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The Latest Breaking News from Inflation

More interest rate rises ahead but pace of increase set to slow, RBA governor says

Reserve Bank governor Philip Lowe says he will keep lifting interest rates but the pace will soon slow down and he is confident the economy can absorb the rises.

ABC News

3 Retail Stocks to Cut From Your Portfolio Before Things Gets Worse

With inflation hovering near a 40-year high, the specialty retail industry is crippling. Since persistent economic headwinds make the industry’s prospects bleak, we think fundamentally-weak retail stocks GameStop Corp. (GME), Five Below (FIVE), and Wayfair (W) are best avoided now. Read on….

StockNews.com

Founder Of World's Largest Hedge Fund Rails Against Fed, Predicts 20% Stock Plummet

The Federal Reserve's raising of interest rates could bring the economy "down," according to billionaire Ray Dalio. In a recent LinkedIn post, the Bridgewater Associates founder said increasing interest rates to about 4.5% — meant to offset inflation — will cause stock prices to plummet by 20%.

Benzinga

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Soft retail sales, fewer jobless claims paint mixed US economic picture

A barrage of data Thursday offered a mixed view of the U.S. economy in the face of rapid inflation, including more tempered retail activity and a labor market that’s still vibrant.

Tribune News Service

What exactly is the review of the Reserve Bank of Australia hoping to discover?

Here are four key areas to watch ahead of the review making its recommendations to the treasurer

The Guardian - AU

Von der Leyen: Supporting Ukraine is costly, but freedom is priceless

Supporting Ukraine comes at a high cost, but freedom is "priceless," European Commission chief Ursula von der Leyen told Reuters on Thursday amid soaring inflation and high energy prices in Europe.

Reuters

All staff offered voluntary redundancy with Northumberland County Council facing £17 million inflation nightmare

An email to all staff members blamed increased inflation and fuel costs

Chronicle Live

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How central banks are risking a global recession

Major economies are delivering interest rate increases to quash domestic inflation.

Axios

Important money changes for September including £326 cost of living payment

A list of all the financial updates for September

Bristol Post

Concerns grow as Nigeria's inflation surges to 17-year high

Nigeria’s consumer inflation surged to 20.5% in August, its statistics agency said Thursday, signalling more hardship for citizens and businesses in Africa’s largest economy

The Independent UK

Biden's approval rating rebounds ahead of midterms

The public's perception of his handling of the economy and inflation still remains low.

Axios

German government tasks experts with proposing inflation-busting ideas

The German government will establish a committee of experts and task them with coming up with policy proposals to combat the soaring cost of heating and gas, Chancellor Olaf Scholz said on Thursday.

Reuters

Germany urges firms to make tax-free payments to employees

The German government is urging companies to make a one-off payment to their employees of up to 3,000 euros (dollars) as a way of addressing the impact of rising prices while preventing a spiral of inflation in Europe’s biggest economy

The Independent UK

1 ETF That's a Great Idea to Tap Into Right Now

Elevated inflation and the Fed’s upcoming interest rate hikes are expected to keep the stock market under pressure. So, to benefit from the declines in the stock market, it could be wise to invest in ProShares Short QQQ ETF (PSQ), which employs a short strategy and seeks to benefit from…

StockNews.com

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The Independent UK

Mortgage rates hit 6%, first time since 2008 housing crash

Average long-term U.S. mortgage rates climbed over 6% this week for the first time since the housing crash of 2008, threatening to sideline even more homebuyers from a rapidly cooling housing market

WEKU

Legal fights and loopholes could blunt Medicare's new power to control drug prices

The Inflation Reduction Act gives Medicare historic new powers to limit prescription drug prices. But the pharmaceutical industry is already lobbying to dull their impact.

The Independent UK

Biden announces deal to avert crippling railroad strike: ‘A win for tens of thousands of rail workers’

A strike by railroad workers would have crippled large swaths of the US economy and fanned the flames of inflation

The Conversation

William Ruto is now in charge of Kenya’s shaky economy: where to start

Kenya’s President William Ruto, sworn in as new President on 13 September 2022, has inherited an economy saddled with debt, inflation, joblessness and national pessimism. The International Monetary Fund has also added to his pain: it recently asked Kenya to broaden its tax base and scrap the fuel subsidy.

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Reuters

Kenya scraps petrol subsidy after president warned it was unsustainable

Kenya scrapped a subsidy on petrol a day after new President William Ruto said subsidies were unsustainable, in a move that could add to upward pressure on inflation.

Salon

Biden's swagger: He thinks they'll win

A puzzling White House event this week sent a clear signal under the surface: Democratic confidence is soaring

The Independent UK

Retail sales up 0.3% in Aug. from July amid inflation

Americans picked up their spending a bit in August from July even as surging inflation on household necessities like rent and food take a toll on household budgets

The Independent UK

Fewer Americans file for jobless benefits again last week

The number of Americans applying for unemployment benefits fell again last week to a four-month low even as the Federal Reserve continues its aggressive interest rate cuts to bring inflation under control

Al Jazeera

Residents of a deprived London borough remember queen fondly

But some question the cost of a state funeral at a time of rising inflation.

The New Daily

ASX ’outperforms’ amid fallout from Wall Street carnage

The Australian market was not immune from the sell-off on Wall Street but was able to 'outperform' relatively, falling by only 2.6 per cent.

The Conversation

Why Black Wednesday still matters – it was the start of markets telling politicians what to do

I spent Black Wednesday – the day the markets successfully bet against the power of the British government to prop up the pound sterling – on the 28th floor of Dresdner Bank’s headquarters in Frankfurt. I had just been hired as an exchange-student intern in the back office for currency…

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