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The Latest Breaking News from Interest Rates

OBR forecasts likely to show £60bn-£70bn hole after Kwarteng’s mini-budget

Predictions handed to chancellor expected to paint gloomy picture for UK economy amid sweeping tax cuts

The Guardian - UK

DWP under fire for 'inadequate' mortgage help scheme

A former Liberal Democrat MP said the 'safety net' had been 'dismantled'

Bristol Post

US employers added 263,000 new jobs in September as ‘cracks’ appear in labor market

Jobs market growth has remained robust despite rising interest rates and fears of a recession, but how long it can maintain trajectory is unknown

The Guardian - US

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The Week Ahead: Seeing the bottom line of earnings deflation and economic apprehension

Amid the stock market's obsession over inflation and interest rates, investors may be asking themselves, “What about profits?” After all, the market is supposed to reflect corporate profit expectations, not just economic statistics.

Miami Herald

Oil Prices Reach Highest Level in Three Months after ‘OPEC+’ Deal

Oil prices have stabilized near the highest level in three months, after OPEC+ key ministers agreed oil production cuts of 2 million barrels per day. This is the highest oil cut since 2020. Saudi Energy Minister Abdulaziz bin Salman said OPEC+ had needed to be pro-active as central banks around…

Asharq Al-Awsat

Bank of England must ‘stay the course’ fighting inflation; US keeps adding jobs; UK house prices fall – as it happened

Deputy governor Dave Ramsden says “however difficult the consequences might be for the economy, the MPC must stay the course” on interest rates

The Guardian - UK

Reserve Bank acknowledges its rapid rate hikes could force some people to sell their homes

Australia's Reserve Bank says its rapid interest rate rises could see some mortgage owners fall into arrears, and some even having to sell their homes.

ABC News

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New roundtable to boost housing investment

The Albanese government will explore opportunities to co-invest in housing projects alongside private investors.

AAP

Keir Starmer: Reverse kamikaze mini-budget

Sir Keir Starmer said Liz Truss had “taken the economy” and “driven it into a wall” after the Prime Minister’s suggestion that Labour was part of an “anti-growth coalition”. The Labour leader branded Ms Truss the “destroyer of growth” as he baulked at the Prime Minister’s claim, adding mortgages were…

Evening Standard

The Political Class Has Consistently Ignored Warnings of Fiscal Doom. Now Americans Are Paying the Price.

Warnings of inflation and rising interest rates have long been tied to high and rising debt levels.

Reason

Bank confirms pension funds almost collapsed amid market meltdown

Official explains how promise to buy up to £65bn of government debt staved off destructive UK financial spiral

The Guardian - UK

How do interest rates affect inflation?

Borrowing costs at their highest level in 14 years

The Independent UK

What economy chaos will mean for Merseyside mortgages

New analysis shows hundreds of pounds will be added to payments as Labour tells government to reverse plans

Liverpool Echo

Residential market to see healthy Q4

The economic rebound, a revival of purchasing power and unchanged housing prices will drive residential market growth in the fourth quarter amid inflation and rising interest rates, according to property developers.

Bangkok Post

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Wales Online

Shopper footfall slows for third month running as households face cost of living crisis

Retail analyst warns that inflation, rising interest rates and hybrid working is impacting on people's shopping habits

The Independent UK

Recovery in shopper numbers slows as inflation bites

Shoppers likely to spend even more cautiously in October in face of inflation and rise in interest rates

Bangkok Post

Cabinet reiterates BoT has free rein for its duties

The government has pledged it will not intervene in the central bank's handling of inflation, interest rates and the baht's movement, instead asking the Finance Ministry to provide additional information to the bank.

Edinburgh Live

Nationwide Building Society confirms interest rates rises across saving accounts

The Nationwide Building Society has confirmed that the savings rate will rise across the Fixed Rate and Triple Access products. But what does this mean? here's what you need to know.

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The Guardian - UK

MPs pressure Pensions Regulator over support for hedging contracts

Questions raised over why watchdog backed use of risky investment strategies for major pension funds

Wales Online

What we know about mortgage rates, when they might go down, and how long you should you fix for

Mortgage rates are continuing to rise despite the government's U-turn on the 45p tax rate after weeks of turmoil on the markets

Reuters

WTO warns 'darkened' trade outlook could deteriorate further

The World Trade Organization forecast a slowdown of global trade growth next year as sharply higher energy and food prices and rising interest rates curb import demand, and warned of a possible contraction if the war in Ukraine worsens.

The Independent UK

WTO predicts trade growth to slow next year amid crises

The World Trade Organization is predicting global trade volumes to grow a lackluster 1% next year as higher energy prices, rising interest rates and uncertainties about Chinese manufacturing output amid the lingering COVID-19 pandemic weigh on markets

ABC News

Which banks are passing on the interest rates to borrowers? What about savers?

The major lenders were quick to pass on the interest rate rise to mortgage holders, but only certain savers will see the benefits of the Reserve Bank of Australia's latest hike.

Evening Standard

Are London house prices about to crash? Warnings of ‘year of pain’ amid rising interest rates and inflation

The property market faces a ‘year of pain’, with a new two-year forecast estimating a 10 per cent drop for house prices. But how low will they really go?

ABC News

As Reserve Bank lifts interest rates again, more households seek relief from Foodbank

The Reserve Bank of Australia is still prepared to keep lifting interest rates, even as more households struggle financially, with many now seeking food relief.

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