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The Latest Breaking News from Inflation

Dollar Falls Despite Powell’s Hawkish Bias

The dollar index (DXY00 ) on Wednesday fell -0.46% on bearish technical sentiment, with the dollar index knocking on the door of last week’s 5-week low. The forex market remains focused on monetary policy differentials, with the ECB and Bank of England continuing to raise interest rates while the Fed...

Barchart

Alan Kohler: Time to revisit the Allan Fels system of price control – naming and shaming

It’s time to revisit the Fels system of price control.That is – put some resources into price surveillance, and name and shame the gougers.

The New Daily

Biden's 3 Federal Reserve nominees appear likely to win Senate approval

President Joe Biden’s three nominees for the Federal Reserve’s Board of Governors pledged to fight inflation during a confirmation hearing that drew only modest pushback from Republican members of the Senate Banking Committee

The Independent UK

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5 reasons why top economist Mark Zandi says ‘this time is different’ and he’s ‘betting against’ a U.S. recession

“This time is different,” Moody’s Analytics’ chief economist wrote in a CNN op-ed Tuesday. “Odds are that we will buck history and avoid recession.”

Fortune

Rishi Sunak warned of ‘serious shock’ for mortgage holders as Bank of England poised to raise interest rates

Experts warn 1.4m homeowners will see a fifth of their disposable income wiped out by soaring mortgage rates

The Independent UK

Markets Doubt FOMC Will Follow Through on its Forecast for +50 bp Rate Hike

Fed Chair Powell today presented his semi-annual testimony before the House Financial Services Committee. Mr. Powell will appear Thursday before the Senate Banking Committee and repeat his prepared testimony, although he will answer different questions from panel members. Mr. Powell’s prepared statement today was in line with his comments last...

Barchart

Stocks Lower as Fed Chair Powell Reiterates Hawkish Bias

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is down -0.43%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is down -0.18%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -1.08%. U.S. stocks are lower today after Fed Chair Powell,...

Barchart

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OPINION - The problem: Britain’s economy cannot grow without generating inflation

“I ask the court to judge which is worse,” urges the handsome but painfully earnest Dylan McDermott. “A lie that draws a smile or a truth that draws a tear?” This rhetorical flourish is problematic even by Hollywood’s standards, given that Kris Kringle’s lawyer in Miracle on 34th Street appears…

Evening Standard

Bank of England interest rates hit 5% as Andrew Bailey says ‘We know this is hard’

Jumbo hike of half a percentage point is the 13th consecutive rise, cost of borrowing to its highest since 2008

Evening Standard

In a summer of Ticketmaster scandals, 'revenge spending' and inflation, Robert Smith of The Cure is the hero we need

The goth icon speaks for all of us: "I AM AS SICKENED AS YOU ALL ARE."

Fortune

Zelda: Tears of the Kingdom is getting (partial) blame for the UK's record inflation

Zelda gets her very own 'Beyonce Effect'

GamesRadar

OPINION - Bank of England acted too late on inflation and now homeowners will pay

This morning’s UK inflation data can be described in just two words: truly horrible. With headline inflation stuck at 8.7 per cent and core underlying inflation rising from 6.8 per cent to 7.1 per cent, the Bank of England is facing a huge problem. Most thought the Bank’s key policy…

Evening Standard

Why today's inflation announcement is bad news for millions of homeowners

"The fear is that the situation could deteriorate from here"

Manchester Evening News

Why is inflation still so high and what does it mean for me?

The cost of living crisis continues to bite

Liverpool Echo

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Evening Standard

Mortgage mayhem sees lenders pull almost 150 more deals, but worst may still be to come

More lenders may withdraw their deals by the end of the day

Daily Record

Stephen Flynn claims Rishi Sunak has taken 'honesty lessons from Boris Johnson'

MPs voted to take away former PM Johnson's parliamentary pass earlier this week.

Barchart

Markets Today: Stocks Slip Ahead of Powell Testimony

Morning Markets September E-Mini S&P 500 futures (ESU2 3) this morning are down -0.22%, and Sep Nasdaq 100 E-Mini futures (NQU2 3) are down -0.37%. U.S. stock index futures are mildly lower as the market remains cautious ahead of Fed Chair Powell’s semi-annual testimony later this morning before the House...

Axios

Fed chair expects interest rates will increase "somewhat further" this year

He is expected to tell lawmakers that there is still "a long way to go" to cool inflation.

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Bristol Post

What is meant by inflation, why it's still high and how it affects you

It had been expected that the rate would fall again, but it stayed the same

Wales Online

What inflation is, why it's still high and what it means for you

It had been expected that the rate would fall again, but it stayed the same

The Guardian - UK

Sunak defends inflation plan as Starmer labels him out of touch over mortgages

Labour leader accuses PM of failing to act on warnings about home loan repayments hit by ‘Tory penalty’

Daily Record

Inflation hitting Scots hard as cost of food and fuel remain 'eye-wateringly high'

Experts warned Scots face "a miserable summer" of high inflation and higher interest rates.

The Independent UK

Why is inflation still high and what does it mean for me?

The rate of inflation stayed flat at 8.7% in May, despite hopes from economists that it would fall and provide some relief for households.

Evening Standard

Londoners and under-40s hardest hit by Britain’s mortgage rate mayhem (and don’t forget renters)

Inflation refuses to budge as under-40s, renters and London homeowners feel the pain

Evening Standard

OPINION - The Standard View: Londoners feel the squeeze as inflation refuses to budge

In a sea of economic data that always seems to disappoint, today’s inflation figures may plumb new depths. The Consumer Prices Index (CPI) rose by 8.7 per cent in the 12 months to May 2023. In other words, despite all the pain of higher interest rates, inflation remains unchanged.

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