【Quick Facts】
1. WHO: New variant XE may be the fastest spreading COVID-19 strain.2. Fed’s Evans: 25 bps hike could come at every meeting in 2022.3. U.S. nonfarm payrolls grew steadily in March.4. IEA members agreed to join the U.S. in releasing oil reserves.5. U.S. manufacturing growth loses its momentum.6. Russian Foreign Minister: Russia and India have implemented a payment mechanism for trade in their own currency.
【News Details】
WHO: New variant XE may be the fastest spreading COVID-19 strain.The official website of the UK government recently released a news report on the recombination of 3 COVID-19 variants. The data show that 637 cases of XE (namely, recombinant of Omicron BA.1 and BA.2) have been identified in the UK. Although the case is relatively rare, it has an extremely high rate of transmission, which means that XE has the potential for a widespread pandemic.Fed’s Evans: 25 bps hike could come at every meeting in 2022Charles Evans, president of the Federal Reserve Bank of Chicago, said his outlook for interest rates is in line with the median expectation of his peers that there will be six more rate hikes this year of 25 bps in magnitude, amid high inflation and a hot labor market. Fed officials last month raised the benchmark lending rate by 25 bps from zero. Since then, several policymakers, including Richmond Fed President Thomas Barkin, have said they are open to a 50-basis-point rate hike at the meeting in May.U.S. nonfarm payrolls grew steadily in March.Data showed that the U.S. nonfarm payrolls increased by 431,000 in March after the quarterly adjustment; the unemployment rate recorded 3.6% in March, continuing to hit a new record low since February 2020; the average hourly wage in March recorded an annual rate of 5.6%, slightly higher than expected. U.S. jobs continued to grow strongly in March, and wages once again accelerated, making it possible for the Fed to raise interest rates significantly by 50 bps in May.IEA members agreed to join the U.S. in releasing oil reserves.Several U.S. allies are planning to follow the Biden administration’s lead after the U.S. announced an unprecedented plan to release reserve oil in an effort to ease the economic damage caused by high energy prices. Members of the International Energy Agency (IEA) agreed Friday to release a new round of emergency fuel reserves. the IEA said it will provide more details on the release of reserve oil early next week, the agency’s fifth coordinated intervention since its inception in 1974.U.S. manufacturing growth loses its momentum.The Institute for Supply Management’s manufacturing index fell to 57.1 in March from 58.6 in February; a higher value than 50 indicates industry expansion, according to data released Friday. The figure was below the expectations of most economists in a Bloomberg survey. the ISM’s new orders index slipped nearly 8 points to 53.8 in March, and the manufacturing index fell 4 points to 54.5. These indexes are now at their lowest levels since May 2020, indicating weaker demand amid rising price pressures and increased uncertainty.Russian Foreign Minister: Russia and India have implemented a payment mechanism for trade in their own currency.Russian Foreign Minister Lavrov, who is visiting India, said on April 1 that Russia and India have implemented the ruble-rupee trade payment mechanism and will promote this payment system for further advancement.
【Today’s Focus】
16:30 European Central Bank Executive Member Schnabel delivered a speech
