data.
On Thursday, NATO Secretary General Jens Stoltenberg said he still believed in the benefits of free trade, but warned of the security risks of engaging with authoritarian countries like China.
NATO Secretary-General Stoltenberg: “The war in Ukraine…shows the dangers of our dependence on Russian gas. This should prompt us to assess our dependence on other authoritarian countries, especially China (China)”.
Comprehensive report by Shang Jing, reporter from NTDTV
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