Latest news with #AnnaWong
Bloomberg
3 days ago
- Business
- Bloomberg
Balance of Power: Early Edition 6/6/2025
On the early edition of Balance of Power, Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz discuss the continued fallout between President Donald Trump and Elon Musk. On today's show, Bloomberg Economics Chief US Economist Anna Wong, Former New Hampshire Governor Chris Sununu, Study for the Presidency and Congress Senior Democracy Fellow Jeanne Sheehan Zaino, Former RNC Communications Director Lisa Camooso Miller and Groundwork Collaborative Senior Fellow Kitty Richards. (Source: Bloomberg)
Bloomberg
25-04-2025
- Business
- Bloomberg
Anna Wong: Empty Shelves Are Coming Soon
Listen to Odd Lots on Apple Podcasts Listen to Odd Lots on Spotify Subscribe to the newsletter If you look at most of the official hard data right now, there still isn't much evidence of a sharp downturn. Sure, all the surveys are abysmal, but the actual measures of economic activity are doing fine. But there is already data showing something severe is happening, and that can be seen in the volume of cargo flowing from China to the US. Of course, this is intentional. This is the whole point of tariffs. But the fear is that this is going to be acute and dramatic to consumer companies, and that it will happen very soon. On this episode of the podcast we speak with Anna Wong, Chief US Economist at Bloomberg Economics, who walks us through the real life and macro-economic impact of what we've already seen. She says that the tariffs hit right at the moment that major retailers are planning for their holiday merchandise, and that before too long we'll start seeing fewer goods and fewer varieties of all kinds of things. We also discuss the inflation dynamics, and how tariffs may not show up in terms of higher CPI, but instead through higher layoffs, compressed profit margins, and falling real wages.
Yahoo
22-03-2025
- Business
- Yahoo
Sticky US Inflation and Tariffs Are Keeping the Fed Sidelined
(Bloomberg) -- US inflation remains at a disquieting level for Federal Reserve officials, just as the Trump administration moves forward with tariffs that risk keeping price pressures elevated. Chicago Transit Faces 'Doomsday Scenario,' Regional Agency Says New York Subway Ditches MetroCard After 32 Years for Tap-And-Go LA Faces $1 Billion Budget Hole, Warns of Thousands of Layoffs Despite Cost-Cutting Moves, Trump Plans to Remake DC in His Style Amtrak CEO Departs Amid Threats of a Transit Funding Pullback The personal consumption expenditures price index excluding food and energy — the Fed's preferred measure of underlying inflation — probably rose 0.3% in February for a second month, based on a Bloomberg survey. The so-called core gauge is estimated to have accelerated to a 2.7% annual pace. The government's report on Friday is also expected to show consumer spending firmed after a tepid start to 2025, while income growth moderated after rising a month earlier by the most in a year. Consumer outlays, unadjusted for price changes, are forecast to have climbed 0.5% after the biggest weather-driven retreat in nearly four years. Personal income is seen rising 0.4%. What Bloomberg Economics Says: 'Monthly core PCE inflation likely rose to 0.35% in February (vs. 0.28% prior), double the pace consistent with the Fed's 2% target. Price increases across goods, health care, and financial services more than offset declines in other sectors. Given firm inflation and solid spending, the Fed's decision to hold rates at the March FOMC meeting and revise up inflation forecasts will likely appear justified.' —Anna Wong, Stuart Paul, Eliza Winger, Estelle Ou and Chris G. Collins, economists. For full analysis, click here The latest inflation and spending numbers provide a snapshot of price pressures and economic activity leading up to President Donald Trump's planned April 2 announcement on reciprocal tariffs — which Trump has dubbed 'Liberation Day in America.' General uncertainty about the impact of the duties help explain why Fed officials kept interest rates unchanged last week. After the meeting, Fed Chair Jerome Powell said policymakers have scope to stand pat on rates to get a better handle on how the administration's policies will impact the economy and inflation. Fed Governor Adriana Kugler and St. Louis Fed President Alberto Musalem are among the US central bankers speaking in the coming week, while Atlanta Fed President Raphael Bostic will appear on Bloomberg TV on Monday. Other economic data on the agenda include February durable goods orders, which may offer a sense of whether