think is a mistake. i believe in it so that we are going to get there but we are going to get there in decades and not overnight. between now and then we are still going to need oil and gas and if we had got supplies in the uk it seems to me absurd not to use those because it will create jobs and also nick improves our energy security and reduces inflation. we have seen what happens when energy dictators hold us to ransom, so cutting off our own supplies of energy seems short sighted policy and it would the situation worse. on public sector pay, low value public sector workers, they do an incredible job, the nhs or the teachers, for example, and of course everyone would like to be paid more, but i have got to be cognisant of what we can afford and what is responsible and it would be dishonest to say, i m going to borrow money so i can give you a generous pay rise and make my life easier for a give you a generous pay rise and make my life easierfor a bit but knowing full well
hovering around 2%. right now, it sits somewhere around 4%. that s certainly better than where it was last year. somewhere above 8.5%. but it is still not good enough. and it s why the fed chair jerome powell has said more interest rate hikes seem pretty likely. in may, the 12 month change in the cpi came in at 4.0% and the change in the core cpi was 5.3%. inflation has moderated somewhat since the middle of last year. nonetheless, inflation pressures continue to run high and the process of getting inflation back down to 2% has a long way to go. the theory is by making it more expensive to borrow money it should cool off the economy. and ten rate hikes later, that tactic seems to be working. of course, the danger is the us economy could fall into a recession. those hawkish comments by mr powell had certainly weighed on investor minds. the nikki index is trading flat as japanese investors look at what happened on wall street overnight aftermarket sales for a third straight on
it is 8:00 p.m. in new york, 7:00 in iowa for the caucuses where have just been called to order. the 2024 election is officially underway. after a prayer and the pledge of allegiance iowa caucus goers from all 99 counties will hear from representatives of each campaign. ones each representative is heard, you write your preferred candidates name on a piece of paper, put it in a basket and the whole basket is counted in front of everybody. this is about as basic as it gets and that s a good thing. no machines. no harvesting. no drop boxes. those results will come trickling in in any second. we will know the winner tonight. imagine that. early reports indicate that donald trump is performing incredibly well. so sit back and watch because this is actually fun. would you leave your house at night when his 20 below zero, drive across the frozen tundra to politic inside a high school gymnasium? thousands of americans in iowa are. these are the diehards. they ve got a final peptalk t
three hours of breaking stories, and checking out the truth behind them. let s start with that massive hunt for the missing submersible in the north atlantic which is now in a critical phase. fears are growing for the five people onboard the missing vessel, which lost contact, during a descent to the wreck of the titanic. it s thought the oxygen supply on board may have run out. but the us coast guard insists it remains focused on finding the crew alive. we were told they were certain the crew would have slows their consumption of oxygen, extending the time available for the rescue. the search area has been doubled in size, and a french ship with a robot that can reach the sea bed is on site. live now to boston where sumi somaskanda has been following the story hello matthew. that is right. this is a massive search, and you have to understand that the ships and aircraft on site at the moment are scarring an area of around 10,000 square miles. they are also trying to loo
right now, it sits somewhere around 4%. that s certainly better than where it was last year. somewhere above 8.5% but it is still not good enough. and it s why the fed chair jerome powell has said more interest rate hikes seem pretty likely. in may the 12 month change in the cpi came in at 4.0% and the change in the core cpi was 5.3%. inflation has moderated somewhat since the middle of last year. nonetheless, inflation pressures continue to run high and the process of getting inflation back down to 2% has a long way to go. the theory is by making it more expensive to borrow money it should cool off the economy. and ten rate hikes later, that tactic seems to be working. of course, the danger is the us economy could fall into a recession. those hawkish comments by mr powell had certainly weighed on investor minds. spell, likewise on wall street on wednesday. still staying on the topic of interest rates, it s going to be a busy day for monetary policymakers here in southeast as