Economy
Yellen Is Said to Be Obama's Choice for Fed Vice Chairman to Replace Kohn Federal Reserve Bank of San
Francisco President Janet Yellen is President Barack Obama’s
pick for vice chairman of the central bank in Washington, two
people with knowledge of the selection process said.
Japan May Cushion BOJ Balance-Sheet Contraction, `Preserve' Easing Options Japan’s central bank may seek next
week to counter a contraction of its balance sheet caused by the
month-end expiration of an emergency-credit program as deflation
persists in the world’s second-largest economy.
Inflation Eroding China's Deposits May Add Fuel to Asset-Bubble Pressures China’s accelerating inflation has
started to erode household savings, threatening to spur
purchases of property and stocks and fuel asset-price pressures.
Australians Working Longer May Prompt Higher Peak in Central Bank's Rate The biggest expansion of Australian
working hours since 1998 may cause job gains to reaccelerate in
coming months, forcing the central bank to raise interest rates
higher than what Governor Glenn Stevens calls a neutral level.
South Korea Pressure for Low Rates Raises Inflation Threat as Lee Departs South Korea may face accelerating
inflation after Governor Lee Seong Tae left interest rates
unchanged for a 13th month under political pressure, even as his
economy is forecast to be one of the fastest-growing in Asia.
Japan Nominates Ex-Tokyo Electric Executive Morimoto to BOJ Policy Board Japan’s government nominated former
Tokyo Electric Power Co. executive Yoshihisa Morimoto to join
the Bank of Japan’s policy board, filling its last vacancy as
policy makers grapple with entrenched deflation.
Hong Kong Property Prices Set for `Another Good Year,' Sun Hung Kai Says Hong Kong’s home market may see
“another good year” in 2010 as buyers remain financially sound,
according to Sun Hung Kai Properties Ltd., the world’s biggest
developer by market value.
Indonesia Sees Economic Growth Accelerating to as High as 6.5% Next Year Indonesia’s central bank raised its
2011 economic growth forecast to as much as 6.5 percent from an
earlier forecast of as much as 6 percent as consumer spending
accelerates, Deputy Governor Hartadi A. Sarwono said.
New Zealand's Retail Sales, House Data Suggest Rates to Remain Unchanged New Zealand core retail sales rose
at half the pace estimated by economists and the time taken to
sell a house increased to an 11-month high, suggesting the
central bank may wait before boosting interest rates.
Philippines Pares Bank Lending Program, Keeps Interest Rate at Record Low The Philippine central bank pared
back a lending program for banks and said it will consider doing
more to reduce cash in the economy, even as it kept interest
rates at a record low.
Australian Home Prices to Keep Rising on Building Shortage, Council Says Australian home prices will keep
rising due to a building and land shortage, according to a unit
of the Property Council of Australia.
Yellen Said to Be Obama Pick for Fed Vice Chairman to Replace Donald Kohn Federal Reserve Bank of San
Francisco President Janet Yellen is President Barack Obama’s
pick for vice chairman of the central bank in Washington, two
people with knowledge of the selection process said.
Fed's Dudley Says U.S. Should Reduce Budget Deficit Amid Fragile Recovery Federal Reserve of New York
President William Dudley said the U.S. should reduce projected
government budget deficits even though the economy is weak and
may relapse into recession.
Sack Says Fed Selling Assets Would Risk Sudden Increase in Long-Term Rates Brian Sack, the New York Federal
Reserve Bank’s markets chief, said shrinking the central bank’s
$2.3 trillion balance sheet quickly through sales of assets
risks a sudden rise in long-term interest rates.
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