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'The Fed is breaking things' - Here's what worries Wall Street as risks rise around the world

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

U.S. Federal Reserve Chairman Jerome Powell at a Fed Listens event in Washington, DC, U.S., Friday, September 23, 2022. Al-Draco | Bloomberg | Getty Images As the Federal Reserve steps up its efforts to tame inflation, sending the dollar soaring and bonds and stocks plummeting, there are growing concerns that the central bank’s campaign could …

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Three lessons for Americans from the fall of the pound sterling

Three lessons for Americans from the fall of the pound sterling

For now, the Bank of England has restored some calm to global financial markets, which shook a week ago, after Prime Minister Liz Truss’s new UK government and her Conservative Party announced a huge unfunded tax cut. As economists and financial analysts criticized the policy as untimely and irresponsible, the value of the pound plunged, …

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US imposes 'swift and severe costs' on Russia after Putin's annexation of Ukraine |  CNN Politics

US imposes ‘swift and severe costs’ on Russia after Putin’s annexation of Ukraine | CNN Politics

CNN — The United States is imposing what it describes as ‘swift and severe costs’ on Russia, including sanctions on a figure the Biden administration says is key to Russia’s economy, after the president Vladimir Putin has announced the annexation of parts of Ukraine following what the West calls “sham referendums. Putin on Friday signed …

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Freefalling markets get a good dose of cold from the Bank of England |  CNN Business

Freefalling markets get a good dose of cold from the Bank of England | CNN Business

This story is part of CNN Business’ Nightcap newsletter. To receive it in your inbox, subscribe for free, here. New York CNN Business — All the UK government drama is keeping me from catching up on the only UK drama I really want to consume, which is Love Island season 8, which I still haven’t …

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European Markets Fall as Global Equities Fall;  The Bank of England intervenes in the bond market

European Markets Fall as Global Equities Fall; The Bank of England intervenes in the bond market

Pound slides after Bank of England intervention in bond market The pound fell 1.4% against the dollar on Wednesday, slipping below $1.06 after the Bank of England intervened in the UK bond market to calm recent market turmoil sparked by the so-called ‘mini -budget” of the new government. The Bank announced on Wednesday that it …

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Consumers are increasingly optimistic about the US economy |  CNN Business

Consumers are increasingly optimistic about the US economy | CNN Business

CNN — Consumer confidence rose for a second consecutive month in September, as moderation in gasoline prices and hope that inflationary pressures may ease helped boost the collective morale of the nation. The Conference Board reported on Tuesday that its benchmark index rose to 108 from a revised 103.6 in August, the highest since April. …

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

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

A few months ago, Mike Petree noticed an alarming trend: his bank account was getting uncomfortably low on the weekends before he got his paycheck, paid bi-weekly on Wednesdays. Despite no change in their daily routines, the bills for him and his family of five have skyrocketed: a $120 weekly grocery bill soared to $200, …

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Larry Summers calls UK tax cuts 'totally irresponsible' and warns of possible contagion

Larry Summers calls UK tax cuts ‘totally irresponsible’ and warns of possible contagion

Larry Summers Cameron Costa | CNBC LONDON — Former US Treasury Secretary Larry Summers warned on Tuesday that the United Kingdom had lost its sovereign credibility after the new government’s fiscal policy sent markets tumbling. The pound hit an all-time low against the dollar in the early hours of Monday morning, before recovering slightly on …

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