Korea: Bank of Korea Lifts Growth Forecasts as Keeps Rate Unchanged
Bloomberg reports that the Bank of Korea raised its GDP forecast for this year from 3.8% to 4.0% on its monetary policy meeting. In addition, BoK left the seven-day repurchase rate unchanged at 2.5% for the eleventh consecutive meeting. The Bank may consider lifting its interest rate when demand starts to drive consumer price pressures.
United Kingdom: UK Goods Trade Deficit Narrows to £9.1bn in February
According to the BBC News, the UK’s goods trade deficit with the rest of the world narrowed in February by more than expected, helped by a fall in imports, official data has shown.
Eurozone: IMF Warns Europe’s Banking System Poses Threat to Global Financial Stability
According to The Guardian, the eurozone’s creaking banking system poses a serious threat to global financial stability, according to the International Monetary Fund, which warned European leaders to accelerate plans to support weak banks and create a banking union.
China: China Rules Out Major Stimulus Despite Short-term Drop in Growth
Reuters reports that Chinese Premier Le Keqiang announced that China did not plan to provide major economic stimulus, even though recent data on falling exports and imports reaffirm the estimated slowdown of economic growth in the beginning of 2014.
United States: Fed Officials Fretted About Hawkish ‘Dots’ Forecasts -Minutes
Minutes from the Fed’s March 18-19 meeting reveal that monetary officials were worried that markets would overreact to the updated “dots” forecasts regarding the federal funds rate.