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中国日报网 2024-04-25 13:47


> Inflation rebound in US deepens monetary policy divide with Europe

Vegetables are pictured at a produce shop at Reading Terminal Market in Philadelphia, Pennsylvania, US Feb 19, 2022. [Photo/Agencies]


Recent US Department of Labor data show that the consumer price index in the United States rose 3.5 percent year-on-year in March, up 0.3 percentage points from the growth in February, and the core CPI rose 3.8 percent year-on-year and 0.4 percent month-on-month, both exceeding expectations for three consecutive months.


The higher-than-expected CPI indicates that the rebound in US inflation since the beginning of the year is not temporary. 


The minutes of the US Federal Reserve's monetary policy meeting in March also show that the Fed will not cut interest rates until it is confident inflation is steadily returning to the target level.


Analysts point out that the continued rebound in US inflation has had many impacts on the US and global markets. 


With inflation data rebounding, market institutions have to reassess the Fed's policy path, with Wall Street traders expecting the Fed to keep rates higher for longer. 


There is speculation that the Fed may raise rates again.


Jamie Dimon, chairman and CEO of J.P. Morgan Chase, said, "We are ready for the Fed to raise interest rates to as high as 8 percent".


After the March inflation data were released, US President Joe Biden broke the practice of not commenting on the Fed's decision, saying he believed the Fed will cut rates by the end of the year. 


Analysts say that Biden's remarks reflect that the US economy is unable to withstand continued high interest rates, and the "resilience" of the US economy may not be as strong as claimed by the Fed.


As expectations of US interest rate cuts subside, the divergence between European and US monetary policy will widen. 


If the European Central Bank cuts interest rates before the Fed does, it could cause the euro to fall sharply and European enterprises to pay more for dollar-denominated imports, which would fuel inflation again.


ECB has intensified efforts to shed the impression that it follows the US in terms of monetary policy. 


Therefore, it is believed that ECB, fearing the economy could lose steam, may cut interest rates before the Fed does in June.


The US inflation data are an important indicator of the country's and even global economic trends. 


However, there have been more signs that inflation data have gradually been used by the US government and the Fed to influence market expectations. 


The question is, as US federal government debt approaches $35 trillion, how long can this tool be wielded?


> China's performance market scales new heights in 2023

People watch performance celebrating the Lantern Festival in Zhuozi county of Ulanqab, North China's Inner Mongolia autonomous region, Feb 23, 2024. [Xinhua/Liu Lei]


The scale of China's performance market reached 73.99 billion yuan (about $10.42 billion) in 2023, hitting a record high, according to the China Association of Performing Arts.


The figure was revealed by Liu Kezhi, president of the association, at the opening ceremony of a national performing arts trade fair in North China's port city of Tianjin.


Driven by policy incentives and consumer demand, China's performance market accelerated its development in 2023, presenting gratifying changes in breaking traditional patterns and expanding its development space, according to the association.


In 2023, many high-quality performances gained significant popularity, Liu noted, boosting cultural confidence in stage arts centered on Chinese narratives.


A series of works centered on traditional culture, such as the musical "Qiang Jin Jiu" (Bring in the Wine) and the stage play "Journey to the West," reaped good market benefits, Liu said.


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