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The Latest Breaking News from Interest Rates

Philippines looking at market intervention to defend peso: Marcos

MANILA: The Philippines will continue to use interest rates to mitigate against inflation and may step in to defend a depreciating peso, President Ferdinand Marcos Jr said on Tuesday.

Bangkok Post

‘No one would do that’: estate agents deny making rude gesture to Kwarteng

Agents in former chancellor’s constituency are glad to see him go after his effect on property market

The Guardian - UK

New Zealand inflation near record high as wisdom of interest rate rises questioned

Latest figures defy widespread predictions inflation would fall, as the central banks readies an ‘outsized’ rate hike

The Guardian - AU

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How does the RBA set interest rates each month? Why was this month's decision a close call?

The Reserve Bank reveals its recent decision to slow down interest rate increases was "finely balanced" and explains the process by which it arrives at its monthly decisions.

ABC News

How to earn more by switching savings accounts

Online banks have been increasing interest rates for savings accounts during most of the year, following the lead of the Federal Reserve to combat surging inflation with rising rates. But if your money is only earning the national average — or less — elsewhere, then you’re likely not maximizing your…

Tribune News Service

3 Financial Services Stocks You Wouldn’t Want to Buy Right Now

Financial services providers usually benefit from a rising interest rate environment due to the positive correlation of their revenues with interest rates. However, financial services stocks SoFi Technologies (SOFI), Upstart Holdings (UPST), and Marathon Digital (MARA) are not well-positioned to capitalize on the current interest rate environment. One should avoid…

StockNews.com

Leaders worried about skill shortages

Labour shortages are the number one concern for business leaders, closely followed by inflation and rising interest rates.

AAP

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Mini-Budget U-turns mean interest rates may NOT rise as much as feared, say experts

The new Chancellor Jeremy Hunt this morning announced he will scrap major policies planned by his predecessor Kwasi Kwarteng, in an attempt to calm rattled markets

Daily Mirror

The Big Idea: Do governments really control their economies?

With markets, technocrats and voters on their backs, can politicians change anything?

The Guardian - UK

Tesco boss warns millions of people face higher costs this winter as interest rates rise

John Allen, chairman of Tesco, said some people will face hardship this winter, on top of increased costs of food and energy, if interest rates continue to push up mortgage repayments

Daily Mirror

UK to enter recession until summer 2023, experts warn

High energy prices, surging inflation, rising interest rates and global economic weakness to blame

Wales Online

UK to be plunged into recession until summer 2023, economists warn

Britain’s economy is expected to shrink around 0.2 per cent each quarter from October through to June next year

The Independent UK

Goldman Sachs expects worse UK recession in 2023

Bank tips economy to shrink 1% in downgraded forecast, but also predicts lower inflation and interest rates

The Guardian - UK

Tesco boss warns cost of living crisis to worsen with rising interest rates

John Allan says the rising cost of food and power will be joined by soaring mortgage costs

Wales Online

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The Guardian - UK

The Guardian view on central bankers: don’t put them in charge of the crisis

Editorial: The UN is right to warn that governments risk a worldwide recession precipitated by excessive rate rises

The Guardian - UK

Yes, a new economic era was coming, but that made this act of self-harm even more idiotic

All advanced economies are facing a tough future as interest rates spike. But only one decided to add a heap of uncertainties of its own making

Asharq Al-Awsat

OAPEC Says OPEC+ Decision is Correct and Came at Right Time

The Secretary-General of the Organization of Arab Petroleum Exporting Countries (OAPEC), Ali bin Sabt, said the OPEC+ decision to cut oil production is correct and was taken at the right time. In a press statement issued by OAPEC on Saturday, bin Sabt confirmed that the "decision took into account the…

Manchester Evening News

Bank of England governor warns of further interest rates rise amid mortgage crisis

The governor also revealed that he has met with new chancellor Jeremy Hunt

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The Guardian - UK

Mini-budget will likely mean higher interest rates, warns Bank of England governor

Andrew Bailey says UK borrowers can expect to feel impact of Truss government’s tax and spending decisions

Reuters

Hungary government expands scheme that caps mortgage rates - govt decree

Hungary's government has expanded its existing scheme that caps mortgage rates effective Nov. 1 to include mortgages carrying fixed interest rates up to 5 years, it said in a decree published late on Friday.

inkl Originals

The Weekly Wrap for Saturday, 15 October 2022

On Monday the Sveriges Riksbank prize (the Nobel Prize for Economics) was awarded to Ben Bernanke. We can trace the last century of American economics in his life's work. He's often described as the saviour of the last recession. But what about this one?

The Independent UK

Five million households face mortgage bills rising by thousands by end of 2024, experts warn

‘The living standards pain from rising interest rates will be widespread,’ says analyst

The Guardian - AU

Fixed or variable? A look at how home loan rate options across Australia stack up

After crunching the numbers, it’s clear that mortgage holders shouldn’t just do nothing, says RateCity’s head of research

Tribune News Service

US retail sales stagnate as inflation, rates hit consumers

U.S. retail sales stalled last month as shoppers grew more guarded about discretionary purchases amid the worst inflationary environment in decades and rising interest rates.

StockNews.com

4 Stocks to Sell Before the End of 2022

September’s CPI data revealed that inflation is far from being eased despite the Fed’s aggressive interest rate hikes. This reinstates the view that the central bank will raise interest rates more aggressively later this year. Since the market is expected to remain under pressure on concerns over a recession, it…

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