March 3, 2024


Complete Australian News World

World Economic Forum (WEF) 2024

World Economic Forum (WEF) 2024

8 minutes ago

European Central Bank Member De Galhau: We do not rely on the calendar, we rely on the data

François Villeroy de Galhau, Governor of the Bank of France.

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French Central Bank President François Villeroy de Galhau stressed that it is not possible to determine the season in which the European Central Bank may cut interest rates this year.

“About the season, why don’t I say anything? I said it should be this year, barring major surprises,” he said during a panel moderated by CNBC. “But… we don’t rely on the calendar, we rely on the data.” During the World Economic Forum activities in Davos, Switzerland.

Regarding the path of inflation, he added: “It is too early to declare victory… The job is not over yet. However, the tightening of interest rates has been very successful so far, and more successful than we even imagined in Davos one year ago.”

“What we can see on both sides of the Atlantic is a soft landing so far.”

-Jenny Reed

5 minutes ago

The International Monetary Fund expects interest rates to fall in the second half of the year

Geeta Gopinath, First Deputy Managing Director of the International Monetary Fund, spoke to CNBC at the European Central Bank Forum in Portugal.

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It's too early to conclude that central banks will cut interest rates “aggressively” this year, according to Gita Gopinath, the IMF's first deputy managing director, who spoke on CNBC's “High Rate Reality” panel in Davos.

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She added that despite the decline in inflation, “the mission is not complete,” with labor markets in the United States and Europe tightening. The International Monetary Fund expects interest rates to fall in the second half of the year.

Compared to the period following the global financial crisis in 2008, Gopinath said she expects interest rates to be higher in the next three to four years.

-Lucy Handley

54 minutes ago

The European Central Bank's Centeno highlights the progress of inflation in the eurozone

Portuguese central bank governor Mario Centeno said on Tuesday that inflation in the euro zone is on a “very positive” path, although his counterparts on the European Central Bank's Governing Council have taken a more hawkish tone in recent days.

“We are still data-driven, and that is how we frame our decisions… One of the greatest successes of the ECB recently is its ability to hold medium-term inflation expectations at 2%, and that is because we have credibility, we have credibility,” Centeno said. “Let it stay that way.”

Read the full story.

Jenny Reed

one hour ago

World leaders discuss 'the reality of high rates'

Join CNBC at 7.15am UK time, where presenter Steve Sedgwick will moderate a panel discussion on “The Reality of High Prices,” with guests Adena Friedman, CEO of Nasdaq, and Gita Gopinath, Senior Deputy Managing Director of the International Monetary Fund ( IMF), and Chuck. Robins, Chairman and CEO of Cisco, and François Villeroy de Galhau, Governor of the Bank of France and member of the Governing Council of the European Central Bank.

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The European Central Bank may delay the start of interest rate cuts in 2024, which would upend market expectations, with Governing Council member Robert Holzmann saying on Monday that those who had hoped for interest rate cuts to start this spring will leave Davos “feeling deeply disappointed.” .

The committee will talk about whether higher interest rates will become the “new normal” and what that means for markets.

Headline inflation rose to 2.9% in the euro zone in December, compared to 2.4% the previous month. The European Central Bank targets inflation at 2%.

Lucy Handley