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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK house prices climbed more than expected in February
In the UK, the non-seasonally adjusted house prices climbed 12.60% on a YoY basis in February, compared to a rise of 11.20% in the prior month. Markets were expecting house prices to record a rise of 10.70%.
Euro-zone CPI climbed in February
In the Euro-zone, the flash CPI registered a rise of 5.80% on a YoY basis in February, compared to an advance of 5.10% in the prior month.
Fed’s Beige Book: US economy growing at a ‘modest to moderate pace’
According to the US Fed’s latest Beige Book report, the US economy grew at a modest to moderate pace from mid-January through early February, as surge in Omicron cases disrupted businesses and held back consumer spending. Further, the Beige Book reported that manufacturing activity continued to grow at a modest pace, but all districts noted that supply chain issues and low inventories continued to restrain growth.
Fed Chairman, Jerome Powell says he would back a quarter point interest rate hike
Fed Chairman, Jerome Powell, in his testimony to the US House of Representatives Financial Services Committee, stated that he would support a 25-basis point interest rate hike in the March monetary policy meeting, despite the impact of Russia’s Ukraine invasion. Meanwhile, Powell indicated that the near-term effects on the US economy of the invasion of Ukraine, the ongoing war, the sanctions and of events to come, remain highly uncertain.
US private sector employment rose in February
In the US, the private sector employment increased by 475.00K in February, compared to a revised level of 509.00K jobs in the prior month. Markets were expecting private sector employment to rise by 388.00K jobs.
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