NY Fed Pres. Williams is the next speaker and he says:
- Monetary policy is data-dependent in a highly uncertain environment.
- Government policy outlook is the main source of uncertainty.
- Consumer prices in Russia up 9.52% in 2024 vs. 7.42% in 2023 (Stats Service).
- Monetary policy is “well-positioned” for the economic outlook.
- Russia CPI up 1.32% M/M in December vs. 1.43% M/M in the previous month (Stats Service).
- Disinflation process to continue but could be choppy.
- Improvement in supply/demand balance allowed rate cuts.
- Russia’s consumer inflation at 0.67% from January 1 to January 13 (Stats Service).
- Balance sheet drawdown proceeding smoothly.
- Expects growth to moderate to 2% this year.
- Expects unemployment rate to hold between 4%–4.25%.
- Sees move to 2% inflation over coming years.
- Housing-related inflation pressures are easing.
- Economy has returned to balance.
- Inflation expectations are anchored
This article was written by Greg Michalowski at www.forexlive.com.
