A powerful Libyan militia leader and the Egyptian military have sent military support to rival generals battling for control of neighboring Sudan, people familiar with the matter say, an illustration of how the fighting threatens to draw in regional powers.
Khalifa Haftar, the commander of a faction that controls eastern Libya, dispatched at least one plane to fly military supplies to Sudan's paramilitary Rapid Support Forces, these people said. Meanwhile, Egypt sent warplanes and pilots to back the Sudanese military, they added.
GLOBAL NEWS
Janet Yellen to Say Security Comes Before Economy in U.S.-China Relationship
WASHINGTON-Treasury Secretary Janet Yellen plans to say Thursday that the U.S.'s policies toward China will give priority to addressing national-security concerns over preserving economic growth.
In prepared excerpts of a speech she will give, Ms. Yellen listed three goals for the U.S. relationship with China: protecting human rights and national security, establishing healthy economic ties and cooperating on major global issues. She criticized subsidies the Chinese government offers to its industries and said the U.S. will remain the world's dominant economic power.
Top Fed Official Signals Support for May Interest-Rate Increase
A top Federal Reserve official said the central bank had more work ahead to bring down inflation, suggesting another interest-rate increase would be warranted at the Fed's meeting in two weeks.
"Inflation is still too high, and we will use our monetary policy tools to restore price stability," said New York Fed President John Williams in a speech Wednesday night to a group of financial-industry professionals in Manhattan.
China's PBOC Keeps One-Year Loan Prime Rate Steady
China's benchmark lending rates were kept unchanged, as signaled by unchanged policy rates earlier this week, suggesting that Beijing is comfortable with the current pace of the country's economic recovery led by consumption.
The one-year loan prime rate was held steady at 3.65% while the five-year LPR was unchanged at 4.3%, the People's Bank of China said Thursday.
China Shifts to More Upbeat Tone Over Economic Recovery
China's top economic planner adopted a more upbeat tone in its latest assessment of the economy this week, marking a change from Beijing's previous cautious outlook and suggesting rising optimism that the country is on track for a solid recovery.
The current status of China's economy can be summarized into "demand expansion, recovering supply and improving expectations," Meng Wei, a spokesperson for the National Development and Reform Commission, said Wednesday.
Lending Slowed, Economy Cooled After Bank Failures, Fed Report Shows
Consumers and businesses borrowed less as overall economic growth flattened in the weeks since two mid-March bank failures sparked financial turmoil, the Federal Reserve said in a report Wednesday.
Banks in several parts of the country tightened lending standards and raised concerns about liquidity and uncertain expectations for future growth after Silicon Valley Bank and Signature Bank collapsed, some of the Fed's 12 regional reserve banks reported.
Investors scour markets for recession signs. Here's what this closely watched credit gauge says.
Investors are worried about an economic slowdown, but the corporate credit market is not screaming recession.
Spreads on corporate bonds with low investment-grade ratings have not widened in line with the rise seen ahead of past economic contractions in 2001-2002, 2007-2008 and 2020, said John Silvia, founder of Dynamic Economic Strategy, in a research note Wednesday. He was referencing spreads over 10-year U.S. Treasurys for bonds rated Baa by Moody's Investors Service, the note shows.
House Republicans Unveil Bill to Raise Debt Ceiling, Cut Spending
WASHINGTON-House Republican leaders unveiled legislation Wednesday that would curb government spending and pare back some of President Biden's signature initiatives in exchange for an increase in the government's debt ceiling.
The proposal-dubbed the Limit, Save, Grow Act-would set discretionary spending levels for the coming year at fiscal 2022 levels and limit spending growth to no more than 1% a year, Speaker Kevin McCarthy (R., Calif.) said in a floor speech.
Write to paul.larkins@dowjones.com
Write to us at newsletters@dowjones.com
We offer an enhanced version of this briefing that is optimized for viewing on mobile devices and sent directly to your email inbox. If you would like to sign up, please go to https://newsplus.wsj.com/subscriptions.
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
04-20-23 0551ET
