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The US - the world's biggest economy - saw GDP growth of 5.2% at an annual rate in the third quarter of 2023

US third quarter growth revised up to 5.2%

US economic growth was stronger than estimated for the July to September period this year, government data showed today, due to higher investment and government spending than originally expected.

Business • 29 Nov 23

The US inflation rate increased by 3.2% in the 12 months to October, down from 3.7% a month earlier

US consumer inflation cools to 3.2% in October

US consumer inflation cooled more than expected last month, according to government data published today, providing some welcome news for policymakers looking to control price increases without damaging the economy.

Business • 14 Nov 23

US Federal Reserve Chairman Jerome Powell said that the bank is prepared to raise rates again - if needed

US Fed could hike rates again if 'appropriate' - Powell

The US Federal Reserve is prepared, if needed, to increase interest rates further in order to bring inflation down to its long-term 2% target, Fed Chair Jerome Powell has said.

Business • 10 Nov 23

Traders now price around an 80% chance of a 25 basis-points (bps) ECB cut by April

Traders bet ECB first big central bank to cut rates

Financial markets are ramping up expectations for interest rate cuts from the European Central Bank, betting it will be the first major central bank to ease policy to buffer a euro zone economy facing recession in contrast to a robust US.

Business • 03 Nov 23

US GDP growth came in at an annual rate of 4.9% for the three months from July to September, new figures show today

US economy grows at fastest rate in nearly two years

The US economy heated up in the third quarter, government data showed today, as a resilient job market helped boost consumer spending, holding off the prospect of a recession.

Business • 26 Oct 23

US inflation is 'still too high', says Fed Chair Powell

US inflation is "still too high" despite a recent slowdown, Federal Reserve Chair Jerome Powell said yesterday, leaving the door open for a new interest rate hike.

Business • 20 Oct 23

US retail sales were supported partly by sales in the auto sector and at fuel stations

US retail sales better than expected in September

Retail sales in the US came in stronger than expected in September according to government data released today, supported partly by sales in the auto sector and at fuel stations.

Business • 17 Oct 23

The US consumer price index rose by 3.7% from a year ago in September, the same rate as in August, new figures show

US consumer inflation holds steady in September

Consumer inflation held steady in the US last month, according to government data released today, giving policymakers some reprieve in their battle to tamp down price increases.

Business • 12 Oct 23

The ECB's chief economist has described inflation as 'horrible'

ECB's Lane says high inflation rates 'horrible'

Euro zone companies are finally absorbing wage pressures and the labour market has started to soften, European Central Bank chief economist Philip Lane said last night, suggesting inflation pressures from employee pay rises are finally subsiding.

Business • 22 Sep 23

The US central bank left interest rates unchanged last night, in line with market expectations

Fed's hawkish stance spooks investors

The Federal Reserve's plans for a prolonged period of elevated interest rates could continue pressuring stocks and bonds in coming months.

Business • 21 Sep 23

US Federal Reserve leaves rates unchanged

The US Federal Reserve held interest rates steady today but stiffened its hawkish stance, with a further rate increase projected by the end of the year and monetary policy kept significantly tighter through 2024 than previously expected.

Business • 21 Sep 23

A spike in gas prices boosted sales at US service stations last month, new figures show today

US retail sales see higher than expected increase

Retail sales in the US accelerated slightly in August, government data showed today, as a spike in gas prices boosted sales at service stations.

Business • 14 Sep 23

The US consumer price index, a key inflation gauge, jumped 3.7% from a year ago

US consumer inflation ticks up in August on fuel prices

Consumer inflation in the US picked up in August for a second month in a row, according to government data released today, putting the heat on policymakers as they work to lower prices.

Business • 13 Sep 23

US GDP increased at a 2.1% annualised rate in the second quarter, a downward revision from the 2.4% pace reported last month

US second-quarter GDP growth revised lower

US economic growth was revised lower to a still-solid pace in the second quarter, but momentum appears to have picked up early in the third quarter as a tight labour market underpins consumer spending.

Business • 30 Aug 23

Over the past two decades, central bankers have used the annual Jackson Hole symposium to plot out and signal changes in monetary policy

Inflation talk shifts ahead of Jackson Hole gathering

Inflation has fallen across much of the world this year but the job is only half done, even if top central banks are now getting ready to wrap up their most aggressive interest rate hike cycle in history.

Business • 24 Aug 23

Policymakers on the Federal Open Market Committee unanimously agreed to raise the benchmark overnight interest rate to the 5.25%-5.5% range at the July meeting

Fed officials divided over need for more rate hikes

Federal Reserve officials were divided over the need for more interest rate hikes at the Fed's July 25-26 meeting, with "some participants" citing the risks to the economy of pushing rates too far even as "most" policymakers continued to prioritise the battle against inflation.

Business • 17 Aug 23

US retail sales jumped 0.7% last month, new figures from the Commerce Department show today

US retail sales increase more than expected in July

US retail sales increased more than expected in July as Americans boosted online purchases and dined out more, suggesting the economy continued to expand early in the third quarter and keeping a recession at bay.

Business • 15 Aug 23

US inflation, as measured by the personal consumption expenditures price index, rose 0.2% in June after edging up 0.1% in May

US annual inflation slows, consumer spending solid

US annual inflation slowed considerably in June, likely pushing the Federal Reserve closer to ending its fastest interest rate hiking cycle since the 1980s.

Business • 28 Jul 23

US first quarter GDP growth was today revised sharply higher to 2%, from an initial estimate of 1.1%

US economy posts surprise 2.4% growth in second quarter

The US economy defied expectations to see growth pick up in the second quarter, according to government data released today, boosted by some forms of investment and stronger consumer spending than expected.

Business • 27 Jul 23

Inflation in the euro zone has almost halved, down to 5.5% in June from a peak of 10.6% last October, but that has not been enough to deter the ECB on rates

ECB set to raise rates by 25 basis points in July

The European Central Bank will raise interest rates by 25 basis points on July 27, according to all economists in a Reuters poll, a slight majority of whom were now also expecting another hike in September.

Business • 20 Jul 23

More tightening to come, say top central bank chiefs

Leaders of the world's top central banks reaffirmed that they think further policy tightening will be needed to tame stubbornly high inflation but still believe they can achieve that without triggering outright recessions.

Business • 29 Jun 23

The Fed said the pause gave them time to 'assess additional information and its implications for monetary policy'

US Fed votes to hold interest rates steady

The US Federal Reserve has vote to pause its aggressive campaign of interest rate hikes despite "elevated" inflation, while indicating that another sharp increase could be needed before year-end.

Business • 14 Jun 23

The US Consumer Price Index rose by 0.4% last month after gaining 0.1% in March, new figures show today

US consumer prices increase solidly in April

US consumer prices increased in April on higher fuel costs and rents, while underlying inflation remained strong as used motor vehicle prices rebounded, potentially ensuring that the Federal Reserve keeps interest rates elevated for a while.

Business • 10 May 23

The Bank of England looks set to raise interest rates again, from the current rate of 4.25%, when they meet on Thursday

UK interest rates could rise to 4.5% this week

The Bank of England is not ready to stop raising interest rates as soaring food prices has kept UK inflation elevated, economists have said.

Business • 08 May 23

PacWest shares have lost 72% of their value this year

PacWest, Western Alliance hit amid US banking concerns

Shares of US bank PacWest Bancorp slid further in premarket trade today, dragging other regional lenders down.

Business • 04 May 23

US Federal Reserve