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The Latest Breaking News on Economy

Central bankers talk tough, but they can’t fight inflation like this

Raising rates has no effect when the things that are rising in price the fastest, such as fuel and food, are essential purchases

The Guardian - UK

Inflation shows no sign of slowing down in America and interest rate hikes will likely continue, warns top US economist

Loretta Mester is one of the 12 people who determine the official interest rate in the United States, and she has a grim warning for American households already struggling to pay their bills.

ABC News

Ukraine needs ‘radical’ reform to sustain war effort, warn economists

Anti-corruption measures and progressive taxes among actions recommended by leading academics

The Guardian - UK

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ECB makes biggest rate hike in eurozone history lifting rates by 0.75%

European Central Bank intensifies its fight against inflation but euro falls under parity with the dollar

Evening Standard

ECB announces major increase in eurozone interest rates

The ECB lifted its deposit rate to 0.75% from zero and raised the main refinancing rate to 1.25%, which is their highest level since 2011

Dublin Live

Fewer Americans apply for jobless aid last week

Fewer Americans filed for unemployment benefits last week as the labor market remains continues to remain strong despite decades high inflation

The Independent UK

RBA boss Philip Lowe flags slower rate hikes, rebukes critics calling for his resignation

Reserve Bank governor Philip Lowe has foreshadowed slower mortgage bill hikes later this year as the bank grapples with massive uncertainties about the outlook for soaring inflation and the economy.

The New Daily

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BOJ's continued monetary-easing policy leaves yen vulnerable

The weakening of the yen continues unabated. As part of efforts to buoy the economy, the Bank of Japan appears set to continue its massive monetary-easing policy, in stark contrast to the approach adopted by the United States.

The Japan News/Yomiuri

Few effective options for govt, BOJ

In the past, the government and the Bank of Japan have directly intervened in foreign exchange markets by selling or buying yen when there have been excessive movements in the yen's value.

The Japan News/Yomiuri

European Central Bank to join US Fed in outsized rate hikes

Europe is going to see higher interest rates

The Independent UK

RBA governor alludes to slower rate hikes

More rate hikes are in store and the case for a slower pace of tightening grows stronger, the Reserve Bank of Australia's governor says.

AAP

Liz Truss’s rejection of windfall tax ‘to saddle UK with debt for decades’

Bill could be higher than cost of bank bailout after 2008 financial crash, expert warns

The Independent UK

How ideology muddled inflation control in India

The agencies responsible for macroeconomic policy have hitched their wagon to Anglo-American economics

The Hindu

Britain still heading for recession but inflation could slow down, Bank of England says

Bank of England govenor Andrew Bailey sidestepped questions on whether Liz Truss’s expected energy package could spike a rise in living costs.

Daily Mirror

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AAP

Big rate hikes could be over: RBA boss

There is a good chance Australians have seen the last super-sized rate hike for a while, according to a speech by the central bank governor.

The Guardian - AU

Australians are spending hard, despite real wages falling. It’s a fragile situation

The GDP recovery looks strong, but it’s largely driven by households dipping into savings. Meanwhile, company profits are exploding

Axios

Fed's Brainard: There's a risk of raising rates too much

No. 2 official also says falling profit margins would help with inflation

The Independent UK

Pound falls to lowest level against US dollar since 1985

Warnings of recession rock sterling as investors spooked by Liz Truss’s energy bills plan

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Evening Standard

Cost of living crisis: how to ask for a pay rise and get paid what you deserve

As we all face rising costs, recruitment expert Alice Weightman shares her dos and dont’s of pay rise negotiation. Plus, why entering a ‘bidding war’ with your employer can be detrimental

ABC News

The Loop: Australia's economy continues to grow, Nick Kyrgios out of the US Open, and a controversial beer gets a new name

Get up to speed on today's headlines with The Loop.

The Guardian - UK

Pound falls to lowest level since 1985 against dollar – as it happened

IFS boss says Liz Truss’s plans to freeze energy bills ‘very poorly targeted’; Putin threatens to cut off energy supplies if price caps are imposed; UK housing market shows signs of slowing

ABC News

Jim Chalmers warns GDP figures don't 'tell the full story about our economy' — as it happened

Treasurer Jim Chalmers said while the latest economic growth figures are "solid", they don't show the increasing financial pressures facing Australians. Look back on Wednesday's updates.

AAP

PM warns of difficult decisions in budget

Anthony Albanese has warned of difficult decisions ahead in the federal budget, as the government looks for cost-of-living relief measures.

Tribune News Service

Matthew Yglesias: A debate over the deficit is just what America needs

With unemployment low, inflation high and interest rates on the rise, the time is right to bring back an old idea: bipartisan talks to reduce the federal budget deficit.

Evening Standard

Don’t talk Britain into a worse economic situation, says banking boss

Britain should not talk itself into a "worse economic situation" than it is already facing, a leading banking boss insisted on Tuesday.

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