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Fed’s Jefferson: Labor Market Could Be Stabilizing
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- Federal Reserve governor Philip Jefferson said the labor market may be stabilizing after cooling in 2025.
- Jefferson noted job openings are not declining and the ratio of job openings to unemployed workers is steadier.
- The Fed has held its rate target steady at 3.5% to 3.75% this year, with traders expecting rates to hold.
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Indian Central Bank Holds Rates as Mideast War Keeps Outlook in Flux
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- The Reserve Bank of India unanimously held its policy repo rate steady at 5.25% amid global uncertainty from the Middle East war.
- RBI Gov. Sanjay Malhotra stated the bank will wait to see how growth and inflation develop, warning the war could impair economic activity.
- Other central banks in New Zealand, Indonesia, Taiwan, and the Philippines also held rates steady in their first decisions since the war began.
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New Zealand’s Central Bank Leaves Rates Unchanged
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- The Reserve Bank of New Zealand held its official cash rate at 2.25% but remains alert to inflation risks from the Middle East war.
- The RBNZ expects near-term inflation to increase and economic recovery to weaken due to the Middle East conflict.
- A two-week ceasefire in the Middle East, negotiated by Iran and the U.S., led to falling oil prices and hopes for economic recovery.
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Eurozone Retail Sales Fell Ahead of Iran War Energy-Price Surge
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- Eurozone retail sales volumes declined 0.2% in February, following flat growth in January, according to the European Union’s statistics agency.
- The February decline was driven by a 0.5% fall in food, drinks, and tobacco sales, preceding a March inflation rise to 2.5%.
- Pantheon Macroeconomics expects retail sales to underperform for several months as consumers face an inflation shock and declining real incomes.
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German Factory Orders Returned to Growth Ahead of Iran War
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- German manufacturing orders climbed 0.9% on month in February, recovering from an 11.1% slump in January.
- The car industry, textiles, and metals drove February’s increased orders, ahead of the energy-price shock from the war in Iran.
- Rising inflation, with Germany’s March rate at 2.8%, could prompt the European Central Bank to hike borrowing costs this year.
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China Caps Rise in Fuel Prices as Middle East War Drives Up Energy Costs
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- China capped domestic fuel price increases to cushion consumers from energy-driven inflation due to the Middle East war.
- Chinese authorities capped gasoline and diesel price increases to 420 yuan and 400 yuan a ton, respectively.
- Other Asian governments are implementing price caps and subsidies to shield consumers from energy-driven inflation.
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Durable-Goods Orders Declined in February
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- U.S. durable goods orders declined 1.4% in February from January, according to delayed data published by the Commerce Department Tuesday.
- Total durable goods orders were $315.5 billion in February; January’s figure was revised downward, decreasing 0.5% from December.
- Transportation equipment drove the decline, falling 5.4%; excluding transportation, new orders increased 0.8%.
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Insurers’ $1 Trillion Buildup in Private Credit Is Leaving Regulators in the Dust
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- Of the about $6 trillion in invested assets held by life and annuity companies, nearly $1 trillion is now in private-credit investments, according to A.M. Best.
- The Treasury Department plans meetings with state insurance regulators about the private loans piling up in insurers’ portfolios.
- Last year the National Association of Insurance Commissioners pulled a report revealing that the ratings on insurers’ private-credit investments were routinely inflated.
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WSJ Pro Central Banking brings you news and analysis from a global team of reporters and editors at The Wall Street Journal and Dow Jones Newswires. Send your tips, suggestions and feedback to service@dowjones.com. An artificial-intelligence tool created these summaries, which are based on the text of the article and checked by an editor. Read more about how we use artificial intelligence in our journalism.
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