Consumer spending has flattened and US manufacturing hit a nearly three-year low in March after years of growth coming out of the pandemic. In March, 236,000 jobs were added to the labor market.īut there have been signs that the economy is starting to cool. Fed officials have probably been paying attention to that issue alongside signs that the jobs market remains robust. Though overall inflation has been cooling over the last few months, much of the tapering off was seen in the volatile energy sector, which a year ago saw price jumps following Russia’s invasion of Ukraine.Ĭore inflation, which excludes the more volatile energy and food prices, went up slightly in March as housing prices rose 8.2% over the last year. Inflation has steadily declined over the last few months but remains well above the Fed’s target rate of 2%. In March, the annual inflation rate was 5%, down from its peak of 9.1% in June and its lowest rate since 2021. “No one should assume that the Fed can protect the economy from the potential short- and long-term effects of a failure to pay our bills on time,” he said. The statement cut a phrase suggesting additional increases might be appropriate that was included in its last rate rise announcement.Īt a press conference, Powell said: “There is a sense that, you know, we’re much closer to the end of this than to the beginning.” But he warned that “future policy actions will depend on how events unfold”.Ĭongress is currently at loggerheads over the government’s borrowing limit and Powell said it was “essential” an agreement was reached. The statement hinted that the Fed’s rate rises – the fastest in 40 years – could be nearing an end. The committee remains highly attentive to inflation risks,” said the Fed. The extent of these effects remains uncertain. “Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. In a statement, the Fed said the banking system was “sound and resilient”. The purpose of the strategic cooperation agreement is to jointly cope with the competition and challenges of the financial industry which will soon be completely open to international players, accelerate bank card innovation, improve card environment, explore the international bank card market, forge a sophisticated service system for overseas Long Card holders, build Long Card brand and raise the international competitiveness of the national financial industry and financial brands.The Fed chair, Jerome Powell, has consistently argued that the central bank must prioritize bringing down inflation, which hit a 40-year high in the wake of the Covid-19 pandemic. The inter-city and inter-bank card business among different Chinese member banks has basically become a reality and from 2004 started expanding in the international market with the purpose that wherever there are Chinese people there will be a China UnionPay Card.ĬCB has been keeping close cooperative relations with China UnionPay. Since establishment in 2002, it has been working with its member banks to realize bank card networking nationwide. China UnionPay is the only organization specializing in inter-bank information exchange of bank card in With the expansion of service network, CCB Long Card has become one of consumer’s most favored bank cards. It is enriching the product line and functions as customer needs change. Since CCB launched its first Long Card in 1990, the bank has been following the mission of providing “market-oriented and customer-centered” services. In addition, the two partners will strengthen cooperation in emerging payment channels, product R&D, value-added services and risk management. To solve the problem of inter-bank acceptance of the card as soon as possible, both sides agree to establish a rapid link mechanism between CCB’s hotline 95533 and China UnionPay’s hotline 95516, with the purpose of simplifying the process of handling customer complaints and improving the image of both CCB and China UnionPay. CCB Long Card and China UnionPay, to promote marketing of UnionPay Long Card and forge a quality brand. The two companies will take advantage of their well-known brands, i.e. Headquarters building to launch all-round and in-depth cooperation in the areas of brand, UnionPay standard Long Card, improvement of card environment and new businesses. On November 24, CCB once more joined hands with China UnionPay and signed the Strategic Cooperation Agreement in its , CCB has been accelerating its development.
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