‘The Fed is breaking things’ – Here’s what Wall Street has on edge as risks rise around the world

Jerome Powell, chairman of the US Federal Reserve, during a Fed Listens event in Washington, DC, US, on Friday, Sept. 23, 2022. To Drago | Bloomberg | Getty Images as the Federal Reserve ramps up efforts to tame inflation, sending the dollar surging and bonds and stocks into a tailspin, concern is rising that the … Read more

Iron Mountain CEO William Meaney ‘praying for inflation’

The chief executive of a Boston-based tech firm told investors that he has been “praying for inflation” because it’s good for his business, according to a report. William Meaney, CEO of data storage and management company Iron Mountain, told Wall Street analysts last week that high prices benefit the company’s margins, which is why he … Read more

Erdogan says Turkey will keep cutting interest rates, mocks British pound

Turkish President Tayyip Erdogan addresses members of his ruling AK Party (AKP) during a meeting at the parliament in Ankara, Turkey May 18, 2022. Murat Cetinmuhurdar/Presidential Press Office/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. DO NOT RESCUE. DO NOT FILE. MANDATORY CREDIT Murat Cetinmuhurdar | Reuters Turkey will keep cutting … Read more

Nearly 70% of Americans are looking for extra work to combat inflation

A few months ago, Mike Petree noticed an alarming pattern: His bank account would get uncomfortably low on the weekends before he’d get his paycheck, paid biweekly on Wednesdays. Despite no changes to their daily habits, bills for him and his family of five skyrocketed: a $120 weekly grocery bill ballooned to $200, and a … Read more

Larry Summers blasts UK’s ‘utterly irresponsible’ fiscal policy

Larry Summers Cameron Costa | CNBC LONDON — Former US Treasury Secretary Larry Summers on Tuesday warned that the UK has lost sovereign credibility after the new government’s fiscal policy sent markets into a tailspin. the british pound hit an all-time low against the dollars in the early hours of Monday morning, before recovering slightly … Read more

The ‘real cure’ for inflation has gone ignored, Steve Forbes says

The British pound plunged to a record low on Monday morning in Asia, following last week’s announcement by the new UK government that it would implement tax cuts and investment incentives to boost growth. In focusing on raising interest rates to cool inflation, central banks and governments have overlooked the importance of maintaining stable currencies, … Read more

Britain is becoming an ’emerging market country,’ analyst says

Pensioners protest over rising fuel prices at a demonstration outside Downing street called by The National Pensioners Convention and Fuel Poverty Action on February 7, 2022 in London, England. Guy Smallman | Getty Images Political instability, trade disruptions, an energy crisis and skyrocketing inflation are rendering the UK an “emerging market country,” according to Saxo … Read more

The S&P 500 could retest its bear market low as Fed meeting looms, according to chart analysts

With the Federal Reserve meeting this week, stocks could be volatile, and technical analysts say the S&P 500 looks increasingly set for a retest — and possible break — of its June low. Stock charts have seen a lot of damage recently, and some technical strategists are becoming more pessimistic in the near-term. In the … Read more

European markets open to close, BOE and SNB rate decisions

Swiss franc weakens dramatically against dollar, euro and sterling after rate hike The Swiss franc weakened dramatically against the US dollar, euro and sterling following the central bank’s decision to hike interest rates by 75 basis points to 0.5%. At 9:30 am London time, the dollar was 0.9% higher against the Swiss currency, while the … Read more

Investors brace for possible rate cut amid Turkey’s 80% inflation

An electronic board displays exchange rate information at a currency exchange bureau in Istanbul, Turkey, on Monday, Aug. 29, 2022. Nicole Tung | Bloomberg | Getty Images Investors are bracing for another potential interest rate cut – or simply a hold on the current rate – as Turkey refuses to follow economic orthodoxy in battling … Read more