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WASHINGTON, Oct 19, 2023 (AFP) – The US ratings agency Moody’s has put the Israeli government’s A1 credit ratings on review for downgrade, citing the “unexpected and violent conflict between Israel and Hamas.” The severity of the conflict, sparked by the deadly attack by Hamas on southern Israel on October 7, “raises the possibility of longer lasting and material credit impact,” Moody’s said in a statement Thursday. More than 1,400 people were killed in the […]
Tokyo, Japan | AFP | Monday 4/10/2023 Japan’s new central bank chief said Monday no major rate hikes were on the horizon, and that a long-standing loose monetary policy remained “appropriate”. Kazuo Ueda took over this month from Haruhiko Kuroda, the bank’s longest-serving governor and architect of a monetary policy intended to help boost the world’s third-largest economy. Ueda, 71, takes the reins with the central bank under pressure to join international peers that have […]
Nusa Dua, Indonesia | AFP | Chinese President Xi Jinping on Tuesday asked the G20 wealthy nations to contain the fallout from interest rate hikes, as the US Federal Reserve moves aggressively to fight inflation. “We must contain global inflation and resolve systematic risks in the economy and finance,” Xi told a summit of the 20 major economies taking place in Bali. “Developed economies should reduce the negative spillover effects of their monetary policy adjustments […]
Washington, United States | AFP | by Beiyi SEOW US central bankers are expected to announce another steep interest rate hike Wednesday as they try to prevent soaring inflation from becoming ingrained, but politicians are piling on the pressure in the final days of the midterm elections. The Federal Reserve has embarked on an aggressive campaign to cool the economy this year as inflation surged to its highest rate in decades, squeezing the budgets […]
Frankfurt, Germany | AFP | by Michelle FITZPATRICK The European Central Bank announced another jumbo interest rate hike on Thursday and said further increases would follow to combat soaring inflation, even as its president, Christine Lagarde, warned a eurozone recession was looming. The ECB’s 25-member governing council repeated last month’s unprecedented move and opted for another bumper increase of 75 basis points, leaving its three main rates sitting in a range of between 1.5 and […]
SYDNEY, Australia (AFP) — Australia’s central bank hiked interest rates to a near eight-year high Tuesday as it joins others in trying to bring down sky-high inflation and warned further increases were likely that would hit families’ pockets. The Reserve Bank of Australia lifted borrowing costs 50 basis points to 2.35 per cent, the highest since that start of 2015. The path to bring prices back into balance was a “narrow one and clouded in […]
BEIJING, China (AFP) — China’s central bank on Monday cut benchmark loan rates in an attempt to boost an economy battered by the government’s strict zero-Covid policy and a slump in the property market. The world’s second-biggest economy saw an improvement after some coronavirus restrictions eased in June, but consumer and business sentiment remains weaker than usual. The one-year Loan Prime Rate, which serves as a benchmark for corporate loans, was reduced from 3.7 percent […]
by Heather Scott Agence France-Presse WASHINGTON, United States (AFP) — The Federal Reserve is set to announce another big interest rate increase on Wednesday, the fourth this year, in its ongoing battle to tamp down price pressures that have been squeezing American families. US central bankers are hoping that their aggressive stance will start to cool red-hot inflation that topped nine percent in June, the highest in more than 40 years, without derailing the world’s […]
by Heather Scott Agence France-Presse WASHINGTON, United States (AFP) — A massive interest rate hike by the US Federal Reserve and promises of more to come are fueling warnings that the only offramp from the searing price hikes engulfing American families is a full-blown recession. The Fed remains hopeful it can slow activity and demand, cooling the blistering pace of inflation, without derailing the world’s largest economy. But skepticism is growing about the chances of […]
Russia’s central bank cut its key interest rate Thursday following an emergency meeting, as authorities seek to rein in the ruble which has surged in value despite the conflict in Ukraine. The Bank of Russia slashed the rate to 11 percent from 14 percent, saying external conditions for the economy remained “challenging, considerably constraining economic activity.” The policy-setting meeting was originally set to take place on June 10 but the central bank surprised the market […]
by Heather SCOTT WASHINGTON, United States (AFP) — A handful of US states have announced they will end extra unemployment benefits provided by the federal government, which they blame for creating a shortage of workers. Iowa on Tuesday joined Alabama, Arkansas, Mississippi, Montana and South Carolina in cutting off the payments that through September are providing $300 a week on top of regular state benefits. But President Joe Biden pushed back against the argument that […]
by Heather SCOTT WASHINGTON, United States (AFP) — The US labor market faces a lengthy recovery and the economy will not see maximum employment this year, Federal Reserve Chair Jerome Powell said Thursday. While he expressed hope about the restoration of jobs lost during the pandemic, Powell noted that millions of workers have left the labor force. “I think it’s not at all likely it would reach maximum employment this year. I think it’s going […]
