Opinion: Jerome Powell is the worst Federal Reserve policy maker in my lifetime

Opinion: Jerome Powell is the worst Federal Reserve policy maker in my lifetime

In the history of the Federal Reserve, the most revered chairmen are William McChesney Martin, Paul Volcker and Alan Greenspan. All gained their reputation by decisive monetary policy action at times when stock and bond markets did not want or expect them to act. William McChesney Martin was blamed for creating the recessions in the … Read more

Russia’s ruble is at its strongest level in 7 years despite sanctions

Russia’s ruble is at its strongest level in 7 years despite sanctions

Russian one ruble coin and Russian flag displayed on a screen are seen in this multiple exposure illustration photo taken in Krakow, Poland on March 8, 2022. Jakub Porzycki | Nurphoto | Getty Images Russia’s ruble hit 52.3 to the dollar on Wednesday, an increase of roughly 1.3% on the previous day and its strongest … Read more

Bank of England hikes rates for the fifth time in a row as inflation soars

Bank of England hikes rates for the fifth time in a row as inflation soars

LONDON – The Bank of England on Thursday implemented a fifth consecutive hike to interest rates as it looks to rein in soaring inflation. The Monetary Policy Committee voted 6-3 to increase the Bank Rate by 25 basis points to 1.25%, with the three dissenting members voting for a 50 basis point hike to 1.5%. … Read more

Fed hikes its benchmark interest rate by 0.75 percentage point, the biggest increase since 1994

Fed hikes its benchmark interest rate by 0.75 percentage point, the biggest increase since 1994

The Federal Reserve on Wednesday launched its biggest broadside yet against inflation, raising benchmark interest rates three-quarters of a percentage point in a move that equates to the most aggressive hike since 1994. Ending weeks of speculation, the rate-setting Federal Open Market Committee took the level of its benchmark funds rate to a range of … Read more

Global markets are tanking ahead of a huge week for central banks

Global markets are tanking ahead of a huge week for central banks

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, June 1, 2022. Brendan McDermid | Reuters LONDON – Global stock markets are falling sharply after May’s US inflation print reignited fears that central banks will be forced into aggressive monetary policy tightening. Friday’s highly-anticipated consumer price index … Read more

European Central Bank confirms July rate hike plans, raises inflation projections

European Central Bank confirms July rate hike plans, raises inflation projections

The European Central Bank faces a tough balancing act, with inflation running at record highs while the war in Ukraine casts a shadow over the growth outlook. Thomas Lohnes | Getty Images News | Getty Images The European Central Bank on Thursday confirmed its intention to hike interest rates at its policy meeting next month … Read more

Sterling is taking on ’emerging market’ characteristics: Bank of America

Sterling is taking on ’emerging market’ characteristics: Bank of America

A trader pauses while monitoring financial data on computer screens at ETX Capital, a broker of contracts-for-difference, in London, UK on Friday, Oct. 7, 2016 Chris Ratcliffe | Bloomberg | Getty Images LONDON – Sterling is in danger of becoming an “emerging market” currency as falling growth and growing risks cause investors to flee the … Read more

Consumers defy inflation to support economy. For how long?

Consumers defy inflation to support economy.  For how long?

WASHINGTON – With prices across the economy – from food, gas and rent to cars, airfares and hotel rooms – soaring at their fastest pace in decades, you might think Americans would tap the brakes on spending. Not so far. Consumers as a whole are showing surprising resilience, not only sustaining their spending but increasing … Read more

UK inflation jumps to 40-year high of 9% as food and energy prices spiral

UK inflation jumps to 40-year high of 9% as food and energy prices spiral

The UK’s Office for National Statistics said its estimates suggest that inflation would have last been higher “sometime around 1982.” Justin Tallis | Afp | Getty Images LONDON – UK inflation soared to a 40-year high of 9% in April as food and energy prices spiraled, official figures revealed Wednesday, escalating the country’s cost-of-living crisis. … Read more

Strategist says market may become a ‘meat-grinder of forlorn hope’

Strategist says market may become a ‘meat-grinder of forlorn hope’

LONDON – Investors looking for value in the stock market during the ongoing downturn may be “deluding themselves,” according to Sean Corrigan, director at Cantillon Consulting. Fears that central banks will have to hike interest rates aggressively to curb inflation – at the risk of quashing growth as the global economy suffers concurrent hits from … Read more