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Happy Friday, Europe. Here’s the latest news and analysis from Bloomberg Economics to take you through to the weekend:

  • Federal Reserve Governor Lael Brainard said interest rates could be raised as early as March to ensure price pressures are brought under control
    • Fed Governor Christopher Waller said that three interest-rate increases this year was a “good baseline”
    • President Joe Biden plans to nominate Sarah Bloom Raskin to be the Fed’s top banking regulator and economists Lisa Cook and Philip Jefferson to be governors
  • The euro area’s newest recruits have no regrets about joining the currency bloc but are grappling with one of its major drawbacks
  • China’s record-breaking export strength continued into December, pushing the annual trade surplus to a new high and providing support to an economy being dragged down by a property-market slump and sporadic Covid outbreaks
    • China is likely to post its weakest economic growth in more than a year when it releases quarterly data Monday
    • Omicron spells the worst case for holiday spending in China as the Lunar New Year approaches, Bloomberg Economics says
  • The blow from omicron to U.S. activity to be fast and sharp, followed by an equally swift and strong rebound, Bloomberg Economics says
  • Turkey’s newly appointed finance chief said the country’s inflation will peak months earlier and at a level far lower than predicted by top Wall Street banks
  • Canada is joining Mexico in formally disputing how the U.S. interprets rules governing the origin of vehicle parts under the trilateral trade agreement between the countries
  • Bank of Korea Governor Lee Ju-yeol signaled the likelihood of more interest rate increases to come following Friday’s hike

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