companies are becoming more cautious about their capital spending plans. Economists will also use a report on February merchandise trade to help shape estimates of first-quarter gross domestic product. The imports data, however, will probable be skewed once again by a surge in inbound gold that won't be included in the government's GDP estimate. On Friday, the University of Michigan will issue its final March consumer sentiment survey, including year-ahead and long-term inflation expectations. For more, read Bloomberg Economics' full Week Ahead for the US In Canada, investors await Prime Minister Mark Carney's likely call for an election. Meanwhile, the Bank of Canada will release a summary of deliberations that led to its seventh straight rate cut, as officials weighed a pickup in core inflation against the economic impact of Trump's trade threats. Also due in Canada are GDP data, including a flash estimate for February, which may reflect a surge in exports as US importers scrambled to front-run higher tariffs. Click here for what happened last week, and below is our wrap of what's coming up in the global economy. Asia The week is looking fairly light for major economic data and central banks. First on the docket is an early look at manufacturing activity in March, with preliminary purchasing managers index readings from Australia, Japan, and India. Factory activity has been relatively anemic in recent months, barring a few exceptions, as tariffs loom and domestic and international demand cools. There's also a series of inflation readings for February, starting with Singapore consumer price data on Monday set to show a slight slowdown. Australian CPI is out on Wednesday, as price increases likely held around 2.5% — above the central bank's comfort level. Japan producer prices for services, also reported on Wednesday, are expected to show inflation continuing to pick up in line with the government's goal. Wednesday is also likely to see Sri Lanka's central bank keep rates unchanged. As the world veers closer to April 2 and expected reciprocal tariffs from Trump, there'll be a closer look at trade data. That comes in the form of import and export figures from Hong Kong on Tuesday, then Sri Lanka and the Philippines on Friday. Tokyo department store sales are reported on Tuesday, as is March consumer confidence in South Korea that's expected to show lingering pessimism amid economic and political challenges. The following day, a composite survey of manufacturers provides another look at sentiment. Taiwan's industrial production activity in February comes Tuesday, and will provide a gauge of demand for chips and other technology as tariffs loom. That's followed a day later by Singapore industrial production numbers, expected to show a drop in monthly activity. Other signals on the regional economy come in the form of February Macao hotel occupancy data on Thursday — the prior month showed a 90% rate — and Pakistan GDP figures on Wednesday that are set to show a growth pickup in the fourth quarter. Figures on February car sales in Thailand are released some time during the week. For more, read Bloomberg Economics' full Week Ahead for Asia Europe, Middle East, Africa Chancellor of the Exchequer Rachel Reeves will present her UK fiscal update to parliament on Wednesday, and probably unveil cuts to spending and welfare. Borrowing is on track to overshoot her projections in the fiscal year that ends imminently, and independent forecasts may show a need to heap on more debt. The same day, UK inflation will be a highlight after Thursday's Bank of England's decision to keep borrowing costs unchanged in the face of heightened trade uncertainty. Price growth is seen slowing slightly, to 2.9% — still well above the 2% level targeted by policymakers. Retail sales come on Friday, as well as a final reading of GDP for the fourth quarter. Also of interest will be appearances by BOE Governor Andrew Bailey on Monday, followed on Thursday by Swati Dhingra, the sole official who voted for a cut. In Germany, where a huge fiscal package to retool the country's defenses passed its final parliamentary hurdle on Friday, the closely-watched Ifo index of business confidence will be released on Tuesday, with all gauges expected to show improvement. In the wider euro zone, PMIs are coming on Monday, and economic confidence along with the European Central Bank's measure of inflation expectations will arrive at the end of the week. Consumer-price readings from France and Spain are also due on Friday. Several policymakers are scheduled to speak, including ECB Executive Board