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spending under control and get our economy back on track. and you have to do both. joining me now is ed price, principal analyst at ergo intelligence. both parties in full campaign mode on this legislation. do you foresee it being passed? ido i do foresee it being passed, i think that is also the conventional wisdom and i have no reason to doubt it. it would be spectacular if the us decided to default on its debt. but there was something about this merry go round this time that seems just this merry go round this time that seemsjust a this merry go round this time that seems just a little bit worse than previous times. i would suggest that if lawmakers in the us are really concerned about avoiding fiscal collapse and avoiding debt, they should also really worry about what this makes the country look like, what it makes its creditworthiness look like at least in politics. in creditworthiness look like at least in politics. least in politics. in terms of o tics, least in polit ....
let s update you on the fallout following the collapse of silicon valley bank. injapan today shares in its biggest banks have dropped sharply as global markets react to the banking sector sell off in the us. despite a promise from us president biden that his government would do everything needed to maintain stability. on monday americans were lining up outside their branches to access their funds. some venture capitalists in california were seen taking out their money in cashier cheques worth millions of dollars. the volatility sparked by the collapse of svb has led to speculation the federal reserve will now pause its plans to keep raising interest rates, designed to tame inflation. our north america business correspondent, michelle fleury, reports from new york. what the hammock in the us banking sector means for the broader economy is to be seen but it s taking calculations about how america s fight against inflation maeve plouffe. economists at goldman sachs no long ....
hello and welcome to audiences in the uk and around the world. we begin in the us where the central bank is expected to increase interest rates by another 75 basis points today which would be the fourth consecutive increase of this size. many are hoping for signs the federal reserve may soften its approach in the months ahead with markets anticipating a 0.5% rate rise in december. so what s different within the us economy that would lead the fed to change its current course? here s michelle fleury. since march the federal chair hiked the rate by three percentage points, in so doing caused more expensive loans on everything, from houses to cars and credit cards, so far they have done so without any damaging slowdown in job have done so without any damaging slowdown injob or growth wealth creation. the trouble is there is no sign of a living rolling off with consumer prices, inflation still high at over 8% and still the fed has focused on. and until it sees inflation c ....