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lets now get down to business. the biggest interest rate rise since 1989. that s what we are awaiting from the bank of england in just a few hours time as it battles to control soaring prices. the bank is widely expected to raise its benchmark rate from 2.25% to 3% pushing up the cost of mortgages, credit cards and loans. it comes as america s central bank the us federal reserve raised its main rate by three quarters of a percentage point and warned borrowing costs will have to go higher than many are expecting. michelle fleury has this from new york. this is the fourth time in a row that the us central bank has raised interest rates so aggressively, with another hike possible in december. the rapid pace of increases is in response to prices that have been rising at their fastest pace in four decades. now, as the race to beat inflation continues, the question for everyone is, will mr powell and his colleagues really keep up this pace? in its statement, for th ....
At their fastest pace in four decades. now, as the race to beat inflation continues, the question for everyone is, will mr powell and his colleagues really keep up this pace? in its statement, for the first time in this tightening cycle, the fed did explicitly acknowledge that a slower pace will be warranted at some point, since it takes a long time for the effect of a rate hike to show up in economic data. us financial markets leapt on this news stock prices surged before falling back to earth following comments by mr powell. during his press conference, the fed chair warned investors not to get ahead of themselves, suggesting that it was too soon to hit a pause on its rate hikes. let me say this. it s. it is very premature to be thinking about pausing. so people, when they hear lags, they think about about a pause. it s very premature, in my view, to think about or be talking about pausing our rate hike. we have. ....