when Davos was optimistic?
US Debt-Crisis Worries Sour Davos Optimism on Global Economy
The global financial elite gathering in Davos, Switzerland, this week warned of the dangers stemming from the looming US federal debt-limit fight, a potential crisis that overshadowed any cheer from a reopening of China’s economy and diminishing recession risks in Europe. “The idea that we’re even talking about this after what we’ve seen in the past, to me, is very disappointing,” Ronald O’Hanley, chief executive officer of State Street Corp., told Bloomberg Television in Davos. “This is not the way a political fight should occur. Markets haven’t priced it in.” More than a decade after one ... (full story)
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tweet at 11:05am: FED'S MESTER: FURTHER RATE HIKES STILL NEEDED - ASSOCIATED PRESS tweet at 11:06am: FED'S MESTER: POLICY RATE SHOULD RISE A “LITTLE BIT” ABOVE THE 5% TO 5.25% RANGE THAT POLICYMAKERS HAVE COLLECTIVELY PROJECTED FOR END 2023 tweet at 11:06am: FED'S MESTER: DECLINES COMMENT ON HOW LARGE A RATE HIKE SHE FAVORS AT FED'S NEXT MEETING
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Overall economic activity was relatively unchanged since the previous report. Five Districts reported slight or modest increases in overall activity, six noted no change or slight declines, and one cited a significant decline. On balance, contacts generally expected little growth in the months ahead. Consumer spending increased slightly, with some retailers reporting more robust sales over the holidays. Other retailers noted that high inflation continued to reduce consumers' purchasing power, particularly among low- and moderate-income households. Auto sales were flat on average, but some dealers noted that increased vehicle availability had boosted sales. Tourism contacts reported moderate to robust activity augmented by strong holiday travel. Manufacturers indicated that activity declined modestly on average, and, in many Districts, reported that supply chain disruptions had eased. Housing markets continued to weaken, with sales and construction declining across Districts. Commercial real estate activity slowed slightly, on average, with more notable weakening in the office market. Nonfinancial services firms experienced stable demand on balance. Most bankers reported that residential mortgage demand remained weak, and some said higher borrowing costs had begun to dampen commercial lending. Energy activity continued to increase moderately, and agriculture conditions were generally unchanged or improving. tweet at 2:01pm: FED BEIGE BOOK: SINCE THE PREVIOUS REPORT, OVERALL ECONOMIC ACTIVITY HAS REMAINED RELATIVELY STABLE. tweet at 2:01pm: FED BEIGE BOOK: IN MOST DISTRICTS, SELLING PRICES INCREASED AT A MODEST OR MODERATE RATE, THOUGH MANY REPORTED THAT THE RATE OF INCREASE HAD SLOWED FROM PREVIOUS REPORTING PERIODS. tweet at 2:02pm: FED BEIGE BOOK: MOST DISTRICTS' EMPLOYMENT INCREASED AT A SLOW TO MODERATE RATE. tweet at 2:02pm: FED BEIGE BOOK: OVERALL, CONTACTS EXPECTED LITTLE GROWTH IN THE COMING MONTHS.