Tag: economic policies

Fed’s Powell Crushes Pivot Hopes, Says ‘Very Premature’ to Think About Pause on Rate Hikes

November 3, 2022
Business & Marketseconomic policieseconomyFederal Reserveinflationpivotrate hikesrecessionUSUS News
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Federal Reserve Chair Jerome Powell dashed investors’ hopes for a quick pivot away from restrictive monetary policy, saying during a press conference on Nov. 2 that it’s “very premature” for market participants to be thinking about the central bank hitting pause on rate hikes amid the risk that expectations of higher inflation become entrenched. In…

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Turkey’s Annual Inflation Hits Two-Decade High of 85 Percent

November 3, 2022
Business & Marketseconomic policieseconomyEuropehigh inflationinflationlow interest ratesPresident Tayyip Erdoganturkey inflationturkish liraWorld
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Turkey’s annual inflation has hit its highest level in 24 years, worsening the cost-of-living crisis facing the country, even as political opposition parties claim that real numbers are worse than official figures. The 12-month Consumer Price Index (CPI), which measures inflation on an annual basis, hit 85.51 percent in October, according to a press release from…

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Dollar Rallies After Hawkish Fed; Pound Slides as BoE Warns of ‘Very Challenging’ Outlook

November 3, 2022
Business & Marketseconomic policieseconomyForexglobalinflationMarketsrecessionstocks
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LONDON—The dollar strengthened on Thursday, after the Federal Reserve signalled U.S. interest rates will likely peak at a higher rate than markets had expected, while the pound fell after the Bank of England raised rates but warned of a “very challenging outlook.” The BoE lifted UK interest rates to 3 percent from 2.25 percent in…

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Oil Falls as Fed Rate Hike Raises Fuel Demand Concerns

November 3, 2022
Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil slipped on Thursday as an increase to U.S. interest rates pushed up the dollar and heightened fears of a global recession that would crimp fuel demand, though losses were capped by concern over tight supply. Brent crude dropped by $1.19, or 1.2 percent, to $94.97 a barrel by 1135 GMT while U.S. West Texas…

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US Futures Retreat as Fed Digs in for Inflation Fight

November 3, 2022
Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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Wall Street is heading lower ahead of Thursday’s opening bell after the Federal Reserve added another jumbo rate increase and suggested that the pace of rate hikes may slow, but the fight against inflation is far from over. Futures for Wall Street’s benchmark S&P 500 index fell 0.8 percent and futures for the Dow Jones…

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Sri Lanka’s Agrochemical Ban Shows How Bad Ideas Can Have Big Consequences

November 2, 2022
AnalysisAsia & PacificBusiness & Marketseconomic policieseconomyfertilizerInternationalOpinionpesticidericeSri LankaViewpointsWorld
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Commentary You may remember the headlines: in 2021, Sri Lanka’s government imposed a total ban on agrochemicals. The restrictions affected both chemical fertilizers and pesticides. The government changed course in late 2021, but the damage had already been done. Yields fell dramatically, fueling anger in the streets. By mid-2022, the country was convulsed by explosive…

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German Firms Now More Pessimistic Than At Peak of COVID-19

November 2, 2022
Business & MarketsBusiness Confidencebusiness optimismeconomic policieseconomyenergyEU energy crisisEuropeGerman energy crisisinflationrecessionWorld
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Businesses in Germany are becoming less confident about their economic future, according to a survey conducted by the Association of German Chambers of Industry and Commerce (DIHK). Among the over 24,000 companies that took part in the survey, 52 percent are expecting their business to deteriorate over the next 12 months, with only 8 percent…

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House Republicans Accuse SEC of ‘Hypocrisy’ and Violating Record-Keeping and Transparency Laws

November 2, 2022
Business & MarketscommunicationscongressDemocratseconomic policieseconomyExecutive BranchNational SecurityPolicies & ImpactsPoliticsRepublicansSECtransparencyUS
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House Republicans accused Securities and Exchange Commission Chairman Gary Gensler and his agency of hypocritically failing to comply with federal record-keeping and transparency laws that they impose on others. A letter signed by Republican congressmen Jim Jordan of Ohio, Patrick Henry of North Carolina, James Comer of Kentucky, and Tom Emmer of Minnesota, was sent to the…

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Food Price Inflation Hits Record High in UK

November 2, 2022
Business & Marketseconomic policieseconomyfood pricesinflationUKWorld
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Food prices in the United Kingdom have hit their highest record since 1980, after inflation soared by double digits last month. Last month’s inflation figures have squeezed the living standards of millions of British households, especially those with low incomes, who are struggling with the high costs. The British economy was hit hard by the…

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Federal Reserve Raises Interest Rates by Another 0.75 Percent to Cool Inflation

November 2, 2022
Business & Marketseconomic policieseconomyFederal ReserveFOMCinterest ratesMarketsPolicies & ImpactsUSUS News
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The Federal Reserve raised the benchmark federal funds rate by 75 basis points, to a target range of 3.75–4.00 percent on Nov. 2, in line with market expectations. The decision came after the Fed’s policy-making arm, the Federal Open Market Committee (FOMC), concluded its two-day meeting on Nov. 2. This was the sixth rate hike this…

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