U.S.-Africa Leaders Summit | The U.S. hosts dozens of African leaders in Washington D.C. for the three-day U.S.-Africa Leaders Summit this week. Deputy Commerce Secretary Don Graves admitted that China has overtaken the U.S. in terms of foreign direct investment in Africa, but wants the message to be clear the U.S. is still an important partner for Africa. Observers argue that the real message behind the summit is that Washington can be a better partner to Africa than China.
U.S. and China Meet to Discuss Taiwan | Chinese Vice Foreign Minister Xie Feng met with several U.S. envoys earlier this week in Hebei as a follow-up to last month’s meeting between Presidents Xi and Biden in Indonesia. The latest meeting, which discussed the mutual desire to ease tensions around the topic of Taiwan, was described as “in-depth and constructive.” This meeting was also held in preparation for the U.S. Secretary of State Anthony Blinken’s upcoming visit to China in early 2023.
Fed Announces Another Rate Hike | The U.S. Federal Reserve has raised its benchmark interest rate by another 0.50%, bringing the target range to the highest level in over 15 years. It is believed that the central bank will keep the high-interest rates throughout 2023 to bring inflation down to the 2% target. However, economists say the market is more optimistic about the inflation path.