member Isabel Schnabel in London on Thursday. Turning to the Nordics, Sweden's Riksbank on Wednesday releases minutes from its latest meeting, where officials kept rates on hold and reiterated an end to easing. The country's economic tendency survey is due the same day. Norway's central bank faces a close decision on Thursday on whether to deliver its long-communicated first rate cut from 4.5%. A surprise surge in inflation in the past two months, together with data showing a resilient labor market and stronger economic activity, might prompt another postponement. Increased uncertainty about whether Norway could suffer from Trump's expanding trade war is further clouding the outlook for Governor Ida Wolden Bache and colleagues. Analysts at Nordea Bank Abp have already scrapped forecasts for any easing by Norges Bank this cycle. For more, read Bloomberg Economics' full Week Ahead for EMEA Several other central bank decisions are scheduled across the wider region: Lesotho, whose currency is pegged to the rand, is likely to follow South Africa's central bank and leave its key rate unchanged at 7.25% on Tuesday. The same day, Hungarian Governor Mihaly Varga helms the first monetary meeting of his tenure. The central bank is widely expected to keep its rate at 6.5% for a sixth month after a resurgence of inflation. Czech policymakers will set borrowing costs in Prague the following day. No change is expected. Also on Wednesday, Mozambique officials are poised to cut their key rate for an eighth straight time to boost an economy shaken by months of unrest. And in Ghana on Friday, the central bank will probably stand pat on borrowing costs for the third time in a row to curb sticky inflation. Latin America In Brazil, the central bank posts minutes of its March 18-19 meeting, where policymakers delivered a third straight 100 basis-point rate hike, to 14.25%. The post-decision statement was less hawkish than some had expected, with forward guidance confined to tipping a smaller hike at the next meeting in May. Analysts see a further 100 basis points of tightening before the fourth quarter. On Thursday, the central bank's quarterly monetary policy report may sound much like December's: expect higher rates and slower growth along with persistently elevated inflation prints. The mid-month inflation report will likely show consumer prices drifting further above policymakers' 3% target from mid-February's 4.96% print. Chile will report February unemployment while the central bank there posts its quarterly inflation report. Growth and inflation are above its forecasts, suggesting output is running above potential. Banxico policymakers get fresh economic growth and consumer price data ahead of their Thursday rate decision. Inflation is back within the target range but more to the point, analysts are marking down Mexico's 2025 and 2026 GDP forecasts, with the OECD even predicting a recession this year and next. Analysts in the latest Citi survey unanimously expect Banxico, led by Governor Victoria Rodriguez, to cut the key rate by a half-point for a second straight meeting on March 27, to 9%. For more, read Bloomberg Economics' full Week Ahead for Latin America --With assistance from Vince Golle, Ott Ummelas, Shiyin Chen, Robert Jameson, Monique Vanek, Mark Evans, Laura Dhillon Kane and Katia Dmitrieva. A New 'China Shock' Is Destroying Jobs Around the World Tesla's Gamble on MAGA Customers Won't Work How TD Became America's Most Convenient Bank for Money Launderers One Man's Crypto Windfall Is Funding a $1 Billion Space Station Dream The Real Reason Trump Is Pushing 'Buy American' ©2025 Bloomberg L.P. Sign in to access your portfolio
Bloomberg
21-03-2025
- Business
- Bloomberg
Modeling the US Outlook: Tariff Impacts, DOGE, Fed Rates
The economic landscape is evolving rapidly, shaped by policy changes, inflation trends, and market forces. As businesses, investors, and policymakers navigate uncertainty, having the right tools and expert insights is crucial for making informed decisions. Join Bloomberg economists as they analyze the path ahead for the US and demo the live tools at BECO MODELS. Anna Wong, chief US economist, will share her outlook for economy, touching on what Trump administration policy and the latest data mean for growth, inflation and Fed rates. Björn van Roye and colleagues from Bloomberg Economics' modeling and trade teams will show how to carry the analysis forward on the terminal, including insights from: Market-implied forecasts Drivers of asset prices from the dollar to oil New tools for analyzing trade flows and uncertainty Scenario