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The Latest Breaking News from Interest Rates

Liz Truss' failed bid to become a 21st-Century Margaret Thatcher

In 1981 Thatcher took the drastic but successful step of increasing taxes by 2% of GDP to tackle interest rates and inflation. But Truss has just done a reverse-Thatcher, says Oliver Hartwich

Newsroom.co.nz

Oil Jumps More Than $3 as OPEC+ Weighs Output Cut

Oil prices jumped by more than $3 on Monday as OPEC+ considers reducing output by more than 1 million barrels per day (bpd) to buttress prices with what would be its biggest cut since the start of the COVID-19 pandemic. Brent crude futures rebounded $3.37, or 4%, to $88.51 a…

Asharq Al-Awsat

‘In their stride’: Why property prices might not fall as far as feared

Australia’s housing correction may not be as bad as feared as buyers take rising interest rates “in their stride”, a leading economist says.

The New Daily

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Survey: Analysts foresee 12% rise in stock market over next 12 months

The stock market has had a tumultuous 2022 so far, with major indices such as the S&P 500 and the Nasdaq Composite in bear market territory. But according to market professionals surveyed in Bankrate’s Third-Quarter Market Mavens survey, the outlook for stocks should improve over the coming year. The group…

Tribune News Service

How do interest rates affect inflation?

Borrowing costs at their highest level in 14 years

The Independent UK

ASX falls as Wall Street suffers three straight quarterly declines

Australian shares have fallen on Monday, as investors fretted that aggressive interest rate hikes to bring down red-hot inflation would tip the global economy into recession.

ABC News

Caught in a vicious currency cycle

Industry leaders have called on the government and related authorities to do more to prevent the depreciation of the baht and mitigate the impact of the Bank of Thailand's latest policy rate hike.

Bangkok Post

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High interest rates paid by poorer nations spark fears of global debt crisis

Campaigners say low-income countries urgently need debt relief on foreign borrowings as their interest rates soar

The Guardian - UK

Property prices drop nationally again, with Sydney diving 6pc annually and regional Australia following suit

Interest rate hikes are continuing to hit the property market, with capital city housing markets falling by up to 6 per cent in the past three months.

ABC News

UK’s ‘pro-growth’ government has only made a recession more likely

Thanks to Truss and Kwarteng, the country is now far riskier for the investors who finance our trade and budget deficits

The Guardian - UK

'It's a disgrace': The Manc holidaymakers, businesses and mortgage holders in 'fear and panic' over the pound's slump

A weak pound threatens to exacerbate the cost of living crisis and drive up the cost of mortgages and foreign holidays

Manchester Evening News

A bad year for Wall Street gets even worse, as stock markets finish September down

Amid heightened uncertainty about the global economy, all three U.S. indexes are in a bear market as the third quarter comes to a close.

WEKU

Homeowner's Ancoats mortgage rocketing by 25 PER CENT a month as banks pull deals

Stretched residents in our region are feeling the pressure as interest rates rise

Manchester Evening News

Truss admits mini-budget caused disruption, but says there is ‘clear plan’

‘Not everyone will like what we are doing’, PM says of tax cut pledges but says she is determined to see them through

The Guardian - UK

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Tribune News Service

S&P 500 closes quarter at lowest in two years: Markets wrap

U.S. stocks suffered their worst monthly rout since March 2020 after markets were repeatedly pummeled by the Federal Reserve’s resolve to keep raising interest rates until inflation is under control.

Financial Times

Inside the breakdown of the UK’s mortgage machine

Market turmoil sparked by mini-budget saw banks scrambling and 1,688 home loans pulled from shelves

Benzinga

ARK Invest Short Sellers Have $2.3B In Profits So Far In 2022

After a horrible 2021 for Cathie Wood, the ARK Innovation ETF (NYSE: ARKK) is down another 59.1% in 2022. High-growth tech stocks have taken a beating as interest rates have spiked, sending ARK Invest ETFs plummeting.

The Guardian - US

How Liz Truss plunged the UK to the brink of recession in just one month

The new prime minister began September promising a ‘new era’ for Britain. One economic crisis later, she has delivered

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Al Jazeera

India’s central bank hikes interest rates to tame inflation

The fourth straight increase is part of the central bank’s effort to tame stubbornly high inflation.

The Conversation

Bank of England bonds rescue has two ugly implications: more inflation and an even weaker pound

With UK government bonds and sterling both falling hard in recent days, the Bank of England has been forced to step in. Only a few months after it started tightening monetary policy to fight inflation by raising benchmark interest rates and ending its programme to “create” money through quantitative easing…

The Conversation

Three reasons a weak pound is bad news for the environment

The day before new UK chancellor Kwasi Kwarteng’s mini-budget plan for economic growth, a pound would buy you about $1.13. After financial markets rejected the plan, the pound suddenly sunk to around $1.07. Though it has since rallied thanks to major intervention from the Bank of England, the currency remains…

Evening Standard

Thousands of Londoners face £10k mortgage blow as interest rates soar

Bank of England independence was no one’s first choice. Margaret Thatcher never did it, John Major preferred to devolve power to the German Bundesbank than grant it to Threadneedle Street. Because the power to set interest rates is an awesome one.

The Conversation

Liz Truss: are the Conservatives facing an electoral meltdown?

The Conservative party is heading into its annual conference amid the catastrophic fallout from Chancellor Kwasi Kwarteng’s mini-budget. The decision to cut tax without a plan to pay for it caused a sharp fall in the value of the pound on currency markets, which reached an all-time low against the…

StockNews.com

1 Stock to Avoid as the Fed Attempts to Cool Down the Economy

Shares of online real estate services company Opendoor Technologies (OPEN) have plummeted more than 75% in price year-to-date with the cooling down of the housing market amid rising interest rates. Furthermore, the company is expected to incur huge losses in the upcoming years. Hence, with the Fed signaling aggressive rate…

Evening Standard

The Standard View: The Prime Minister must calm nerves over mortgage fears

We are rapidly starting to see what a “mortgage bombshell” might look like. Thousands of Londoners have been warned they could pay more than £10,000 a year extra if interest rates rise to six per cent.

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