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The Latest Breaking News from Inflation

Stocks Climb on Signs of Progress in Debt-Limit Talks

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is up +1.12%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +1.01%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +1.92%. U.S. stocks this morning are moderately higher, with the...

Barchart

Europe's largest economy has been in a recession for 6 months and nobody noticed

While the German stock exchange was busy reaching new all-time highs, consumers faced with high inflation went on strike, crippling the economy.

Fortune

UK's Treasury chief accepts that recession may be necessary to get inflation down

Britain’s Treasury chief says he would be prepared to see the British economy slip back into recession if further interest rate hikes are necessary to bring down inflation

The Independent UK

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A measure of inflation that is closely tracked by the Federal Reserve increased in April

A key index of U.S. prices ticked higher in April as consumer spending rebounded, a sign that inflationary pressures in the economy remain high

The Independent UK

The sorry state of the Bank of England’s battle with price hikes

City comment: At least the Bank’s old approach was consistent

Evening Standard

S&P Futures Tick Higher Ahead of Key U.S. Inflation Data, U.S. Debt-Ceiling Talks in Focus

June S&P 500 futures (ESM23) are trending up +0.17% this morning after the S&P 500 and Nasdaq 100 closed sharply higher on Thursday as blowout guidance from Nvidia and progress on debt ceiling talks boosted market sentiment, while investors awaited a reading on the Federal Reserve’s preferred inflation gauge.

Barchart

OPINION - The Standard View: Jeremy Hunt speaks the uncomfortable truth: inflation is the great enemy

It is not something you hear a Chancellor say every day, not least 12 to 18 months out from a general election. Asked if he was “comfortable with the Bank of England doing whatever it takes to bring down inflation, even if that potentially would precipitate a recession”, Jeremy Hunt…

Evening Standard

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Interest rates: Consumers drowning in debt as inflation bites

Mortgage, credit card, student loans and other debt has rocketed since Covid ended

Evening Standard

Northern Ireland housing market dips as inflation bites but tight supply underpins

Average price stands at £172,005 and is the cheapest of all UK regions

Birmingham Post

Tory Jeremy Hunt backs interest hikes pain for Brits - even if it risks recession

The Bank of England has hiked interest rates repeatedly to tackle inflation - in a hit to mortgage payers - and experts have warned they could raise them higher than the current 4.5% next month

Daily Mirror

Hunt will back more interest rate rises even if they push UK to recession

Chancellor will back Bank of England’s decisions because ‘inflation is a source of instability’

The Guardian - UK

S&P Futures Tick Lower Ahead of Key U.S. Inflation Data, U.S. Debt-Ceiling Talks in Focus

June S&P 500 futures (ESM23) are trending down -0.14% this morning after the S&P 500 and Nasdaq 100 closed sharply higher on Thursday as blowout guidance from Nvidia and progress on debt ceiling talks boosted market sentiment, while investors awaited a reading on the Federal Reserve’s preferred inflation gauge.

Barchart

Chancellor backs interest rate hikes even if they push UK into recession

Chancellor Jeremy Hunt has backed interest rate hikes being used to calm soaring inflation even if they increase the risk of pushing the UK into…

The National (Scotland)

Turkey election: What do Erdogan and Kilicdaroglu have to offer?

Here is a rundown of presidential candidates’ promises and rhetoric on issues such as security, refugees and economy.

Al Jazeera

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The Guardian - UK

Jeremy Hunt backs interest rate hikes even if they cause recession; UK retail sales jump – as it happened

Chancellor says “only path to sustainable growth” is to bring down high prices behind cost of living crisis, as mortgage rates climb

Evening Standard

Jeremy Hunt ‘comfortable’ with recession if needed to cut inflation and stabilise economy

There are fears the bank’s Monetary Policy Committee may have to raise interest rates to as high as 5.5 per cent to tackle inflation

Barchart

Dollar Climbs as Strong U.S. Economic Reports Boost T-Note Yields

The dollar index (DXY00 ) on Thursday rose by +0.35% and posted a 2-1/4 month high. Thursday’s better-than-expected U.S. economic reports on weekly jobless claims and Q1 GDP were hawkish for Fed policy and supportive of the dollar. Also, the jump in the 10-year T-note yield Thursday to a 2-1/2...

WEKU

Germany's economy contracts, signaling a recession

The German economy shrank unexpectedly in the first three months of this year, marking the second quarter of contraction that is one definition of recession. High inflation hit consumer spending.

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The Conversation

Tinubu inherits Nigeria’s high debt – an economist analyses what this means for the country's future

As the 16th president of Nigeria, Bola Ahmed Tinubu inherits an economy that is grappling with inflation, chronic unemployment, extreme poverty, crumbling infrastructure and insecurity.

The Guardian - UK

UK homeowners and first-time buyers warned to brace for 5%-plus mortgage rates

Lenders forced to raise fixed-term deals after latest inflation figure pushed swap rates upwards

The Guardian - AU

Young Australian women struggling to afford period products as inflation soars, survey shows

Plan International says stigma around menstruation at heart of problem as it calls for free products in public bathrooms

Birmingham Post

Gateshead's Kitchens Plus sold out of administration to sister company saving 77 jobs

The firm had expanded its North East showroom network in recent years but more recently had felt the impact of inflationary pressures

Evening Standard

Nationwide hikes mortgage rates by up to 0.45% as inflation shocks markets

The move follows Wednesday’s inflation data which has raised bets on further Bank of England interest rate rises this year

Fortune

Over 40% of households say they plan to travel more this summer

Inflation isn’t turning Americans away from summer travel, in fact 43% of households are choosing road trips as their top travel plan, according to new consumer research from TransUnion.

Tribune News Service

Conor Sen: Walmart is now fighting inflation in a big way

Americans’ buying power has been squeezed since the start of 2022 as companies steadily raised prices to restore their profit margins — deflated by higher costs for freight and labor — to pre-pandemic levels. Now Walmart Inc. appears to be saying enough is enough.

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