analysis Register Now to secure your spot. Speakers Anna Wong Chief U.S. Economist Bloomberg Before joining Bloomberg as Chief US Economist, Anna Wong worked as Principal Economist at the Federal Reserve Board of Governors, Chief International Economist at the White House Council of Economics Advisers, and Deputy Director of the Office of International Economic Analysis at US Treasury. Björn Van Roye Head of Global Economic Modeling Bloomberg Björn van Roye is the Head of Global Economic Modeling for Bloomberg Economics in Madrid. He previously worked as a Team Lead Economist at the European Central Bank and a Research economist at the Kiel Institute for the World Economy. He is author of several macroeconomic models and tools such the ECB-Global Model for Spillover Analysis and the BEAR Toolbox for estimating Bayesian VAR models. Rana Sajedi Global Economist Bloomberg Rana Sajedi is an Economist for Bloomberg Economics in London. She previously worked as a Research Economist at the Bank of England. Her expertise is primarily in the application of structural macroeconomic models to global economic issues, with a recent focus on international trade and supply chains, as well as demographic change and long- run neutral interest rates. Her research has appeared in leading academic journals such as the Journal of International Economics and the IMF Economic Review.
Yahoo
03-03-2025
- General
- Yahoo
Two new state historical markers will honor the entrepreneurship, traditions of Milwaukee's early Chinese community
Two new Wisconsin state historical markers will be erected this summer to honor the contributions of Milwaukee's 19th- and early 20th-century Chinese-American community. The markers will be installed at the historic Forest Home Cemetery on the city's south side, where hundreds of its first Chinese immigrants and their families were laid to rest. One marker will highlight Forest Home's Section 48, where much of this community was buried, and the Chinese Qingming Festival, or "tomb sweeping," tradition. The other marker will honor the entrepreneurs of the "Chinese Laundry Era," a period following the 1882 Chinese Exclusion Act when Chinese immigrants ― facing discrimination and immigration restrictions ― often made a living owning laundries or restaurants. "We wanted to highlight aspects of our culture because we haven't really seen any Chinese historical markers," said Anna Wong, one of the directors of the Organization of Chinese Americans Wisconsin Chapter, which applied for the markers. "We selected Forest Home because the cemetery has this Chinese section that maybe many people do not know of." In 2021, the Wisconsin Historical Society, which administers the historical markers program, received a grant from the William G. Pomeroy Foundation to diversify the stories represented by the markers. The New York-based foundation is committed to "celebrating history" through its multiple, nationwide historical marker grant programs. This year, the grant will fund 12 new markers around Wisconsin, commemorating Black history, women's history, Indigenous peoples, recent immigration and other underrepresented populations, said WHS statewide services coordinator Mallory Hanson. Wong said numerous groups submitted applications for Pomeroy Foundation grants, and both of OCA-Wisconsin's proposals were selected. More: Wisconsin has more than 600 historical markers. Here's where they come from Early Chinese immigration to Milwaukee, and the rest of the U.S., was limited due to the 1882 Chinese Exclusion and 1892 Greary Acts, which severely restricted it until 1943. Most of Milwaukee's first Chinese immigrants were single men or men who moved across the world from their families in search of economic success. Many hoped to eventually return to China or bring their families to America, Wong said, but were unable to due to the immigration restrictions, financial struggles and the Chinese Revolutions. "As new immigrants, the language was not available to them ... and there was the discrimination, racism and prejudice that occurred due to us just being Chinese, so a lot of opportunities were limited," Wong said. "So, many men went into the laundry business, and they succeeded there through hard work and perseverance and supported their families." By 1930, Milwaukee had almost 60 Chinese-owned laundries and about 14 Chinese restaurants, according to the University of Wisconsin-Milwaukee's Encyclopedia of Milwaukee. In 1947, the Chinese Relief Association purchased around 65 graves at Forest Home for men who died in Milwaukee without any family nearby, said Sara