Norges Bank, the central bank of Norway, added a quarter-point to its benchmark interest rate last week, after raising the rate by a half-point in September.
Tag: Economy
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ADJUSTABLE-RATE MORTGAGES PUT SPANISH HOMEOWNERS AT THE BRINK
The European Central Bank’s (ECB’s) recent interest rate increases are pushing Spain’s homeowners toward default, the Financial Times reported.
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BRACE FOR LONGEST U.K. RECESSION EVER
The Bank of England (BoE) has warned that Great Britain will fall into a “very challenging” two-year recession, during which real incomes will decline and unemployment will double to about 6.5 percent before 2025.
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MILD RECESSION WILL NOT CONTROL INFLATION, LAGARDE WARNS
A recession in Europe brought on by painfully high energy prices and soaring food costs will not have a significant impact on the 19-country Eurozone’s inflation rate, Christine Lagarde, president of the European Central Bank (ECB), said last week in comments quoted by Bloomberg.
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WHEN THE ECONOMY FALLS JOBS GO WITH IT
DRAGFLATION, slower economic growth and rising inflation, plus rising interest rate hikes are causing companies in many sectors to lay off employees.
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SPOTLIGHT: INFLATION
The world is moving toward a hyperinflation catastrophe that could spark the worst financial crisis since World War II, the Elliott Management Fund warned in a letter to clients last week obtained by the Financial Times.
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SPOTLIGHT: CHINA
China continues its strict zero-tolerance policy of anti-COVID lockdowns as new closures closeted 200 million people in 28 cities as of 24 October, according to The Wall Street Journal.
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EGYPT’S CURRENCY FALLS AFTER IMF BAILOUT
The value of Egypt’s currency, the pound, fell 15 percent last week to a record low of 23.09 to the U.S. dollar after the central bank raised a key interest rate by two percentage points.
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AUSTRALIA’S INFLATION RATE HITS 32-YEAR HIGH
Inflation in Australia rose to 7.3 percent in this year’s third quarter, its fastest clip since the same period in 1990, which at the time caused the country’s central bank to raise interest rates so high that the economy lurched into recession.