Hong Kong to announce tax break to lure global commodity traders

Good morning. It’s great to be here today. I last spoke at this event two years ago, just a few days after a total solar eclipse. Today, I’m here less than a week after the conclusion of the Artemis II moon voyage. Perhaps it has something to do with the cosmos. Now, many of you may find this surprising, but there are some similarities between the Federal Open Market Committee (FOMC) and the Artemis crew. Both are mission-focused. Both have scheduled blackout periods—although ours are not nearly as nerve-racking. And just as astronauts travel through competing gravitational forces to circle the dark side of the moon, the FOMC navigates through uncertainty as it balances the risks to achieving its dual mandate goals of maximum employment and price stability. Today I’m going to talk about those goals, the uncertainty, and the current stance of monetary policy. I’ll also give my economic outlook. Fed's Williams: Middle east war already lifting inflation Fed's Williams: Seeing emerging signs of supply chain disruptions. Fed's Williams: Swift end to conflict should help ease inflation pressures New York Fed President Williams worries war will slow growth, aggravate inflation New York Fed President John Williams expressed concern Thursday about the Iran war’s impact on the economy, saying it already has shown signs of hiking prices and slowing growth. In a speech delivered to bankers in his home district, Williams noted that the conflict has “intensified the uncertainty” around national and local conditions. While he generally expressed confidence that growth would continue and inflation would ease through the year, he said there are threats to both sides of the Fed’s dual mandate for stable prices and low unemployment. “Assuming energy supply disruptions ease reasonably soon, energy prices should come down, and these effects should partially reverse later this year,” Williams said. “However, the conflict could also result in a large supply shock with pronounced effects that simultaneously raises inflation — through a surge in intermediate costs and commodity prices — and dampens economic activity. This has begun to play out already.”

Manufacturing activity in the region continued to grow overall, according to the firms responding to the April Manufacturing Business Outlook Survey. The survey’s indicators for ...

In the week ending April 11, the advance figure for seasonally adjusted initial claims was 207,000, a decrease of 11,000 from the previous week's revised level. The previous ...

Industrial production in the United States observed a monthly decline of 0.5% in March, the Federal Reserve's Board of Governors said in its report issued on Thursday. Compared to ...

*IRAN TOLD PAKISTAN THAT US MUST FULFILL COMMITMENTS: TASNIM *IRAN EMPHASIZED US MUST DROP 'EXCESSIVE DEMANDS': TASNIM