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The Latest Breaking News from Paul Donovan

JD Vance backs Trump's call for more political influence over the Fed

Ohioan senator JD Vance, argues monetary policy—which includes interest rates—should "fundamentally be a political decision."

Fortune

Trump's demand for influence over the Fed conjures comparisons to Nixon

Nixon's Fed chair Arthur Burns is viewed by many as the worst in the institution's history for failing to stand up to the White House.

Fortune

U.K. has 'far more millionaires than it deserves' as 500,000 to flee to Italy and Spain

The U.K. will lose 17% of its millionaires in the coming years, but the country's government shouldn't worry.

Fortune

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As Art Basel opens, buyers confront a 'cooling' but still very active market

Multi-million-dollar works by Jean-Michel Basquiat, Yayoi Kusama and Alberto Giacometti went on the market this week as fair Art Basel opened in Switzerland

The Independent UK

America’s latest inflation wave is all about corporations ‘using excuses’ and ‘cover’ to increase profits, says top UBS economist

“We’re seeing this expansion of margin under the cover of, ‘Oh, it’s a general inflation problem, we can’t help it,’ Paul Donovan of UBS said Thursday.

Fortune

‘Greedflation’ takes a turn: Republicans’ hatred of Joe Biden’s economy makes them easy prey for ‘profit-led inflation episodes,’ UBS chief economist says

Look closely at the Michigan consumer sentiment data, Paul Donovan says: “The detail is hilarious…The two groups appear to be living on different planets.” It was flipped under Trump.

Fortune

Corporate greed, inflation and hunger

"Big Food's staggering increase in earnings shows they did not need to raise prices so high on consumers . . . "

Salon

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Beef Australia grapples with accommodation shortage with record visitors expected in 2024

More than 120,000 people are forecast to attend the week-long Beef Australia event next year. But organisers are so desperate for accommodation they're considering chartering flights and urging locals to put their homes up for short-term rent.

ABC News

It’s not pay claims that are driving up prices in Britain. It’s profits

Whatever the chancellor and the Bank may suggest, wage settlements are still running behind the rate of inflation

The Guardian - UK

Bank of England poised to raise borrowing costs to combat inflation

Financial markets expect 0.5 percentage point increase as fears mount that UK is about to enter long recession

The Guardian - UK

ASX closes up, Euro stocks rise on hopes of smaller US rate hikes, Binance in $US1 billion crypto bailout

Australian shares close higher as European stocks rise on hopes of smaller interest rate rises from the US. Meanwhile, Binance announces a $US1 billion crypto bailout.

ABC News

Tory party likened to 'doomsday cult' amid economic chaos and pound collapse

One economist gave a scathing assessment of the Tory party's fiscal plans

The National (Scotland)

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