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The Latest Breaking News from Economy

US not yet in recession and 4 other takeaways from the Fed

Jerome Powell delivered a tough message at the start of a news conference Wednesday: Inflation is way too high, and the Federal Reserve is laser-focused on taming it with higher borrowing costs

The Independent UK

A hawkish Fed signals further rate hikes and sees a slowing economy – but not recession

The U.S. Federal Reserve hiked its benchmark interest rate by a further three-quarters of a percentage point on July 27, 2022.

The Conversation

Argentina's president sacks economy chief after less than a month - newspaper

Argentina's president will fire Economy Minister Silvina Batakis after just a few weeks on the job, Clarin newspaper reported on Wednesday citing official sources, as the country struggles with a growing economic crisis.

Reuters

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Tourist surge to propel economy in 2nd half

The Thai economy will continue to recover in the second half of this year, supported by all the indicators including private consumption and foreign tourist arrivals, says a Bank of Thailand executive.

Bangkok Post

Bill Shorten says robodebt royal commission set to start this year – as it happened

This blog is now closed

The Guardian - AU

Sri Lanka debt crisis is a lesson for all countries

A tragedy is unfolding in Sri Lanka. The economy is paralysed, and because the country's debts are unsustainable, it cannot borrow. The country is suffering the world's worst economic crisis since World War II.

Bangkok Post

World in crisis needs trade, aid

We are in the toughest period the world economy has faced since the creation of the multilateral system more than three-quarters of a century ago. A quadruple shock of Covid, climate change, conflict and cost-of-living has undone years of hard-fought development gains. As financial conditions tighten, even countries that had…

Bangkok Post

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Facebook parent Meta posts first revenue decline in history

Facebook and Instagram’s parent company Meta posted its first revenue decline in history Thursday, dragged by a drop in ad spending as the economy falters — and as competition from rival TikTok intensifies

The Independent UK

3 Stocks to Help You Make Passive Income in 2022

Concerns over the Fed’s aggressive interest rate hikes and growing odds of the economy sliding into a recession are expected to keep the stock market highly volatile in the upcoming months. Amid these volatile market conditions, it could be wise to invest in high dividend-yielding stocks Texas Instruments (TXN), Visa…

StockNews.com

Experts React To 0.75% Fed Rate Hike: 'Don't Think They Will Pause'

The Federal Reserve raised its target fed funds rate by 0.75% on Wednesday to a new range of between 2.25% and 2.5%, its second 0.75% rate hike in two months.

Benzinga

Chalmers' challenge: why the treasurer's words on the economy carry so much weight

When Bill Clinton’s campaign manager, James Carville, scrawled, “the economy, stupid” on a sign in 1992, he merely wanted the campaign volunteers to stick to their presidential candidate’s talking points.

The Conversation

How the Federal Reserve's rate hikes affect your finances

Higher mortgage rates have sent home sales tumbling

The Independent UK

Fed announces another three-quarter-point increase in interest rates

The move is intended to curb inflation though previous increases this year have had little effect so far

The Guardian - US

Report: Federal debt lower in 2022; still poised to climb

The Congressional Budget Office says the end of pandemic-era spending, fast economic growth and higher tax revenues have caused the federal debt this year to be lower than forecast

The Independent UK

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Axios

US Fed raises interest rates another 0.75 points, sees economy softening

A series of rate hikes, intended to bring down inflation, have increased the risk the United States will fall into recession.

Benzinga

Nervous About Interest Rate Hikes? These 3 Under-the-Radar, Tax-Advantaged Securities Offer Yield Up to 14%+

For 14 years, the federal funds rate has hovered around zero. The Federal Reserve or “Fed” maintained these low rates to stimulate the economy during two steep market downturns: the 2008 Great Recession and the 2020 COVID-19 pandemic sell-off.

The Guardian - AU

Jim Chalmers to cut economic growth estimates amid inflation ‘headwinds’

Treasurer will use state of the economy speech to trim 2021-22 growth to 3.75% and provide new inflation, wage and unemployment forecasts

Tribune News Service

US economy seen narrowly averting back-to-back contractions

The U.S. economy may have eked out modest growth in the second quarter, skirting back-to-back quarterly contractions, but rising at a tepid enough pace to feed concerns of an eventual downturn.

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Los Angeles Times

Fed announces another big interest rate hike to thwart inflation. When will it stop?

WASHINGTON — In the most aggressive back-to-back interest rate increases since the early 1980s economic crisis, the Federal Reserve on Wednesday announced another three-quarters of a percentage point hike and signaled that it wasn’t done in its effort to beat back inflation despite rising risks of triggering a recession.

Daily Record

Aldi and Sainsbury's sign up for local Scottish gift card initiative to boost economy

They are the latest big branded retailers to have signed up for the initiative.

The Conversation

Inflation is spiking in Zimbabwe (again). Why high interest rates aren't the answer

The central bank of Zimbabwe has raised its benchmark rate from 80% to a fresh record of 200%. This increase comes as Russia’s invasion of Ukraine is driving global commodity prices higher, exacerbating inflation in many countries around the world, including Zimbabwe.

Belfast Live

Northern Ireland council accuses Department for Economy of 'breaching obligations' over mineral prospecting licences

"The Department as a competent authority is in breach of its obligations"

The Independent UK

US economy sending mixed signals: Here's what it all means

The U.S. economy is caught in an awkward, painful place

Bangkok Post

After cannabis, govt takes step towards allowing casinos to operate

After decriminalising cannabis, the government is now considering casinos to attract foreign money and lure more tourists to galvanise the pandemic-hit economy.

AAP

Climate for 'great reallocation': Deloitte

Without a 'great reallocation' of investment by governments and industry, starting now, Australia could be at risk of hefty economic losses by 2050.

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