Fed’s Mester backs 75 basis point hike in July if conditions remain the same

Cleveland Fed President Loretta Mester takes part in a panel convened to speak about the health of the US economy in New York November 18, 2015. Lucas Jackson | Reuters Federal Reserve Bank of Cleveland President Loretta Mester said Wednesday that if economic conditions remain the same when the US central bank meets to decide … Read more

ECB member Holzmann on inflation, fragmentation ahead of July rate hike

The ECB is heading to a critical meeting in July with a rate rise expected and investors awaiting details of its new fragmentation tool. Daniel Roland | afp | Getty Images A member of the European Central Bank told CNBC Wednesday that there’s plenty of runway to hike interest rates, following the two planned raises … Read more

New York Fed President John Williams says a U.S. recession is not his base case

John Williams, Chief Executive Officer of the Federal Reserve Bank of New York, speaks at an event in New York, November 6, 2019. Carlo Allegri | Reuters New York Federal Reserve President John Williams said Tuesday he expects the US economy to avoid recession even as he sees the need for significantly higher interest rates … Read more

Turkish lira whipsaws following new loan ban that’s set to affect thousands of companies

A money changer holds Turkish lira and US dollar banknotes at a currency exchange office in Ankara, Turkey December 16, 2021. Cagla Gurdogan | Reuters Turkey’s currency, the lira, enjoyed a much-welcomed boost on Monday and the preceding Friday after the country’s banking regulator announced a ban on lira loans to companies holding what it … Read more

Russia’s ruble hit strongest level in 7 years despite sanctions

Russian one ruble coin and Russian flag displayed on a screen are seen in this multiple exposure illustration photo taken in Krakow, Poland on March 8, 2022. Jakub Porzycki | Nurphoto | Getty Images Russia’s ruble hit 52.3 to the dollar on Wednesday, its strongest level since May 2015. On Thursday afternoon in Moscow, the … Read more

Norway announces 50 basis point hike to interest rates, largest for 20 years

Norway’s central bank, also known as Norges Bank, in Oslo, Norway. Kristian Helgesen/Bloomberg | Bloomberg | Getty Images Norway’s central bank announced a 50-basis-point hike to its benchmark interest rate on Thursday, the country’s largest single increase since 2002. The move takes the policy rate from 0.75% to 1.25%, and Norges Bank Governor Ida Wolden … Read more

UK inflation hits new 40-year high of 9.1%

More than four in five people in the UK are worried about rising living costs and their ability to afford basic needs like food and energy over the coming months, according to a new survey. Tolga Akmen | afp | Getty Images LONDON — UK inflation hit 9.1% year-on-year in May as soaring food and … Read more

Labor market ‘worse than the ’70s’ as strikes hit UK

A usually busy Waterloo Station is almost empty in London on June 21, 2022 as the biggest rail strike in over 30 years hits the UK. Ben Stansall | afp | Getty Images LONDON – The labor market is “worse than the 1970s,” with massive rail strikes in the UK offering a sign of things … Read more

Inflation the biggest poison for the world economy

Europe and the US face the high likelihood of recession, the central banks are forced to aggressively tighten monetary policy to combat inflation, according to Deutsche Bank CEO Christian Sewing. The US Federal Reserve, European Central Bank, Swiss National Bank and the Bank of England all moved to rein in inflation last week, albeit to … Read more

Sterling has further to fall, strategists say

LONDON — Sterling has fallen by more than 9% against the US dollar so far this year and despite a recent reprieve, currency strategists see further pain ahead for the pound. The Bank of England last week delivered another 25 basis point hike to interest rates, a more cautious move than peers such as the … Read more