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Real-time News
Federal Reserves Goolsby: Supply shocks, including the oil shock, have exacerbated inflationary problems stemming from anticipated future productivity growth.Federal Reserves Goolsby: The more hype there is about future productivity growth, the more the U.S. and other countries may need to raise interest rates.Chicago Federal Reserve President John Goolsby said on Thursday that energy inflation related to the Iran war has lasted longer than expected and has constituted a "stagflation shock" to Asian economies. Speaking at a Bank of Japan-Bank of Japan Financial Research Institute meeting, Goolsby said that initial forecasts from the futures market had anticipated energy prices to be "well below" current levels. Although oil prices have recently fallen due to signs of progress in US-Iran peace talks, they remain significantly higher than pre-war levels. Goolsby also warned about Asian economies, saying that because these economies rely on energy imports, this shock is "more like a traditional stagflation shock."On May 28th, the temperature indices for the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta were officially released in Guangzhou on May 27th. Jointly compiled and released by the National Meteorological Information Center, Fudan University, Guangzhou Futures Exchange, Guangdong Meteorological Bureau, and Shanghai Meteorological Bureau, these indices address the temperature risk management needs of these two key economic regions, providing standardized tools for the stable operation of weather-sensitive enterprises in sectors such as energy, power, agriculture, and tourism. The first batch includes five indices. The Guangdong-Hong Kong-Macao Greater Bay Area temperature index includes daily average temperature and cooling indices; the Yangtze River Delta temperature index includes daily average temperature, cooling, and heating indices. The Guangzhou Futures Exchange stated that it will continue to uphold open collaboration and deepen cross-sector cooperation, based on my countrys climate characteristics and industrial realities, to accelerate the development of urgently needed weather derivatives such as temperature index futures and options, promoting weather risk management from pilot exploration to normalized and standardized services.Federal Reserve Bank of California President John Goursby warned that Asia is facing a stagflation shock in the traditional sense.
