Chancellor Jeremy Hunt has backed further interest rate hikes being used to rein in inflation even if they increase the risk of pushing the UK into recession. The Bank of England (BoE) has raised rates 12 times in a row to 4.5 percent from 0.1 percent in December 2021. The Consumer Prices Index (CPI) of…
‘Huge Income Shock’ Predicted for Households on Fixed-Term Mortgage Deals
British households with fixed-term mortgage deals will feel the impact of higher interest rates when their current deals expire by the end of next year, a Barclay’s chief has warned. Barclay’s CEO CS Venkatakrishnan told the Wall Street Journal CEO Council that a higher portion of households’ earnings will be spent on mortgage payments, leading…
Several Federal Reserve Officials Mull 11th Round of Rate Hikes
May 23, 2023
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bank crisisBusiness & Marketseconomic policieseconomyFederal Reserveinflationinterest ratesInvestmentMarketsPolicies & ImpactsrecessionUS
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Several Federal Reserve officials are open to at least one more interest rate hike in the coming months to cool inflation. Several top policymakers have publicly spoken in favor of returning to the hawkish policy of the previous year at the next meeting in June, reported Fox Business. However, the central bank has come under increasing…
Fed’s Kashkari Open to Holding Rates Steady at Next Policy Meeting in June
May 22, 2023
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Business & Marketseconomic policieseconomyFederal Open Market Committee (FOMC)inflationinterest ratesMarketsNeel KashkarirecessionU.S. InflationUS
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Minneapolis Fed President Neel Kashkari, a member of the central bank’s rate-setting monetary policy committee, is open to pausing interest rates at the next policy meeting in June. He told the Wall Street Journal on May 21 that members of the Federal Open Market Committee (FOMC) need more time to assess the results of previous rate increases…
Delinquency Rates Inching Higher as Inflation, Interest Rates Hit Consumers
New data show that delinquency rates are rising across the U.S. marketplace as consumers contend with high inflation, real negative wage growth, and rising interest rates. According to the Federal Reserve Bank of New York’s (FRBNY) Household Debt and Credit Report, the overall flow into serious delinquency rate (90 days or more delinquent) rose to…
Mortgage Arrears and Repossessions Jump as Homeowners Struggle Amid Soaring Interest Rates
May 19, 2023
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Bank of EnglandBusiness & Marketseconomyhomeownersinflationinterest ratesmortgagepersonal financeUKWorld
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The number of homeowners in arrears and properties being repossessed jumped in the first quarter of this year, as mortgage costs soared amid repeated interest rate hikes. According to figures from trade body UK Finance, some 750 homeowner mortgaged properties were taken into possession in the first quarter of 2023, a 50 percent increase from…
Federal Reserve Officials Plan for Higher Rates as Inflation Threat Persists
The message was loud and clear from multiple Federal Reserve officials: interest rates will stay higher this year, the benchmark rate might increase, and it is unlikely there will be any rate cuts this year. Inflation is an issue that is still plaguing monetary policymakers, and restoring price stability, even in the face of a…
Fed Officials Say Don’t Bet on Rate Cuts Even If There’s a Recession
Two senior Federal Reserve officials threw cold water on investor hopes for interest-rate cuts anytime soon as they both expressed concern about stubborn inflation. Raphael Bostic, president of the Federal Reserve Bank of Atlanta, highlighted the stickiness of inflation while saying that he does not anticipate any interest-rate cuts this year and, if anything, “we may have…
Top Fed Official Warns Inflation Still Too High and More Rate Hikes May Be Appropriate
A senior Federal Reserve official said that the latest price data show inflation is still too high to warrant an easing of monetary policy and may even require further interest rate hikes The remarks deliver a counterpoint to growing market expectations for a so-called Fed pivot. Michelle Bowman, who sits on the Fed’s Board of…
Bank of England Raises Interest Rates to Highest Level Since 2008
The Bank of England (BoE) has raised interest rates from 4.25 percent to 4.5 percent marking their highest level in almost 15 years. It’s the bank’s 12th consecutive rate hike and a peak since October 2008. Governor Andrew Bailey said the BoE is now forecasting “modest but positive growth” instead of a “shallow but long recession”…
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