Economy
Jefferson wins majority Senate support as Fed Vice Chair
![](https://letizo.com/wp-content/uploads/2023/09/jefferson-wins-majority-senate-support-as-fed-vicechair_64f8b2f77e144.jpeg)
![Jefferson confirmed as Fed vice chair by overwhelming Senate majority](https://i-invdn-com.investing.com/trkd-images/LYNXMPEJ850UD_L.jpg)
© Reuters. FILE PHOTO: Fed Governor Philip Jefferson testifies before a Senate Banking Committee hearing on his nomination to be the Federal Reserve’s next vice chair, on Capitol Hill in Washington, U.S., June 21, 2023. REUTERS/Jonathan Ernst/File Photo
By Richard Cowan and Ann Saphir
(Reuters) -The U.S. Senate on Wednesday confirmed Federal Reserve Governor Philip Jefferson as vice chair of the U.S. central bank in an overwhelmingly bipartisan vote of 88-10.
Jefferson was a longtime economics professor and college dean before becoming a Fed governor last May, and has voted for every interest-rate hike since then as the central bank has waged a war against inflation.
His new role means he will work closely with Fed Chair Jerome Powell and New York Fed President John Williams to hash out policy alternatives ahead of each rate-setting meeting attended by the full panel of 19 U.S. central bankers.
Fed policymakers are widely expected to leave the benchmark rate in its current range of 5.25%-5.5% at their next meeting, Sept. 19-20, but to also leave the door open for one last rate hike before the end of the year.
Senators are expected later on Wednesday to take up the nominations of Fed Governor Lisa Cook to a new 14-year term, and of World Bank economist Adriana Kugler to fill the last open seat on the seven-member Fed Board.
The confirmations would cement the current Fed Board as the most diverse in the central bank’s more-than-100-year history. Jefferson is only the second Black man ever to be appointed to the institution’s No. 2 job; Cook is the first Black woman to be a member of the Board, and Kugler will be its first Latina.
Economy
Russian central bank says it needs months to make sure CPI falling before rate cuts -RBC
![](https://letizo.com/wp-content/uploads/2023/12/russian-central-bank-says-it-needs-months-to-make-sure-cpifalling-before-rate-cuts-rbc_6589b7fabdb0c.jpeg)
![Russian central bank says it needs months to make sure CPI falling before rate cuts -RBC](https://i-invdn-com.investing.com/trkd-images/LYNXMPEJBN037_L.jpg)
© Reuters. Russian Central Bank Governor Elvira Nabiullina attends a news conference in Moscow, Russia June 14, 2019. REUTERS/Shamil Zhumatov/File Photo
MOSCOW (Reuters) – Russia’s central bank will need two to three months to make sure that inflation is steadily declining before taking any decision on interest rate cuts, the bank’s governor Elvira Nabiullina told RBC media on Sunday.
The central bank raised its key interest rate by 100 basis points to 16% earlier in December, hiking for the fifth consecutive meeting in response to stubborn inflation, and suggested that its tightening cycle was nearly over.
Nabiullina said it was not yet clear when exactly the regulator would start cutting rates, however.
“We really need to make sure that inflation is steadily decreasing, that these are not one-off factors that can affect the rate of price growth in a particular month,” she said.
Nabiullina said the bank was taking into account a wide range of indicators but primarily those that “characterize the stability of inflation”.
“This will take two or three months or more – it depends on how much the wide range of indicators that characterize sustainable inflation declines,” she said.
The bank will next convene to set its benchmark rate on Feb. 16.
The governor also said the bank should have started monetary policy tightening earlier than in July, when it embarked on the rate-hiking cycle.
Economy
China identifies second set of projects in $140 billion spending plan
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![China identifies second set of projects in $140 billion spending plan](https://i-invdn-com.investing.com/trkd-images/LYNXMPEJBM01Q_L.jpg)
© Reuters. FILE PHOTO: Workers walk past an under-construction area with completed office towers in the background, in Shenzhen’s Qianhai new district, Guangdong province, China August 25, 2023. REUTERS/David Kirton/File Photo
SHANGHAI (Reuters) – China’s top planning body said on Saturday it had identified a second batch of public investment projects, including flood control and disaster relief programmes, under a bond issuance and investment plan announced in October to boost the economy.
With the latest tranche, China has now earmarked more than 800 billion yuan of its 1 trillion yuan ($140 billion) in additional government bond issuance in the fourth quarter, as it focuses on fiscal steps to shore up the flagging economy.
The National Development and Reform Commission (NDRC) said in a statement on Saturday it had identified 9,600 projects with planned investment of more than 560 billion yuan.
China’s economy, the world’s second largest, is struggling to regain its footing post-COVID-19 as policymakers grapple with tepid consumer demand, weak exports, falling foreign investment and a deepening real estate crisis.
The 1 trillion yuan in additional bond issuance will widen China’s 2023 budget deficit ratio to around 3.8 percent from 3 percent, the state-run Xinhua news agency has said.
“Construction of the projects will improve China’s flood control system, emergency response mechanism and disaster relief capabilities, and better protect people’s lives and property, so it is very significant,” the NDRC said.
The agency said it will coordinate with other government bodies to make sure that funds are allocated speedily for investment and that high standards of quality are maintained in project construction.
($1 = 7.1315 renminbi)
Economy
Russian central bank says it needs months to make sure CPI falling before rate cuts -RBC
![](https://letizo.com/wp-content/uploads/2023/12/russian-central-bank-says-it-needs-months-to-make-sure-cpifalling-before-rate-cuts-rbc_6588666c7d443.jpeg)
![Russian central bank says it needs months to make sure CPI falling before rate cuts -RBC](https://i-invdn-com.investing.com/trkd-images/LYNXMPEJBN037_L.jpg)
© Reuters. Russian Central Bank Governor Elvira Nabiullina attends a news conference in Moscow, Russia June 14, 2019. REUTERS/Shamil Zhumatov/File Photo
MOSCOW (Reuters) – Russia’s central bank will need two to three months to make sure that inflation is steadily declining before taking any decision on interest rate cuts, the bank’s governor Elvira Nabiullina told RBC media on Sunday.
The central bank raised its key interest rate by 100 basis points to 16% earlier in December, hiking for the fifth consecutive meeting in response to stubborn inflation, and suggested that its tightening cycle was nearly over.
Nabiullina said it was not yet clear when exactly the regulator would start cutting rates, however.
“We really need to make sure that inflation is steadily decreasing, that these are not one-off factors that can affect the rate of price growth in a particular month,” she said.
Nabiullina said the bank was taking into account a wide range of indicators but primarily those that “characterize the stability of inflation”.
“This will take two or three months or more – it depends on how much the wide range of indicators that characterize sustainable inflation declines,” she said.
The bank will next convene to set its benchmark rate on Feb. 16.
The governor also said the bank should have started monetary policy tightening earlier than in July, when it embarked on the rate-hiking cycle.
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