(Bloomberg) — Happy Friday, Asia. Here’s the latest news and analysis from Bloomberg Economics to take you through to the weekend:
- Fed Chairman Jerome Powell fired the starting gun for potentially the biggest and fastest tightening of global monetary policy in years
- Powell may consider the first half-point interest-rate increase in more than two decades later this year if he needs a “shock and awe” approach
- U.S. economic growth accelerated by more than forecast last quarter
- Strong demand and limited supply led to a historic jump in the value of the U.S. housing stock to $43.4 trillion
- Japan has had the fewest bankruptcies in a half century. But economists warn a funding glut could spawn more zombie firms
- Goldman Sachs expects Australia to start raising interest rates in November, having previous forecast a first hike in May 2023
- Australia’s surprisingly strong inflationary impulse will likely see the central bank amend its forward guidance
- Hong Kong’s economic performance in the fourth quarter may provide little consolation as the city struggles with omicron
- Bloomberg Economics forecasts total pandemic purchases by G-7 central banks will drop to about $330 billion from over $8 trillion
- The case for the Bank of England to raise interest rates has strengthened following an unexpected surge of inflation in December
- President Vladimir Putin backs a proposal to tax and regulate mining of cryptocurrencies, rejecting the central bank’s proposal to ban it
- Just as the Fed was about to talk up its commitment to taming the hottest inflation in almost 40 years, a top U.S. banking leader delivered an unusually brusque critique of the central bank
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