Federal Reserve Bank of New York President John Williams said that US inflation remains high and that policymakers have to take further action to contain price pressures.

“Inflation is far too high and it continues to be high even in the latest data,” Williams said Thursday evening at an event in New York. “We’ll need to take actions over time that will ensure that we get inflation back to our 2% goal in a timely manner and on a sustained basis.” (BBG – Continue Reading)

European Central Bank Vice President Boris Vujčić said on Thursday that inflationary pressures in the euro area remain relatively muted compared with the previous inflation shock, although further indirect effects from higher energy prices could still emerge with a lag.

Speaking at an event on the International Monetary Fund's Regional Economic Outlook for Europe in Brussels, Vujčić said the ECB was closely monitoring a range of indicators for signs that the latest energy shock was spreading through the economy.

“We are looking at the pipeline pressures primarily,” he said. “We are looking at the transport costs, fertilizer costs, firms' selling price expectations, import prices.” (Econostream – Continue Reading)

Japanese Finance Minister Satsuki Katayama said ministry officials will continue to work closely with their counterparts in Washington to take appropriate action as needed in response to one-sided, rapid moves in the currency market, after the yen briefly fell below a key threshold.

“We’re currently seeing sharp, one-sided moves in the foreign exchange market,” Katayama told reporters on Friday. “We’ll continue to work closely with the US Treasury and respond appropriately,” she said. (BBG – Continue Reading)

Senate Banking Chair Tim Scott on Thursday called on fallen Nvidia CEO Jensen Huang and Commerce Secretary Howard Lutnick to testify before the panel next month about a growing scandal involving Huang’s relationship with a potential Chinese spy.

Scott sent letters to Huang and Lutnick on Thursday evening requesting that they appear at separate Banking hearings, setting the stage for a pair of high-profile oversight events next month.

The letters come amid growing scrutiny on Capitol Hill of both men, including probes from House lawmakers. After Huang agreed to testify on Capitol Hill, three GOP chairs sent a letter to the former executive giving him until Friday evening to confirm his participation in a closed-door, transcribed interview on Dec. 1, or he will be subpoenaed. (Politico – Continue Reading)