plus the crypto crash deepens. could it spell disaster for el salvador s multi million dollar gamble on bitcoin? we start in the us where the federal reserve has announced the biggest rise in borrowing costs in 28 years. the fed raised its key interest rate by three quarters of a percent and signalled more big increases are on the cards. as our correspondent michelle fleury reports, from washington, it s battling to control the worst inflation in four decades. intensifying its five figure inflation which is currently at a a0 year high reserve raised its key interest rate by three quarters of a percentage point to a range of 1.5 to one and three quarters of a percent, move that will push up borrowing costs for and company. us interest rates haven t been hiked by this much in one go since bill clinton was in the white house in 199a, the size of the mood something federal chair reflected on during his press conference. clearly the 75 basis point is an unusually large one a
could the uk be heading for a trade war with the european union? that s certainly the fear of some in the business world, as tensions grow over the post brexit deal on northern ireland. uk foreign secretary liz truss is holding talks with the vice president of the european commission in the next few hours, as her government threatens to tear up large parts of the agreement. that could trigger legal action or trade sanctions from the eu as our deputy political editor vicki young reports. for some businesses in northern ireland, trading opportunities have grown, but the rules can cause disruption too. this garden centre in belfast is dealing with extra paperwork and supply issues. it has slowed our deliveries down. we would order lots of stuff from england, from holland. our frustration is that we are a weather dependent business. as soon as the weather gets good, we need to get ordering. we would usually order on a monday for a friday delivery. that has completely changed. we
Afternoon ben, it could go head to head with strictly come dancing under the terms of the new broadcast package. More details coming up. Louise has all the weather with snow showers in many some parts . Yes, plenty in the north and west, significant snow could threaten on sunday. More details in half an hour. Hello everyone this is afternoon live. Lets get the latest from brussels with david eades. Thank you. When it happened, my goodness that happened fast, talks to the matt done suddenly theresa may was in brussels talking with Jean Claude Juncker the president of the European Commission and the deal was done. That was spread from dublin to belfast, everywhere you looked, everyone had some sense of agreement that this would be good enough forJean Claude Juncker to announce that sufficient progress has now been made on three keyissues progress has now been made on three key issues of this brexit divorce to allow for future trade steel discussions to begin. It has been a tortuous proje
A lot of these stocks are struggling. Ofare seeing a little bit trading volumes. You can see ibex by far the biggest loser. Almost down 1 . The tax cut in the u. S. Has been priced in. They now want to focus on 2018. Volatilityin so much heading down from 50 . He had some just 15 . We had 15 . We had some good stories. Coming up on the program, we are plenty more of catalonia. Garcia. Joseph that is coming up. We have a brexit show looking at the 2017 negotiations and little willater, jason furman talk. We will talk about the shutdown and whether that can be avoided. Lets get to the bloomberg first word news with Sebastian Salek. Cooks the u. S. Senate has given approval for certain extending u. S. Senate has given extension. R such an the final measure will maintain current levels of spending through january. It will provide 4. 5 billion in emergency funding. China has signaled it is ready to back another round of sanctions to north korea. The Un Security Council to set the vote today
Bloomberg surveillance. U. S. Yields jumping to the highes level in three years. I looking at crude. The monthly report just coming out now. The report sees explosive growth in u. S. Oil output as prices rally. There is not that much of an impact for the moment on wti. Maybe traders are trying to see what that means for the markets. Coming up right here on bloomberg surveillance, we talked to an activist investor, one of europes largest equity funds later this hour. We will speak with gina miler about all things brexit and nigel wilson joins us to give us his take on where to find the best returns in 2018. Lets get straight to the bloomberg first word news with nejra cehic reporter Germanys Social Democratic Party is looking for other ways to sweeten its stint in angela merkel. Delegates bothdp this sunday on a proposal by Party Leaders to stop formal Coalition Talks with the chancellor. Vote,s predict a tight while young Party Activists lead a campaign to shun policy cover moses. Shun