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
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
hello and welcome to inside politics. i m john king in washington. thank you for sharing another very busy news day with us. on notice, six more lenders get put on a watch list following the bank intervengs. new inflation numbers today make the challenge even more complicated. the inflation playbook says raise them again. plus the anterior of reagan no more. gop presidential hopeful ron desantis says russia s assault on ukraine and its democracy is not a vital u.s. interest. it s a flip tlop for the governor that puts him in sync with today s gop. and blame mike pence. donald trump says jan 6th would not have happened if pence had helped him steal the election. up for us first, the justice department and the securities and exchange commission now conducting separate investigations into the collapse of silicon valley bank. the news following a startling warning that six other banks ared a at risk of credit downgrades. it s part of the huge balancing act for the economy.
have a series of reports looking at life in afghanistan. also on the programme: more than 80,000 tourists are stranded in a chinese resort, after a coronavirus outbreak sparks a lockdown. and the icelandic volcano spewing out lava and molten rock, that s become a hit with tourists. live from our studio in singapore, this is bbc news it s newsday. hello and welcome to the programme. there were tears ofjoy amongst democrats in the us senate as a landmark bill to tackle climate change was passed. after more than a year of intense wrangling, the sweeping reforms are being seen as a major victory for president biden. republicans had tried to derail the legislation, worth $430 billion, claiming it would undermine economic growth. it also contains measures to reduce the price of healthcare and introduce new taxes for business. senate majority leader, chuck schumer, shared hisjoy that the bill has passed. 0ur bill reduces inflation, lowers costs, creates millions of manufacturing j
China’s emphasis on technology and stability over short-term growth provides investors with a chance to put their capital to work in industries positioned to benefit from the policy pivot, Saxo Markets’ Redmond Wong says.