An escalation in geopolitical conflicts is the biggest risk to the global economy, according to central bank reserve managers, who are generally positive...
LONDON - An escalation in geopolitical conflicts is the biggest risk to the global economy , according to central bank reserve managers , who are generally positive about the world's economic outlook, according to an annual survey released on Thursday.
It found that 71% expect U.S. headline consumer inflation to be between 2% and 3% in a year's time. The Federal Reserve has a 2% inflation target. "The recent political decision to use profits from central banks of Russia’s frozen assets to finance Ukraine raises further the risk that FX reserves are no longer seen as a safe haven for central banks," said Massimiliano Castelli, head of strategy and advice at UBS Asset Management.
Five participants indicated that they introduced China's yuan as a new currency in their reserves, while two institutions recently dropped it. -- Costco Wholesale Corp. is boosting its membership fees for the first time since 2017, raising the charge for a basic membership to $65 a year from $60.
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