Congressional lawmakers voted to approve a short-term funding bill on Wednesday night that will last through Dec. 23, taking a step toward averting a partial government shutdown. The one-week extension resolution (pdf) passed in a 224–201 vote and will now head to the Senate to be considered. It will then be sent to President Joe Biden’s desk to be signed…
Stopgap Spending Bill Approved by House, Heads to Senate
December 15, 2022
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Oil Steadies After Early Decline as More Rate Hikes Loom
December 15, 2022
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LONDON—Oil prices steadied on Thursday after early declines as the dollar firmed while the possibility of further increases to interest rates by central banks also heightened demand concerns. Brent crude futures rose 14 cents, or 0.2 percent, to $82.84 a barrel by 1055 GMT and U.S. crude futures added 1 cent to $77.29. Gains in…
World Shares Decline After Fed Warns of Higher Rates to Come
December 15, 2022
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BANGKOK—Shares skidded in Europe and Asia on Thursday after a retreat on Wall Street by investors dismayed over the Federal Reserve’s warning that still more interest rate hikes are in store following its latest increase. Oil prices fell and U.S. futures also dropped. The declines followed the U.S. Federal Reserve’s hike in its key short-term…
Fed Announces Smaller Half-Point Hike to Fight Inflation and Latest Summary of Economic Projections
December 15, 2022
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The Federal Reserve announced a smaller 0.50 percentage point rate hike on Dec. 13, as expected, as it begins to dial back its efforts to fight inflation. The news came as Fed policymakers held their two-day Dec. 13–14 Fed policy meeting. The central bank had previously issued four straight months of 0.75 percentage point hikes,…
Government Outlines Plan for Reforming Australia’s Financial System in 2023
The Australian government has released its 2023 blueprint for “modernising” the country’s financial system as it seeks to adapt to the rapid changes in the market and provide a more level playing field for businesses and consumers. The first priority mentioned in the blueprint is to update and improve Australia’s payments system via introducing a…
US Senators Introduce Bill to Restrict Huawei’s Access to American Banks
December 14, 2022
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A bipartisan group of U.S. lawmakers have introduced a bill to ban Chinese tech company Huawei and CCP owned 5G companies from accessing the American banking system to prevent espionage. The bill, co-sponsored by Sen. Tom Cotton (R-Ark.) and Sen. Chris Van Hollen (D-Md.) with the backing of fellow senators like Senate Majority Leader Chuck Schumer, (D-N.Y.),…
Fed Raises Interest Rates by 0.5 Percentage Point to 15-Year High
December 14, 2022
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Federal Reserve policymakers voted on Dec. 14 to raise the benchmark federal funds rate by 50 basis points to a target range between 4.25 percent and 4.5 percent, the highest level since late 2007. The Fed’s Federal Open Market Committee (FOMC) has boosted interest rates seven times since March, totaling 425 basis points. During a post-meeting press…
Fed Raises Interest Rates by 0.5 Percentage Point to a 15-year High
December 14, 2022
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The Federal Reserve voted to raise the benchmark federal funds rate by 50 basis points, to a target range of 4.25–4.5 percent at the December policy-setting meeting of the Federal Open Market Committee (FOMC), the highest level since late 2007. In total, the Federal Reserve has raised interest rates seven times since March, totaling 425…
UK Inflation Dips but Soaring Prices Keep Pressure on Households
The UK’s inflation rate dropped in November but British households remain under pressure from soaring prices, the latest official data show. According to data from the Office for National Statistics (ONS), the Consumer Prices Index (CPI) inflation fell to 10.7 percent in November. It marks a welcome drop from the eye-watering 11.1 percent seen in…
Biden Admin Grants Working Visas to 65,000 Foreigners to Help ‘Meet Needs of American Businesses’
December 14, 2022
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The Biden administration is set to allow nearly 65,000 H-2B foreign visa workers to take on nonagricultural jobs in the United States over the next nine months. The U.S. Department of Labor (DOL) and the U.S. Department of Homeland Security (DHS) issued a final rule on Dec. 12, allowing nonagricultural employers to apply for 64,716 additional visas for the…
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