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The Latest Breaking News from Economy

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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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.

Axios

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.

Benzinga

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

The Guardian - AU

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.

Tribune News Service

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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.

Los Angeles Times

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.

Daily Record

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.

The Conversation

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"

Belfast Live

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

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

The Independent UK

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.

Bangkok Post

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.

AAP

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The Independent UK

Fed set to impose another big rate hike to fight inflation

The Federal Reserve is under pressure to continue raising interest rates aggressively with inflation at a four-decade high, the job market strong and consumers still spending

Reuters

Brazil's Lula says he doesn't want to touch money from foreign currency reserves

Brazil's presidential frontrunner Luiz Inacio Lula da Silva, who led Latin America's largest economy from 2003 to 2010 and is now looking for a comeback, on Wednesday said he would not look to touch money from the country's foreign exchange reserves if elected.

The Conversation

Chalmers' economic statement to say inflation and global slowdown will slash Australia's growth

Headwinds buffeting the economy – notably high inflation and a global slowdown – have led to a significant downgrade of Australia’s economic growth forecasts, compared with the pre-election estimates.

The Times of India

Zero probability of recession in India, risk climbs for some Asian economies: Report

NEW DELHI: Indian economy has zero chances of slipping into recession, even amidst persisting global challenges, a survey by Bloomberg economists showed.

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The Walrus

The 5 Cs and the Care Economy

S3E28 of The Conversation Piece

The New Daily

Treasurer warns of economic blow worth billions – and it has already started

Australia's economy is being dealt a massive blow by fast-rising interest rates and slowing global growth, Treasurer Jim Chalmers will warn on Thursday.

Tribune News Service

Despite economic headwinds, most state budget experts aren’t worried

Grocery, gas and housing prices are up this year. The stock market is down. Voters are souring on the economy, and some analysts are warning of a looming recession.

The Independent UK

Liz Truss: Who is the foreign secretary hoping to become prime minister?

Social media savvy ‘human hand grenade’ seen as continuity candidate and currently ahead of Rishi Sunak thanks to questionable tax promises and neo-Thatcherite branding

Asharq Al-Awsat

IMF Raises Saudi Economic Growth Forecasts

The International Monetary Fund (IMF) has raised its 2023 growth forecasts for Saudi Arabia’s economy by 0.1% from April to 3.7%. It maintained its projections for the Kingdom’s economic growth during 2022 at 7.6% compared to 4.4% in January. This was revealed Tuesday in its World Economic Outlook report for…

Benzinga

Bill Ackman Explains Why Inflation, Not Fed Rate Hike, Is Biggest Threat To US Economy

Billionaire hedge fund manager and CEO of Pershing Square Holdings Ltd. (OTC: PSHZF) Bill Ackman explained through a series of tweets that the biggest risk to the U.S.

Los Angeles Times

Commentary: California workers urgently need an $18 minimum wage. The Legislature should act this year

Californians may have gotten temporary relief recently when gas prices finally fell to about $6 a gallon this month, down from as high as $8 per gallon in June in Los Angeles County. Inflation has rocked the economy, with prices soaring 9.1% in June.

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Luiz Inacio Lula da Silva

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