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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
ECB maintains its key interest rate
The ECB, in its latest monetary policy decision, kept its benchmark interest rate unchanged at 0.00%, as widely expected. Meanwhile, the ECB indicated that it would wind up its asset purchases in the third quarter, citing economic fallout from Russia’s invasion of Ukraine. Further, the central bank raised its inflation forecast for this year for the euro area and highlighted concerns over economic growth citing the impact of the Russia-Ukraine war.
US CPI climbed as expected in February
In the US, the CPI jumped 7.90% on a YoY basis in February, meeting market expectations and compared to a rise of 7.50% in the prior month.
US posted budget deficit in February
The US recorded a budget deficit of $216.60 billion in February, compared to a surplus of $119.00 billion in the previous month.
US initial jobless claims advanced more than expected last week
In the US, initial jobless claims increased to a level of 227.00 K in the week ended 04 March 2022, compared to a revised level of 216.00 K in the prior week. Markets were expecting the initial jobless claims to rise to a level of 217.00 K.
Japanese household spending rose more than expected in January
In Japan, household spending rose 6.90% on a YoY basis in January, compared to a drop of 0.20% in the prior month. Markets were anticipating household spending to rise 3.60%.
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