Economy

Yellen Is Said to Be Obama's Choice for Fed Vice Chairman to Replace Kohn Federal Reserve Bank of San Francisco President Janet Yellen is President Barack Obama’s pick for vice chairman of the central bank in Washington, two people with knowledge of the selection process said.

Japan May Cushion BOJ Balance-Sheet Contraction, `Preserve' Easing Options Japan’s central bank may seek next week to counter a contraction of its balance sheet caused by the month-end expiration of an emergency-credit program as deflation persists in the world’s second-largest economy.

Inflation Eroding China's Deposits May Add Fuel to Asset-Bubble Pressures China’s accelerating inflation has started to erode household savings, threatening to spur purchases of property and stocks and fuel asset-price pressures.

Australians Working Longer May Prompt Higher Peak in Central Bank's Rate The biggest expansion of Australian working hours since 1998 may cause job gains to reaccelerate in coming months, forcing the central bank to raise interest rates higher than what Governor Glenn Stevens calls a neutral level.

South Korea Pressure for Low Rates Raises Inflation Threat as Lee Departs South Korea may face accelerating inflation after Governor Lee Seong Tae left interest rates unchanged for a 13th month under political pressure, even as his economy is forecast to be one of the fastest-growing in Asia.

Hong Kong Property Prices Set for `Another Good Year,' Sun Hung Kai Says Hong Kong’s home market may see “another good year” in 2010 as buyers remain financially sound, according to Sun Hung Kai Properties Ltd., the world’s biggest developer by market value.

Household Wealth in U.S. Increases at a Slower Pace as Home Values Decline Household wealth in the U.S. grew in the fourth quarter at a slower pace, limited by a drop in home values that indicates the recovery in consumer spending will take time to gain speed.

New Zealand's Retail Sales, House Data Suggest Rates to Remain Unchanged New Zealand core retail sales rose at half the pace estimated by economists and the time taken to sell a house increased to an 11-month high, suggesting the central bank may wait before boosting interest rates.

Philippines Pares Bank Lending Program, Keeps Interest Rate at Record Low The Philippine central bank pared back a lending program for banks and said it will consider doing more to reduce cash in the economy, even as it kept interest rates at a record low.

Australian Home Prices to Keep Rising on Building Shortage, Council Says Australian home prices will keep rising due to a building and land shortage, according to a unit of the Property Council of Australia.

Trade Deficit in U.S. Unexpectedly Shrinks as Oil, Automobile Imports Drop The trade deficit in the U.S. unexpectedly narrowed in January as imports fell for the first time in five months, indicating demand is cooling following the fastest pace of growth in six years.

Fed Watch

Yellen Said to Be Obama Pick for Fed Vice Chairman to Replace Donald Kohn Federal Reserve Bank of San Francisco President Janet Yellen is President Barack Obama’s pick for vice chairman of the central bank in Washington, two people with knowledge of the selection process said.

Fed's Dudley Says U.S. Should Reduce Budget Deficit Amid Fragile Recovery Federal Reserve of New York President William Dudley said the U.S. should reduce projected government budget deficits even though the economy is weak and may relapse into recession.

Sack Says Fed Selling Assets Would Risk Sudden Increase in Long-Term Rates Brian Sack, the New York Federal Reserve Bank’s markets chief, said shrinking the central bank’s $2.3 trillion balance sheet quickly through sales of assets risks a sudden rise in long-term interest rates.

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