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Last Week’s Highlights
- Japan in Technical Recession:
Japan’s final revised GDP figures for the fourth quarter of 2019 were confirmed at -1.8%. This was slightly worse than the 1.7% decline initially announced. The declines in quarterly GDP ended a fragile recovery. And Japan’s economy is already forecast to dip into recession due to the pandemic.
- UK’s Rate Near Zero Bound:
The Bank of England, in its monetary policy meeting last week announced a 50 bps rate cut. This brings the UK’s interest rates back to 0.25%. The decision to cut rates came as the economy battles the impact of the COVID-19 outbreak. The UK Treasury also unveiled additional spending plans to combat the effects of the virus outbreak. The sterling was, however, unmoved by the decision.
- US CPI Ignored:
Consumer prices in the United States rose 0.1% on the headline on a monthly basis. This was slightly higher than the flat reading that economists projected. The core inflation rate, whic...
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