WH Sr. Adviser Hassett on 15% tariff timeframe: Still a work in progress

Bank of Japan Governor Kazuo Ueda reinforced the central bank’s tightening bias, signalling that further rate hikes remain likely if incoming data strengthen confidence in the Bank’s economic and inflation forecasts. In comments reported by Yomiuri, Ueda said the BoJ’s “basic stance” is to continue raising interest rates if the probability of its growth and price projections materialising increases. While underlying inflation has yet to fully reach the 2% target, policy will be guided to ensure it converges sustainably to around that level without overshooting on a persistent basis. Ueda added that the Bank does not believe it is behind the curve in addressing the risk of excessive inflation, and said there has been no change since January to the projected timing for achieving the price target. He expects inflation to re-accelerate following the current slowdown. Importantly, Ueda flagged upside risks. If the outcome of the spring wage negotiations proves stronger than expected and firms pass higher labour costs through to prices more swiftly, the 2% inflation target could be achieved sooner than currently projected — a comment that tilts hawkish at the margin. Looking ahead, Ueda noted that while the April Tankan survey will be an important input, the BoJ is conducting multiple surveys and does not need to wait for the Tankan release to have sufficient data. With policy meetings scheduled for March and April, he said the Bank will scrutinise all available information and reach a decision, responding to growing market speculation that a rate hike could come as early as April. BOJ GOVERNOR UEDA: DOES NOT EXPECT MAJOR IMPACT FROM NEW TRUMP TARIFFS ON JAPAN BUT MONITORING CLOSELY; BOJ TO REVIEW DATA AT MARCH AND APRIL MEETINGS BEFORE DECIDING ON POLICY – YOMIURI.

Just in | IMF Report: US Job Growth Predicted to Fall Below Pre-Pandemic Levels Amid Slowing Population Growth. Just in | IMF Review Projects US Core Personal Consumption Expenditures to Hit 2% by Early 2027 United States of America: Staff Concluding Statement of the 2026 Article IV Mission U.S. policymakers have embarked on a systemic reorientation of the U.S. economy with the overarching goal to increase economic self-reliance and, in doing so, to boost the living standards of American workers. This has manifested in efforts to increase domestic manufacturing capacity; reduce the trade deficit and the U.S.’s reliance on foreign-produced goods; increase domestic energy output; reduce the reliance on unauthorized immigrant workers; and reduce the federal government’s role in the economy. The 2026 Article IV consultation focuses on the macroeconomic effects of the shift in policies undertaken in 2025 and their impact on the U.S., on trading partners, and on the global economy more broadly.