Pension fund panic led to Bank of England’s emergency intervention

The Bank of England on Wednesday launched a historic intervention in the UK bond market in order to shore up financial stability, with markets in disarray following the new government’s fiscal policy announcements. Bloomberg | Bloomberg | Getty Images LONDON – The Bank of England launched a historic intervention to stabilize the UK economyannouncing 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 dollar in the early hours of Monday morning, before recovering slightly on … Read more

Bank of England hikes, says UK may already be in recession

The Bank of England warned that the UK will enter recession later this year. The expected recession is forecast to be the longest since the global financial crisis. Vuk Valcic | SOPA Images | LightRocket | Getty Images LONDON — The Bank of England voted to raise its base rate to 2.25% from 1.75% Thursday, … Read more

Investors brace for a 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 The Turkish lira hit a new record low on Thursday, trading at 18.377 against the dollar at 11:30 am in Istanbul and continuing its downward slide of more … Read more

Here’s everything the Federal Reserve is expected to do today

Construction workers outside the Marriner S. Eccles Federal Reserve Building, photographed on Wednesday, July 27, 2022 in Washington, DC. Kent Nishimura Los Angeles Times | Getty Images There’s not a lot of mystery surrounding Wednesday’s Federal Reserve meeting, with markets widely expecting the central bank to approve its third consecutive three-quarter point interest rate hike. … Read more