Bank of England raises interest rates to 13-year-high
09 May 2022 | 8:20 am
It is the fourth month in a row the central bank's Monetary Policy Committee has voted for a rise. Policymakers are currently trying to stem inflation amid high energy prices sparked partly by Russia's war in Ukraine.
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Staff strike at the Bank of England over pay, highlighting growing pressure on the government to lift a cap on public-sector wages.
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The ECB has kept its benchmark refinancing rate at zero, as it weighs up risks to the economy from Brexit and trade disputes. ECB chief Mario Draghi said the eurozone's current economic indicators were "weak."
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President Donald Trump urged the Federal Reserve to "get our interest rates down to ZERO or less" in a Wednesday morning tweet. Bloomberg's Marty Schenker reports on "Bloomberg Daybreak: Americas."
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US Federal Reserve cuts interest rates for the second time in 2019
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The selection of Andrew Bailey is expected to be confirmed by the treasury on Friday. The 60-year-old will become the 121st governor and will take over from Mark Carney, who leaves the prestigious post on January 31.
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Energy prices are hitting record highs, which is impacting consumer goods. Inflation is on the rise, so the ECB is looking to cool things off with lower key interest rates.
The United States Federal Reserve has raised interest rates for the first time since 2018, as it tries to cool inflation, which is running at the highest level in 40 years. The Chair of the central bank, Jerome Powell, said the implications of the Russian invasion were "highly uncertain", pointing to the risk of disruption to supply chains. Also today, we look at details of the French government's plan to ease the economic impact of the war in Ukraine.
The central bank has announced a 0.5% interest rate hike — its highest increase in more than 20 years. The US move comes as a number of other countries cut lending rates to deal with rising prices.
After a sell-off on Wall Street, global investors are grappling with price increases and rising borrowing costs. Inflation is particularly brutal in Turkey, and the Greek government unveils a program to protect households from soaring energy prices.
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