Resilient labour market with wage moderation expected, despite escalating Israel-Palestine concerns.
According to US Treasury Secretary Janet Yellen, the Middle East crisis is unlikely to be a major driver of the global economic outlook.
“I still see as the base case for the United States a so-called soft landing,” due to the resilience in the labour market and moderating wage pressure, Yellen told a briefing. Yellen said Washington was monitoring the potential economic impact of the escalating conflict, though it was unlikely a major driver of the global outlook.Crude oil prices jumped and safe-haven currencies like the yen rose following a massive incursion into Israel from Gaza launched by Hamas on Oct 7.
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