Tomilin, executive director of the Forest Home Historic Preservation Association. In 1952, the association bought another 51 graves, and 100 more were bought later. After the Chinese Exclusion Act was repealed in 1943, more families immigrated to Milwaukee. The Chinese community continued to lay its loved ones to rest in Section 48. "Part of the reason for the markers is so that we honor (Milwaukee's early Chinese immigrants) and make sure that period of time is not forgotten," Wong said. "Racism existed, and some people, even the younger Chinese, might not understand the generations of hardships they had to go through." In addition to the Laundry Era marker, another marker will describe the Chinese Qingming Festival. The festival, which occurs 106 days after the Winter Solstice, is also known as "Tomb Sweeping Day." Families come together to clean the graves of their ancestors. "They come and pay their respects by either bringing food or incense or anything they believe in," Wong said. She said the practice originated over 2,500 years ago during the Zhou Dynasty. While many in ancient times celebrated Qingming over a two-week period, families today generally mark it with one day, she said. Both markers will include titles written in Chinese characters. Wong said OCA-Wisconsin hopes to add a "peaceful place to sit and reflect and read the marker" to Section 48. Initially, Wong said the organization had hoped to install the markers ― which are in the final revision stages ― in time for Qingming, which is April 4 this year. However, all Wisconsin historical markers are produced by one studio, and the studio is backed up about six months, Hanson said. "So far, we're still looking good for that summer 2025 installation, but it would depend on what the studio says their production is looking like," Hanson said. Wong said OCA-Wisconsin plans to hold a celebratory event in conjunction with the markers' installation. "We're very happy that we're able to have these markers up and have them in the community where they can be read and people can learn," she said. "It's a good way to educate and let people know about some of the history that might have been forgotten or lost throughout the years." Ten other state historical markers, including six in Milwaukee County, are coming to locations throughout Wisconsin this year, thanks to the Pomeroy Foundation grant. Here are upcoming markers, as described by the Wisconsin Historical Society: Barron County: A marker developed in collaboration with the Barron County Historical Society will share the story of Ojibwe treaty rights and the Walleye Wars. Currently in the planning phase, installation of the new marker is expected in fall 2025. Calumet County: In collaboration with the Calumet and Cross Heritage Society and the Brothertown Indian Nation, a new marker was installed in November 2024 to commemorate the Dick Family Cemetery. Calumet and Cross Heritage Society is also collaborating on a new historical marker to recognize the Brothertown Methodist Episcopal Church, with installation anticipated in 2025. Crawford County: The Prairie du Chien Historical Society is collaborating with the Wisconsin Historical Society on two new historical markers sharing the stories of enslaved persons who lived in the area during the 19th century. Installation is expected in summer 2025. Milwaukee County: In collaboration with the Midtown Neighborhood Alliance, a new marker will share the story of an African American-owned hospital that once stood at Lynden Hill. Installation is expected in summer 2025. In collaboration with the University of Wisconsin-Milwaukee Archaeological Research Laboratory Center, a new marker will explore the significance of Wisconsin's first Black registered architect, Alonzo Robinson Jr. Installation is expected in fall 2025. Three new markers developed with the Wisconsin Black Historical Society will share the stories of important figures in Milwaukee's history including Ezekiel Gillespie, Lloyd Augustus Barbee and Bernice Lindsay. Installation is expected in fall 2025. The Wisconsin Hispanic Scholarship Foundation is collaborating on a new marker recognizing Latino urban civil rights activism that began in the 1960s. Marker installation is expected in fall 2025. More: With the new Black Nite dedication, here are the Wisconsin historical landmarks in Milwaukee County More: Wisconsin has 2,776 historic sites. None acknowledge the state's Latino history. That's changing. This article originally appeared on Milwaukee Journal Sentinel: New Milwaukee historical markers to honor early Chinese entrepreneurs
