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The Latest Breaking News from Interest Rates

Who will get the blame for UK mortgage misery?

The government has ordered banks to protect people struggling to pay their mortgages as interest rates were predicted to rise as high as 6% by the end of the year.

The Week

UK has no choice but to raise interest rates to curb inflation, says Jeremy Hunt

Chancellor gives unstinting support to Bank of England as households brace for borrowing costs to rise again

The Guardian - UK

Mortgage chaos continues as HSBC raises prices for second time in a week

HSBC will raise the price of its mortgages for the second time in less than a week as lenders expect interest rates to rise to 5.75% by the end of the year.

Evening Standard

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Pyrex and Instant Pot maker files for bankruptcy protection in US

Instant Brands, which blames rising interest rates for financial problems, will continue to serve retailers

The Guardian - UK

Commentary: Why we don’t need to tolerate higher inflation

Inflation is finally falling. Although the year-over-year inflation rate is still over 4%, well above the Federal Reserve’s 2% target, much of that reflects especially large price increases from last summer. As those unusual months cycle out of the data, the rate will likely keep dropping.

Tribune News Service

Pound hits one-year high as more interest rate hikes loom; UK grows in April; WE Soda cancels London float – as it happened

UK economy has bounced back from March’s contraction, but experts fear rising interest rates will cause recession

The Guardian - UK

Federal Reserve is likely to skip a rate hike at pivotal meeting Wednesday yet signal more to come

The Federal Reserve, having raised interest rates at the fastest pace in four decades, is poised Wednesday to leave rates alone for the first time in 15 months to allow time to gauge the impact of its aggressive drive to tame inflation

The Independent UK

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Michael Hiltzik: Wage growth doesn't drive inflation. So why is the Fed out to crush workers?

Federal Reserve Chairman Jerome Powell and his colleagues have made major mistakes in their battle with inflation.

Los Angeles Times

Commercial real estate troubles are so pronounced that Goldman Sachs’ CEO says even a soft landing won’t prevent pain

"Commercial real estate has come under pressure" says Goldman Sachs CEO David Solomon.

Fortune

Stocks Rise After May CPI Shows Inflation is Easing

The latest inflation data has all but guaranteed the Fed will hold interest rates steady for the time being.

Kiplinger

Heatwave piles torpor on paralysis as Tories face up to their doom

A mood of listlessness grips the Commons as one by one Conservative MPs check out

The Guardian - UK

Banks should increase returns on savings amid interest rate rises, says top Tory

Harriett Baldwin, chairwoman of the Treasury Select Committee, suggested banks should take the step if they are also raising mortgage rates.

The Independent UK

New report shows inflation cooling, but some prices remain high

The data comes as the Fed is likely to keep interest rates steady for the first time in 15 months.

Axios

UK short-term borrowing costs surge above Truss-era highs; US inflation falls to 4% – as it happened

UK interest rates expected to hit 5.5% by December after regular pay grows by a record, sending two-year bond yields soaring

The Guardian - UK

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The Independent UK

Mortgage turmoil deepens as Santander pulls loans and interest rates could rise again

Soaring cost of home loans is ‘very important’ issue says HSBC UK boss

The Guardian - AU

Guardian Essential poll: voters trust Labor over Coalition to manage cost of living and inflation

Poll also shows support for government initiatives to regulate artificial intelligence

The Guardian - UK

Bank of England rates-setter says further hikes may be needed

Jonathan Haskel suggests surging borrowing costs for households is a price worth paying to tackle inflation

The Guardian - UK

Mortgage mayhem: NatWest increases rates as Santander temporarily pulls some deals – as it happened

Bank of England policymaker Jonathan Haskel says interest rates may need to rise higher, as mortgage providers raise rates or withdraw deals

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Bangkok Post

The eternal joust over rate hikes

Some industry leaders are concerned about higher interest rates affecting businesses, especially small ones, in addition to weakening the purchasing power of homebuyers.

The New Daily

Interest rates could hit two-decade high by August as mortgage stress soars

Australians struggling with the highest interest rates in a decade are being warned to expect one or two more mortgage bill hikes.

Wales Online

Average homeowner pays £223 a week 'mortgage penalty' as interest rates triple

This equates to £7,000 a year and the the 'reckless economic gamble' taken by the Conservatives during September’s mini-Budget has been blamed

Bangkok Post

Asian equities gain on hopes for Fed pause

RECAP: Most Asia-Pacific equity markets rose on Friday to their highest level since mid-February, taking cues from an overnight Wall Street rally as bets firmed that the US Federal Reserve would not raise interest rates next week.

Manchester Evening News

Bank of England interest rates announcement to be made in June - what to expect

Experts have warned that inflation may not have fallen low enough to prevent another hike in interest rates

Evening Standard

Interest rate hikes have barely begun to hit households, top economist warns

“Higher interest rates will soon bite harder”

Daily Mirror

HSBC pulls mortgage products and Nationwide hikes deals over fears of rate rises

HSBC has removed its "new business" residential and buy-to-let products, while Nationwide increased its fixed rates as well as reducing some rates on trackers

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