Australian share market plunges 2% after US Fed hikes rates by 0.75 percentage points

Bloodbath on the share market as the ASX plunges 2% after US Fed hikes rates by 0.75% Australian share market’s S&P/ASX200 plunged 2.11 per cent in first 30 minutes This occurred after US Federal Reserve’s 0.75 percentage point rate increase  This was the fourth consecutive three-quarter of a percentage point rate rise  By Stephen Johnson, … Read more

Goldman Sachs and JPMorgan CEOs predict Fed will raise interest rates to 4.75% and expect recession

The CEOs of Goldman Sachs and JPMorgan Chase have warned that the United States could be on the cusp of a recession, with inflation likely to get even worse. Speaking at a conference in Saudi Arabia on Tuesday, the financial titans painted a bleak picture of what lies ahead. David Solomon of Goldman Sachs said … Read more

Karine Jean-Pierre blames inflation on ‘global challenges’ and points finger at Trump

White House Press Secretary Karine Jean-Pierre on Tuesday morning blamed ‘global challenges’ including the invasion of Ukraine and pointed to the Trump administration for inflation and the state of the economy. Biden is under pressure to fix the highest inflation in 40 years and is calling it his top priority, but polls show Americans overwhelmingly doubt … Read more

Biden’s nominee for Federal Reserve Governor has called for reparations for black Americans

One of President Biden picks for the Federal Reserve Board has called for black Americans to receive reparations for decades of slavery and economic discrimination. Details emerged in the week when Republican are expected to grill Lisa Cook, an economics professor at Michigan State University, about whether her public views would prevent her being a … Read more

Federal Reserve weighs creating digital cash that would allow direct transfers without a bank

The Federal Reserve has released a long-awaited paper weighing the pros and cons of creating a central bank digital currency (CBDC), a digital form of cash in your pocket. The paper released on Thursday cautiously weighed the pros and cons of a digital dollar, and did not take a position on whether the central bank … Read more

US inflation: Older Americans fear rising prices more than young people

Older Americans and those living in the South and the Midwest are more likely to be worried about rising inflation than their younger counterparts in the Northeast and West, according to new survey data from the Federal Reserve of New York. The survey data released on Monday showed another increase in short-term inflation expectations in November, … Read more

US stocks jump for a second day in a row with the Dow gaining more than 500 points by closing

US stocks spiked for a second day in a row with the Dow gaining nearly 600 points after opening as fears abated over Chinese property developer Evergrande’s ability  to pay $83.5 million worth of interest on Thursday. The two-day market rally also comes on the heels of the Federal Reserve’s decision on Wednesday to keep current … Read more

Labour suspends councillor over anti-Semitic conspiracy theory

Labour suspends London councillor accused of supporting a conspiracy theory that Jews murdered each other in the Holocaust as part of a masterplan to create the state of Israel Preston Tabois is accused of voicing support for Ukip election candidate in 2013  She claimed Jews killed each other in Holocaust to allow them to create … Read more

Gold hits its highest price ever at £1,515 an ounce amid fears of coronavirus and US-China tensions

The price of gold hit a record high Monday as investors rushed into the safe-haven amid concerns about China-US tensions, a spike in virus infections around the world and a lack of progress on a new stimulus bill in Washington. After months of healthy rallies across equity markets – fuelled by trillions of dollars in … Read more

Coronavirus UK: FTSE 100 falls on opening after downbeat assessment from US Fed

London stock markets opened down this morning as hopes faded for a quick economic rebound following the coronavirus pandemic. The FTSE 100 index of Britain’s biggest companies fell by 89 points or 1.51 per cent to 5,815 in the first ten minutes of trading this morning. Fears are growing about a second wave of infections, … Read more