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The Latest Breaking News from Inflation

Fed chair Powell hints at 2 more rate hikes to cool US inflation

MADRID: Federal Reserve chair Jerome Powell said at least two interest-rate increases are likely necessary this year to bring the inflation rate down to the US central bank’s 2% target and that acting at consecutive policy meetings isn’t “off the table.”

The Times of India

Rishi Sunak told he 'must call a General Election' if he can't get a grip on the inflation crisis

A Labour MP jibed that former the former Chancellor was 'literally the worst person in the world' to deal with rising costs

Manchester Evening News

Inflation crisis: is a recession the only answer?

Tory ministers have a long record of making rather callous statements about the economy, said Paul Waugh in The i Paper.

The Week

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Commentary: The pay-cut president prolongs people’s pain

The Biden administration has a proclivity for choosing people with abysmal track records for top political appointments. Consider Jared Bernstein.

Tribune News Service

RBA has more to do to curb inflation as retail and job markets still strong, economists say

Despite fastest interest rate rises in three decades, retail turnover rose in May, when experts had expected a drop

The Guardian - AU

Stock market today: Asian shares are mixed after central bankers say interest rates must stay high

Asian stock markets are mixed after leaders of major central banks said they need to keep interest rates high to fight persistent inflation despite fears that might tip the global economy into recession

The Independent UK

Morning Digest | Nationwide surge in food prices shows retail inflation far from tamed; Rahul Gandhi to meet ethnic strife victims during two-day visit to Manipur, and more

The Hindu’s Morning Digest brings readers a select list of stories to start the day

The Hindu

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With ‘Bidenomics,’ President Biden aims for middle-class voters as he discusses economy during Chicago address

CHICAGO — President Joe Biden sought to revitalize support for his reelection among middle-class voters before a Chicago audience Wednesday, branding his efforts at economic growth, job creation and inflation fighting as “Bidenomics” to counter lagging job approval ratings.

Chicago Tribune

Almost a quarter of drivers delaying car service or doing it themselves – survey

The RAC said rising inflation has ‘inevitably’ led to an increase in the price of servicing vehicles.

The Independent UK

Ocado announces price cuts to milk and other ‘everyday essentials’

The online grocer is the latest to announce more price cuts as retailers feed through falling wholesale costs.

The Independent UK

Biden leans into 'Bidenomics' to boost his economic message ahead of 2024

WASHINGTON — President Biden launched a new push Wednesday to sell his economic agenda and convince skeptical voters that the economy is thriving under his watch, showcasing a message that White House officials see as critical to his 2024 election prospects.

Los Angeles Times

Stock Market Today: Nasdaq Ekes Out a Win Despite Chip Stock Weakness

Semiconductor stocks lagged after media reports said the Biden administration is considering more restrictions on chip sales to China.

Kiplinger

High interest rates may persist, says Bank of England governor

Andrew Bailey says financial markets expect more rate rises amid continuing high inflation

The Guardian - UK

Biden touts his economic record in fiery speech: ‘Guess what – Bidenomics is working’

The president hopes to make his economic record a staple of his 2024 run even as many voters remain concerned about inflation

The Independent UK

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The Guardian - UK

UK watchdogs agree on ‘action plan’ to prevent consumers being ripped off

Measures are aimed at preventing companies using rampant inflation to hike prices during cost of living crisis

StockNews.com

Is Target (TGT) a Value Buy This Week?

Despite inflation pressurizing consumers’ discretionary spending, retailer Target (TGT) expects to grow its operating income. Could TGT be a value buy this week? Let’s analyze some of its financial metrics to know more….

The Guardian - UK

Wage rises are driving inflation? Don’t swallow this dangerous rightwing myth

All the evidence is there: corporate greed is the culprit, but policymakers daren’t take on big business, says Guardian columnist Owen Jones

The Hindu

Prices of vegetables double in two weeks as monsoon fails to make a mark

While inflation affects all aspects of life, the heat of it is mostly felt by customers while buying their daily vegetables and fruits. With weather playing spoilsport, the prices of most vegetables in the city have shot up by over 50% in the last two weeks. The likes of tomato…

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The Independent UK

Top central bankers assert need for higher interest rates to tackle persistent inflation

Several of the world's top central bankers got together, and their message was clear: interest rates could go even higher to combat inflation

The Conversation

Five parts of the economy that are hit when house prices fall

UK house price growth is slowing. While prices rose 1.2% in June compared to last year, this is down on May’s 1.9% growth, according to property website Zoopla. Its house price index – which forecasts a 5% fall in house prices this year – also shows that 42% of sellers…

Barchart

Central Bankers Maintain Their Hawkish Bias at ECB’s Policy Forum

Central bank chiefs kept up their hawkish language as they appeared today on a policy panel at the ECB’s policy retreat in Sintra, Portugal. Fed Chair Powell said he won’t take two consecutive rate hikes off the table “at all.” Powell also said, “Policy hasn’t been restrictive for very long....

The Independent UK

Bank of England admits its own forecasts ‘unworkable’ in inflation crisis

Central bank’s model ‘based on last quarter century’, concedes chief economist Huw Pill

The Independent UK

Flynn: Sunak patronised public with advice to ‘hold our nerve’ as mortgages rise

The SNP’s Westminster leader asked the Prime Minister when he last struggled to pay a bill.

Fortune

Small businesses' 'Covid suit of armor' is helping them defy the odds amid consistent predictions of an imminent recession

“Small businesses are like: ‘Hell, if I can make it through COVID, where the government actually forced me to shut down, I can make it through anything.'"

Zenger

President Biden To Address U.S. Economy In Chicago

Speech to cover job growth, inflation, skills development, investments, and Biden administration's focus on key sectors

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