European Central Bank makes biggest ever interest rate hike

FRANKFURT, Germany (AP) — The European Central Bank made its largest interest rate hike on Thursday, following the US Federal Reserve and other central banks in a global rush of rapid rate hikes designed to stifle inflation that is squeezing consumers and push Europe into recession. The bank’s board of governors raised its main benchmarks … Read more

Interest rates: European Central Bank sets record hike to fight inflation

London CNN Business — The European Central Bank raised interest rates by a record three-quarters of a percentage point on Thursday and promised more action to come as it struggles to contain the inflationary fallout of the invasion of Ukraine by Russia and the ensuing energy crisis. This decision will bring the reference rate of … Read more

Fed Chairman Powell pledges to raise rates to fight inflation ‘until the job is done’

Federal Reserve Chairman Jerome Powell in an appearance on Thursday stressed the importance of bringing inflation down now before the public gets too used to higher prices and comes to expect them like the standard. In his final comments outlining his commitment to fighting inflation, Powell said expectations played an important role and were key … Read more

European Central Bank raises rates by 75 basis points

The ECB announced a second consecutive increase in interest rates to combat galloping inflation. Daniel Roland | AFP | Getty Images The European Central Bank on Thursday announced a 75 basis point hike in interest rates, taking its benchmark deposit rate to 0.75%. “This major step precipitates the transition from the current very accommodative level … Read more

Market braces for another three-quarter point hike from the Fed this month

Federal Reserve Board Chairman Jerome Powell speaks during a press conference in Washington, DC on July 27, 2022. Mandel Ngan | AFP | Getty Images Traders now see near certainty that the Federal Reserve will enact its third straight 0.75 percentage point interest rate hike at its meeting later this month. The probability of a … Read more

Boris Johnson arrives at the Queen’s Estate to tender his resignation

LONDON (AP) — British Prime Minister Boris Johnson has arrived at Queen Elizabeth II’s estate in Scotland to formally tender his resignation to pave the way for Liz Truss to succeed him amid an acute cost of living crisis facing the country. Johnson will eventually leave office following a carefully choreographed audience with the monarch … Read more

Democratic strategist Paul Begala blasts Biden’s student loan relief: ‘Terrible politics’

On Sunday, longtime Democratic Party strategist Paul Begala shredded President Biden’s sweeping student loan forgiveness plan as “terrible policy.” Begala, a key adviser to former President Bill Clinton before and during his successful 1992 election bid, argued that Biden’s plan was neither politically quick nor likely to help those who needed help the most. financial … Read more

Fed Chief Powell ‘did what he had to do’ in Jackson Hole, says Larry Summers

“ “The Fed is positioned as well as it can be – given the credibility losses and mistakes that have been made – with these remarks to handle things going forward.” ” —Larry Summers On Friday, former US Treasury Secretary Lawrence Summers praised the Federal Reserve, saying Fed Chief Jerome Powell’s latest pledge to contain … Read more

This closely watched measure of inflation showed some cooling in July

Minneapolis CNN Business — The Federal Reserve’s favorite inflation gauge showed prices took a breather last month as fuel costs continued to fall from record highs. The personal consumption expenditure price index rose 6.3% for the year to July, down from 40-year high of 6.8% recorded in June, according to data published by the Bureau … Read more

Britain to see 80% rise in energy bills as crisis deepens

LONDON (AP) — Jennifer Jones guards inject money into his energy meter, but it never seems to be enough. And when she can’t pay, she immediately feels the impact. The power in his London home suddenly went out three times recently, once when his partner was cooking an egg. Like millions of people, Jones, 54, … Read more