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The Latest Breaking News from Jerome Powell

Bank of England says UK in recession as it raises interest rates to 14-year high of 2.25% – business live

UK central bank predicts economy shrank for second quarter in a row, after shops closed and many stayed at home for Queen Elizabeth II’s state funeral

The Guardian - UK

Asia stocks follow Wall Street down as Fed fights inflation

Asian stock markets have followed Wall Street lower after the Federal Reserve delivered another big interest rate hike and raised its outlook for more to cool galloping inflation

The Independent UK

Powell's stark message: Inflation fight may cause recession

The Federal Reserve delivered its bluntest reckoning Wednesday of what it will take to finally tame painfully high inflation: Slower growth, higher unemployment and potentially a recession

The Independent UK

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Fed hikes interest rates for third time

According to business analysts, the Fed hasn't made a move against inflation quite this aggressive since the 1980s

Salon

US Fed hikes interest rate to highest level since 2008

Announcement sparks concern that fight to contain sky-high US inflation could tip the economy into a recession.

Al Jazeera

Powell signals more pain to come with Fed sending rates higher

Federal Reserve Chair Jerome Powell vowed officials would crush inflation after they raised interest rates by 75 basis points for a third straight time and signaled even more aggressive hikes ahead than investors had expected.

Tribune News Service

Fed delivers third-straight big hike, sees more increases ahead

Federal Reserve officials raised interest rates by 75 basis points for the third consecutive time and forecast they would reach 4.6% in 2023, stepping up their fight to curb inflation that’s persisted near the highest levels since the 1980s.

Tribune News Service

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Fed raises interest rate by 0.75 percentage points as US seeks to rein in inflation

Third outsized rate increase in a row as central bank struggles to fight runaway inflation, increasing the cost of everything

The Guardian - US

Fed raises rates 0.75 percentage points, signals more to come

New forecasts show the central bank envisions a weaker economy in the coming years.

Axios

US Stocks Open Higher Ahead Of Fed Decision, Dow Jumps 175 Points

U.S. stocks traded higher this morning, with the Dow Jones gaining around 175 points on Wednesday. The Federal Reserve will announce its policy decision at 2:00 p.m. ET. The country’s central bank is widely expected to raise interest rates by 75 bps at the meeting. Fed Chairman Jerome Powell will…

Benzinga

Federal Reserve hikes US rates by 0.75% for third straight meeting

Bank of England in the spotlight after US central bank stops short of super-sized 1% hike

Evening Standard

Explainer: What if US economy goes into recession? How it may impact India

NEW DELHI: The US Federal Reserve is expected to lift interest rates by three-quarters of a percentage point for a third straight time on Wednesday and signal how much further and how fast borrowing costs may need to rise to tame a potentially corrosive outbreak of inflation.

The Times of India

Can Larry Summers please shut up now?

Former Harvard president has been playing inflation Cassandra on TV for months. Can we hear other views?

Salon

Fed orders another super-sized interest rate hike as it battles stubborn inflation

The Federal Reserve raised interest rates by another 0.75 percentage points today, as it tries to control runaway prices. The central bank also signaled that additional rate hikes are likely.

WEKU

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The Independent UK

Asian shares decline ahead of Fed decision on interest rates

Asian shares have mostly declined as investors looked ahead to a widely expected interest rate hike by the U.S. Federal Reserve in its bid to squash the highest inflation in decades

The Guardian - US

Federal Reserve warns of ‘pain’ ahead as inflation surges

The US central bank is expected to announce a sharp rise in interest rates on Wednesday in an attempt to tackle the cost of living crisis

The Independent UK

AP News Digest 3 am

Here are the AP’s latest coverage plans, top stories and promotable content. All times EDT. For up-to-the minute information on AP’s coverage, visit Coverage Plan at https://newsroom.ap.org.

The Independent UK

How the Fed's steep rate hikes stand to affect your finances

Mortgage rates have jumped, home sales have slumped and credit cards and auto loans have gotten pricier

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The Independent UK

High inflation in sight, Fed to signal more rate hikes ahead

Last month, when Federal Reserve Chair Jerome Powell spoke at an economic conference in Jackson Hole, Wyoming, he issued a blunt warning: The Fed’s drive to curb inflation by aggressively raising interest rates, he said, would “bring some pain” for Americans

The Independent UK

How much 'pain'? Fed to signal more rate hikes ahead

Federal Reserve Chair Jerome Powell bluntly warned in a speech last month that the Fed’s drive to curb inflation by aggressively raising interest rates would “bring some pain.”

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

Benzinga

CPI Data Throws The SPY, Stock Market Into Chaos: What's Going On?

The SPDR S&P 500 (NYSE: SPY) gapped down and plunged over 3% on Tuesday after consumer price index (CPI) data released by the U.S.

The Guardian - US

Dow Jones plunges amid news of US inflation rates

Inflation slowed for the second consecutive month as energy costs fall

Benzinga

Gold Stocks, Bitcoin Crushed Despite Inflation Hedge Argument: Goldman Sachs Now Says Buy This Miner

Gold and Bitcoin (CRYPTO: BTC) have proven neither holds the title of being a hedge against inflation this year.

The Guardian - UK

Central bankers talk tough, but they can’t fight inflation like this

Raising rates has no effect when the things that are rising in price the fastest, such as fuel and food, are essential purchases

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