Bank of England raises, says UK may already be in recession

The Bank of England raised interest rates by 0.5 percentage point on Thursday. Vuk Valcic | SOPA images | Light Rocket | Getty Images LONDON — The Bank of England voted Thursday to raise the key rate from 1.75% to 2.25%, lower than the 0.75 percentage point rise many traders had expected. Inflation in the … Read more

2-year government bond yields above 4% for the first time since 2007

Two-year Treasury yields topped 4% for the first time since 2007 on Wednesday, as traders bet the Federal Reserve has much more to do in raising interest rates to fight inflation. The policy-sensitive 2-year Treasury rose by 4 basis points to 4.006%, a level not seen since October 2007. Meanwhile, the return on the benchmark … Read more

The Fed is now expected to continue raising rates and then keep them there, a CNBC survey finds

Wall Street finally seems to be embracing the idea that the Federal Reserve will hike rates into restrictive territory and stay at that high rate for a significant period of time. That is, the Fed will raise and hold, not raise and lower as many in the markets had predicted. The September CNBC Fed survey … Read more

Retail in August 2022:

Retail sales were better than expected in August as price increases across many industries offset a significant drop in gas station receipts, the Census Bureau reported Thursday. Retail presale sales for the month were up 0.3% from July, outperforming the Dow Jones estimate without change. The total is not adjusted for inflation, which rose 0.1% … Read more

Inflation is no longer just about fuel costs, as price increases spread across the economy

A person shops at a supermarket as inflation impacted consumer prices in New York City, June 10, 2022. Andrew Kelly | Reuters For the better part of a year, the inflation story among many economists and policymakers was that it was essentially a food and fuel problem. As supply chains eased and gas prices fell, … Read more

Inflation rose 0.1% in August, even as gas prices plummet

Inflation rose more than expected in August as rising housing and food costs offset a drop in gas prices, the Bureau of Labor Statistics reported Tuesday. The consumer price index, which tracks a wide variety of goods and services, rose 0.1% for the month and 8.3% over the past year. Excluding volatile food and energy … Read more

Fed Waller sees ‘significant’ rate hike this month and backs data-driven approach

Federal Reserve Governor Christopher Waller echoed his colleagues’ recent sentiments on Friday and said he expects a major rate hike later this month. He also said policymakers should stop trying to guess the future and instead stick to what the data says. “Looking ahead to our next meeting, I support another significant hike in key … Read more

OPEC+ surprises energy markets with small production cut

The OPEC logo on a sign at the group’s headquarters in Vienna, Austria. Bloomberg | Bloomberg | Getty Images A group of some of the world’s most powerful oil producers agreed Monday on a minor cut in production starting next month, surprising energy markets at a time of significant turmoil. OPEC and non-OPEC partners, an … Read more

Euro drops below $0.99 after Russia halts gas supplies to Europe

10 and 5 euro notes. Adrien Fillon | Nurfoto | Getty Images The euro has fallen below $0.99 for the first time in 20 years after Russia said it would shut down its main gas supply pipeline to Europe indefinitely. The euro hovered just below the 0.99 level as European markets opened Monday and traded … Read more

August 2022 Jobs Report:

Nonfarm payrolls rose briskly in August amid a further slowing economy, as the unemployment rate ticked higher as more workers returned to work, the Bureau of Labor Statistics reported Friday. The economy added 315,000 jobs this month, just below the Dow Jones estimate of 318,000 and well above July’s 526,000 and the lowest monthly gain … Read more