LAST UPDATE: 17.39 Federal Reserve Chairman Jerome Powell spoke of a tough commitment Friday to contain inflation, warning that he expects the central bank to continue raising interest rates in a way that will cause “financial stress” on the US economy, according to the CNBC. In his much-anticipated annual speech on monetary policy in Jackson […]
Tag: International financial news
Denmark has announced a cap on rent increases
Denmark has put a cap on house rent increases over the next two years, in a move aimed at helping households struggling with the rising cost of living. Under the country’s laws, landlords are allowed to raise rents in line with inflation, which was measured at nearly 10% in July – its highest level since […]
Reuters: Some ECB members want to start talking about 75 basis point hikes
Some members of the European Central Bank want the bank’s next meeting in September to discuss raising interest rates by 75 basis points, despite the risk of a recession in the Eurozone, as the picture on the path of inflation worsens, Reuters reported, citing five sources with knowledge of the case. THE ECB raised interest […]
Nigeria’s economy grew 3.5% in the second quarter, beating estimates
Economic growth in Nigeria, Africa’s biggest crude producer, accelerated faster than expected in the second quarter, driven by growth in the non-oil sector, according to Bloomberg. Specifically, Nigeria’s economy grew 3.5 percent year-on-year in the quarter, compared with 3.1 percent in the first quarter, according to a report by the National Bureau of Statistics on […]
EU: Towards an emergency meeting of the 27 energy ministers amid soaring electricity prices
The European Union will convene an extraordinary meeting of the energy ministers of its 27 member states, in order to seek pan-European solutions to the soaring electricity prices. The Czech Republic, which holds the EU’s rotating presidency, will convene the summit to discuss “concrete and practical” measures to tackle the energy crisis, with the agreement […]
Bostic (Fed): Smaller rate hike in September as PCE eases
The member of the Board of Directors took a position in favor of a milder increase in Fed interest rates. and head of the Atlanta branch, Rafael Bostic, shortly after data showed that the personal expenditure index (PCE) – the Bank’s preferred gauge of inflation – was slowing. In particular, in his statements after the […]
US: Inflation slowed in July, consumer spending missed estimates
The personal consumption expenditure index – the US Federal Reserve’s preferred gauge of inflation – fell in July, rekindling hopes that inflation has peaked and is beginning to slow, giving the US central bank room to ease interest rates. increases in its interest rates. In particular, the price index for personal consumption expenditures fell 0.1% […]
Harker (Fed): Interest rates must exceed 3.4% and ‘then wait’
The Federal Reserve should continue to raise interest rates until they exceed 3.4% and then “wait for a while,” Philadelphia Fed President Patrick Harker said Thursday on CNBC. “We don’t need to rush into the up move and then the down move,” Harker said in a televised interview shortly before the start of the Fed’s […]
UN: Fifth consecutive year of reduced rainfall is forecast for the Horn of Africa
The worst drought in 40 years to hit the Horn of Africa is expected to continue as the World Meteorological Organization (WMO) announced today that forecasts for the October-December period show drier than normal conditions. The latest forecasts confirm the fears of humanitarian organizations, which have been warning for months about the effects of drought […]
Although very rich, Switzerland fears power shortages this winter
Although very rich, Switzerland fears power shortages this winter if French nuclear reactors remain out of service and if Berlin, because of the war in Ukraine, limits exports of gas-fired electricity. In the summer, Switzerland, the water reservoir of Europe thanks to its hundreds of hydroelectric plants, exports electricity, but in the winter the opposite […]
