January 28, 2023
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Business Highlights: China lockdowns; Consumer confidence

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BERLIN (AP) — The head of the International Monetary Fund says it’s time for China to move away from mass lockdowns under its “zero-COVID” approach. Kristalina Georgieva said in an interview Tuesday with The Associated Press that a “recalibration” of the tough approach could shift to more targeted restrictions. That would be easier on the Chinese people and reduce spillover effects on the global economy. She also said it’s not time yet for the U.S. Federal Reserve to ease off on its rapid interest rate increases. High inflation numbers in the U.S. and Europe mean its “too early to step back.” She said the Fed “has no option but to stay the course” until there’s a credible decline in inflation.

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US consumer confidence falls in November for 2nd month

U.S. consumer confidence fell for the second straight month in November amid ongoing high inflation, rising interest rates, and layoff announcements by several large tech companies. The Conference Board reported Tuesday that its consumer confidence index fell to 100.2 this month, down from 102.2 in October.



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