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Fed’s Preferred Inflation Metric Was Stubborn Before Iran War

  • The Commerce Department reported the personal-consumption expenditures price index rose 0.4% in February, up from 0.3% in January.
  • The 12-month PCE inflation rate held steady at 2.8%, while the core annual rate ticked down to 3% from 3.1%.
  • Americans’ personal incomes declined 0.1% month over month, while personal spending grew 0.5% month over month.

 
IMF Chief Expects Slowdown on Global Economic Growth Even if Peace Is ‘Durable’

  • IMF Managing Director Kristalina Georgieva said global economic growth will slow more than expected due to the Middle East conflict.
  • Georgieva advised central banks to keep key interest rates unchanged while assessing the conflict’s impact on the economy.
  • The IMF expects demand for balance-of-payments support to rise to $20 billion to $50 billion due to war spillovers.
Bank of Korea Keeps Rates Unchanged as Mideast Uncertainty Persists

  • The Bank of Korea kept its base rate at 2.50% for a seventh straight meeting amid Middle East tensions.
  • Middle East tensions limit shipping through the Strait of Hormuz, causing energy market turmoil and stagflation concerns.
  • Outgoing Bank of Korea Gov. Rhee Chang-yong will conclude his term on April 20, with Shin Hyun-song taking over in May.
Bank of Mexico Cautious After Interest-Rate Cut, Minutes Show

  • The Bank of Mexico lowered its benchmark interest rate by a quarter percentage point to 6.75% on March 26.
  • Mexican central bankers agreed the Middle East conflict added to inflation and growth risks, minutes of the meeting showed.
  • Mexico’s inflation rose to 4.59% in March from 3.69% in December, largely due to higher fruit and vegetable prices.
U.S. Jobless Claims Rose More Than Expected Last Week

  • U.S. jobless claims rose to 219,000 in the week through April 4, the highest level since February, the Labor Department said.
  • Continuing claims for unemployment fell to 1.794 million in the week through March 28, the lowest level since May 2024, the Labor Department said.
  • The U.S. economy added 178,000 jobs in March, with the unemployment rate falling to 4.3%, according to official data.
 

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