and driving hands free around the streets of london, we take a look at the driverless car that may be a gamechanger. let s now get down to business. let s start in the us, where it looks like interest rates will be headed higher and higher. speaking to a senate committee the chair of the federal reserve, jerome powell warned more action might be needed to stabilise prices and tame inflation. many analysts had been expecting another quarter percent rise when the fed meets later this month, but now some are predicting an ever bigger increase. investors didn t like the news, as you can see it sent us financial markets tumbling. the dow, nasdaq and s&p 500 all saw a sell off after powell s comments. our north america business correspondent samira hussain reports from new york. last year, the federal reserve raised interest rates at the fastest rate since the 1980s and it seemed to have helped inflation a little but the labour market remains resilient. the lastjob through sport sh
we start here in the uk where the bank of england has given its bleakest forecast in recent memory a prolonged recession is on the way, starting this autumn and continuing all of next year and into 202a. if accurate, it would be the longest downturn for the uk economy since the financial criss in 2008. inflation is predicted to hit more than 13%, driven by the sharp rise in energy bills. and in an effort to rein in soaring prices, the bank has raised interest rates by the most in 27 years, piling more pressure on households. 0ur economics editor faisal islam reports. as the essentials, from fuel to food, continue to surge in price, with little sign of an end, hitting every household in the country, eventually the entire economy too will actually begin to shrink, a recession now predicted for britain. at the bank of england the governor presented the grim news with troubling charts, almost all heading in the wrong direction. gdp growth in the uk has slowed and the economy is
A temporary speaker has taken the gavel, Patrick Mchenry of North Carolina. Until mccarthys replacement is elected, legislative activity in the house is essentially halted. On wednesday, President Biden called for an end to the polarized atmosphere in congress. More than anything we need to change the poisonous atmosphere in washington. We have strong agreements but we need to stop seeing each other as enemies. We need to talk to one another, listen to one another and work with one another and we can do that. Ijoined the minority leaderjeffries in saying that our republican colleagues remain committed to working in a bipartisan fashion and we are prepared to do it as well for the good of the American People. Earlier my colleague Caitriona Perry spoke with catie edmondson, congressional reporter with the new york times. We have two names in the ring now. Ill be expecting any others . I now. Ill be expecting any others . ~ now. Ill be expecting any others . Now. Ill be expecting any othe
Ranking republican and has served in Congress Since 2008. Our washington correspondent Gary Odonoghue has more on the latest developments. The unprecedented removal of the speaker has Left Congress in chaos. They are taking a week off while they decide what to do next. One rebel was unrepentant. To do next. One rebelwas unrepentant. To do next. One rebelwas unreentant. ,. , unrepentant. This was the right call the american unrepentant. This was the right call the American People call the American People deserve a lead and speaker who will the tell the truth and the International Community need to know the next speaker will be honest and wont go back on the word. ~ ,. ,. , honest and wont go back on the word. , word. With republics and is focusina word. With republics and is focusing on word. With republics and is focusing on themselves word. With republics and is| focusing on themselves the question of funding for ukraine which Congress Controls remains undecided. Which Congress Contro
Well, the vote for the position likely wont be until next week. But in the meantime, a temporary speaker is serving in mccarthys place. Patrick mchenry, a republican representative from North Carolina has taken the gavel, he topped a confidential list of interim leaders named by Kevin Mccarthy when he got the job. Until mccarthys replacement is elected, no progress can be made on a long term Spending Bill to keep the government Open Past Mid November or a new aid package for ukraine. Catie edmondson is a congressional reporter with the new york times. She told us why a leaderless house could mean more chaos in the weeks to come. You have a Republican Party at odds with itself right now, at least in the house, but we have again a Stopgap Funding Bill that is going to run out in the middle of november and negotiations really should start as soon as possible in order to make sure the Us Government does not shut down next month. And you also have the house floor currently paralysed, becaus