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Powell Pessimism, Trump Keeps Tariffs, Dimon on Brexit: Eco Day

Published 2019-03-20, 07:13 p/m
Updated 2019-03-21, 01:28 a/m
© Reuters.  Powell Pessimism, Trump Keeps Tariffs, Dimon on Brexit: Eco Day

© Reuters. Powell Pessimism, Trump Keeps Tariffs, Dimon on Brexit: Eco Day

(Bloomberg) -- Welcome to Thursday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help get your day started:

  • The tone of the March FOMC statement was recalibrated to acknowledge the recent string of soft economic data, which was to be expected. The pessimistic shift in the Summary of Economic Projections was more noteworthy, says Carl Riccadonna. Here’s the FOMC statement text and the Fed’s forecast downgrades in a chart
  • President Donald Trump said he’ll keep tariffs on China until he’s sure Beijing is complying with any trade deal, refuting expectations they will agree to roll back duties as part of a lasting truce
  • JPMorgan (NYSE:JPM) CEO Jamie Dimon said Theresa May’s request to the EU for a three-month extension of the Brexit deadline won’t remove uncertainty. Dan Hanson meanwhile is calling an end to disinflation
  • Japanese Prime Minister Shinzo Abe and his deputy, Taro Aso, tried to close a perceived difference with the Bank of Japan over its 2 percent inflation target, but ultimately left open a gap
  • Australia’s worst property slump in a generation has the central bank and government worried. But mortgage bonds still look attractive to some of the biggest buyers. Over in New Zealand, the economy expanded at a faster pace, driven by construction and services
  • Central bank watchers in the Philippines are monitoring Governor Benjamin Diokno’s debut policy meeting closely, while in Indonesia the central bank will likely keep rates on hold through 2020
  • Brazil’s central bank held its key rate at an all-time low but signaled it could lower borrowing costs if growth continues to disappoint
  • France began jockeying for positions at the ECB and the EC, saying Mario Draghi’s replacement will be crucial to President Emmanuel Macron’s vision of Europe. Hungarian Prime Minister Viktor Orban was suspended from the EU’s biggest political family, sharpening a divide between mainstream parties and euroskeptic forces
  • Anyone who believes the system is rigged -- and inequality entrenched -- would have experienced a grim “told you so” moment when U.S. federal prosecutors charged 33 parents who’d bought into a scheme to ensure their children spots at elite universities

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