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

  • Fed Chairman Jerome Powell fired the starting gun for potentially the biggest and fastest tightening of global monetary policy in years
    • Powell may consider the first half-point interest-rate increase in more than two decades later this year if he needs a “shock and awe” approach
  • U.S. economic growth accelerated by more than forecast last quarter
    • Strong demand and limited supply led to a historic jump in the value of the U.S. housing stock to $43.4 trillion
  • Japan has had the fewest bankruptcies in a half century. But economists warn a funding glut could spawn more zombie firms
  • Goldman Sachs expects Australia to start raising interest rates in November, having previous forecast a first hike in May 2023
    • Australia’s surprisingly strong inflationary impulse will likely see the central bank amend its forward guidance
  • Hong Kong’s economic performance in the fourth quarter may provide little consolation as the city struggles with omicron
  • Bloomberg Economics forecasts total pandemic purchases by G-7 central banks will drop to about $330 billion from over $8 trillion
  • The case for the Bank of England to raise interest rates has strengthened following an unexpected surge of inflation in December
  • President Vladimir Putin backs a proposal to tax and regulate mining of cryptocurrencies, rejecting the central bank’s proposal to ban it
  • Just as the Fed was about to talk up its commitment to taming the hottest inflation in almost 40 years, a top U.S. banking leader delivered an unusually brusque critique of the central bank

©2022 Bloomberg L.P.