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Britain’s new finance minister has revealed a detailed reversal of the UK government’s tax-and-spending plans in a last-ditch effort to calm skittish markets and restore the government’s credibility.After just four days in the role, Jeremy Hunt announced he would scrap ...

After seven months of hiking interest rates at unprecedented speeds, the US Federal Reserve has hardly made a dent in inflation. Last week, consumer price data for September showed little improvement. Indeed, since March, overall consumer prices were up 8.5% ...

The Bank of England (BOE) aims to further calm the bond market and ease liquidity pressures that arose after the Liz Truss government’s disastrous mini-budget announcement.The central bank has moved to quell worries about the expiry of its emergency bond-buying ...

The Bank of England (BOE) continues to struggle to contain a crisis kindled by the UK government’s ill-advised plans to borrow lavishly to fund tax cuts. Fears remain that the country’s financial markets could once again spin out of control.Almost ...

Pakistan's central bank announced it would be keeping its key interest rate unchanged at 15%. This comes days after the South Asian country's credit rating was downgraded in the face of an economic catastrophe worsened by devastating floods.Pakistan is squaring ...

A recent decision by the OPEC+ alliance of oil-exporting countries to significantly cut production and boost crude prices has dealt a blow to oil-consuming nations. The US, which is heading into key midterm elections, has gone as far as accusing ...

The managing director of the IMF, Kristalina Georgieva, has said the organization is lowering its 2023 growth forecast, the fourth negative adjustment this year, when it releases its World Economic Outlook next week.The IMF next week will downgrade its forecast ...

The British government announced it is performing an about turn and will not scrap the highest rate of income tax, marking a humiliating retreat after an internal political rebellion and a week of financial and economic turmoil.Finance minister Kwasi Kwarteng ...

The UK economy grew marginally in the second quarter of the year, rather than shrinking as previously had been estimated. However, data from the Office for National Statistics also showed that the UK is the only G7 economy that has ...

The US 30-year fixed-rate mortgage averaged 6.7% in the week ending September 29, up from 6.29% the week before, its highest level in 15 years.Mortgage rates have more than doubled since the start of this year, as inflation has skyrocketed ...

According to probability models run by Ned Davis Research, there is currently a 98.1% chance of a global recession. The only other times its recession model was this high was during severe economic downturns, most recently the pandemic in 2020 ...

US bond yields leapt this week after another significant rate hike from the Federal Reserve. The two-year treasury yield climbed to 4.3%, a 15-year high, and the 10-year treasury breached 3.9%, a level not seen in 11 years.The two-year treasury ...

UK authorities are trying to soothe financial markets after plans by new Prime Minister Liz Truss to cut taxes while increasing borrowing caused alarm among investors concerned it could fuel inflation further and upend government finances.The Bank of England (BOE) ...

The British pound crashed to a new record low against the US dollar of $1.035 on Monday, freefalling more than 4%. The previous record low for the British pound against the US dollar was 37 years ago, when one pound ...

The Bank of Japan (BOJ) has been acting as a lone dove this year as other major global central banks aggressively hike rates to contain surging inflation.Continuing on a long-held monetary policy course, the BOJ steered clear of intervening to ...