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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 GDP rose at an annual rate of 1.1% in the three months from January to March, down from 2.6% in the fourth quarter of 2022

US growth cools in Q1 as recession fears deepen

US economic growth lost steam in the first quarter this year, the Commerce Department said today, as the possibility of a mild recession brews while consumer spending weakens.

Business • 27 Apr 23

The European Central Bank is expected to raise rates for a seventh meeting in a row next week

ECB set to step down to 25 bps rate move on May 4

The European Central Bank will almost certainly add 25 basis points to its deposit rate on May 4 and then take it to 3.5% or higher in June as core inflation remains persistently high, according to economists polled by Reuters.

Business • 25 Apr 23

US consumers cut back on purchases of cars and other big ticket items in March

US retail sales fall more than expected in March

US retail sales fell more than expected in March as consumers cut back on purchases of cars and other big ticket items, suggesting that the economy was losing steam at the end of the first quarter because of higher interest rates.

Business • 14 Apr 23

The US consumer price index climbed 0.1% last month after advancing 0.4% in February, new figures show today

US consumer prices rise moderately in March

US consumer prices barely rose in March as the cost of gasoline declined, but stubbornly high rents kept underlying inflation pressures simmering, likely ensuring that the Federal Reserve will raise interest rates again next month.

Business • 12 Apr 23

World oil prices had risen about 2% yesterday amid optimism that the US Federal Reserve is getting closer to ending its cycle of interest rate hikes

Oil jumps after slight increase to US consumer prices

Oil prices rose sharply today after US economic data showed that inflation in the world's biggest oil consumer rose moderately in March.

Business • 12 Apr 23

Initial claims for US state unemployment benefits dropped 18,000 to a seasonally adjusted 228,000 for the week ended April 1

US weekly jobless claims fall but layoffs jump in March

The number of Americans filing new claims for unemployment benefits fell last week, but the picture of the labour market was unclear following revisions to prior data after the government updated the model it uses to adjust the series for seasonal fluctuations.

Business • 06 Apr 23

Consumer spending accounts for more than two-thirds of US economic activity

US consumer spending slows in February, inflation cools

US consumer spending rose moderately in February and while inflation showed signs of cooling it remained elevated, which could see the Federal Reserve raising interest rates one more time this year.

Business • 31 Mar 23

Citigroup has downgraded Europe's banking sector today

European bank shares fall as crisis leaves mark

Banking shares slipped in Europe today as the instability that surged through the global banking system this month is prompting investors to adjust to more challenging economic and lending conditions ahead.

Business • 23 Mar 23

US crude oil stockpiles rose unexpectedly last week to their highest in nearly two years, new figures show

Oil down after Fed comments, US crude stock build

Oil prices dipped today, having hit their lowest since late 2021 earlier this week, after Federal Reserve Chair Jerome Powell highlighted banking sector credit risks for the world's largest economy, while US crude stockpiles swelled.

Business • 23 Mar 23

Apollo Global Management, Blackstone and Carlyle Group are among those to have reportedly expressed interest in a book of loans held by SVB

Cautious calm returns to bank stocks after SVB collapse

Battered Japanese bank stocks clawed back some of their heavy losses today, as regulators and financial executives hosed down investor concerns about contagion after the collapse of Silicon Valley Bank (SVB).

Business • 15 Mar 23

February's inflation increase to 6% in February marked the smallest annual gain since September 2021

US inflation rate eases to 6% in February

US consumer prices increased in February amid sticky rental housing costs, but economists are divided on whether rising inflation will be enough to push the Federal Reserve to hike interest rates again next week after the failure of two regional banks.

Business • 14 Mar 23

Initial claims for state unemployment benefits decreased 3,000 to a seasonally adjusted 192,000 for the week ended February 18

US weekly jobless claims fall, Q4 growth trimmed

The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, continuing to signal persistently tight labour market conditions.

Business • 23 Feb 23

Brent oil prices are lower today on the back of profit taking

Brent oil falls on fears over global economic slowdown

Brent crude oil slipped more than 1% in a volatile session today as persistent concerns about global economic growth outweighed supply curbs and prompted investors to take profits on the previous day's gains.

Business • 21 Feb 23

The Fed chief made his comments in a question-and-answer session before the Economic Club of Washington

US inflation fight may last 'quite a bit of time' - Fed

Last Friday's blockbuster jobs report showed why the battle against inflation will "take quite a bit of time," Federal Reserve Chair Jerome Powell said last night.

Business • 08 Feb 23

The ECB signalled that its policy rates are likely to rise by another 50 basis points next month

Will ECB follow Fed and start slowing pace of hikes?

Central Banks in Europe, the UK and the US raised interest rates this week as the battle to fight inflation continues.

Business • 03 Feb 23

US Federal Reserve chairman Jerome Powell

US Fed makes smaller interest rate hike

The US Federal Reserve slowed its pace of interest rate hikes last night, tempering an aggressive campaign to rein in costs as inflation cools, but signaled the battle is not yet over.

Business • 02 Feb 23

The euro climbed 0.2% to $1.0891 after data showing Spain's consumer prices rose 5.8% in January

Euro rises as dollar slips to eight month low

The euro rose today after unexpectedly high Spanish inflation data raised expectations for a higher euro area print on Wednesday, while the dollar languished near an eight-month low ahead of a slew of central bank meetings this week.

Business • 30 Jan 23

Custodia lacked a sufficient risk management framework to address the heightened risks associated with crypto - US Fed

US Fed rejects crypto-focused bank's application

The US Federal Reserve has rejected crypto-focused Custodia Bank's application to become a member of the Federal Reserve System, saying the bank's proposed business model and focus on digital assets presented significant safety and soundness risks.

Business • 27 Jan 23

US consumer spending falls as inflation cools

US consumer spending fell in December, putting the economy on a lower growth path heading into 2023, while inflation continued to subside, which could give the Federal Reserve room to further slow the pace of its interest rate hikes next week.

Business • 27 Jan 23

GDP rose at a 2.9% annualised rate last quarter, the Commerce Department said in its advance fourth-quarter GDP growth estimate today

US economy grows strongly in fourth quarter

The US economy maintained a strong pace of growth in the fourth quarter as consumers boosted spending on goods, but momentum appears to have slowed considerably towards the end of the year, with higher interest rates eroding demand.

Business • 26 Jan 23