For the third time in a row, the U.S. Federal Reserve (Fed) increased its benchmark interest rate by 75 basis points, to 3-3.25 percent. "The long-term goal of the central bank is to achieve maximum employment and inflation at 2%. The agency has decided to increase its target range for the benchmark interest rate to 3-3.25 percent in order to meet these objectives and anticipates that...

To combat unacceptably high inflation, the European Central Bank may have to increase interest rates to a point where they restrict economic expansion, said ECB President Christine Lagarde. The key rate consistent with our goal would be in restrictive area, she added, if there was any belief that strong inflation posed a threat to our ability to keep inflation expectations in check. ECB...

According to Reuters, who cited statistics from Chinese customs, Saudi Arabia has reclaimed the top spot in oil shipments to China, which grew by 22% from July to 8.48 million tons in August and by 5% from year to year. Russia now has the position of second in the ranking. The country’s oil exports increased to 8.34 million tons in August from 7.14 million tons a month earlier. The amount rose by...

Goldman Sachs reduced its 1.5% to 1.1% growth forecast for the US economy in 2023. According to Bloomberg, Goldman Sachs has cut its projection for the growth of the US GDP. The new forecast states that instead of 1.5% growth in 2023, the US economy will expand by 1.1%. The forecast for 2022 stayed at 0%. The American investment bank had previously updated its projections for the Fed's rate...

In a recent analysis, the international rating firm Fitch Ratings reduced its prediction for metal prices for the current and next years. Fitch projects spot nickel prices at the London Metal Exchange (LME) this year at $24k per ton rather than $25k, $20k per ton in 2023, and $17k in 2024. The downgrade, according to Fitch, indicates declining demand from the stainless steel industry. The...

Governor of the Reserve Bank of Australia (RBA), Philip Lowe, hinted at future interest rate increases. However, he added that the rate of increases will eventually have to slow down. Given the uncertainty surrounding the global economy, inflation expectations, and household spending, Lowe said in a statement on the economy to the parliamentary committee that the RBA's policy is not...

Governments all across the world have been urged by UN Secretary General António Guterres to tax the excessive profits that oil and gas companies make from the high prices of fossil fuels. At a press conference held at the UN's New York headquarters, he remarked, "I urge states to tax these exceptional earnings." The fact that oil and gas companies are making "the largest profits in history...

In order to offset a rapid rise in energy prices, the EU will propose to set higher levies on power providers who do not utilize gas, the Financial Times reports, citing a document from the European Commission. As part of an emergency package of measures to address skyrocketing energy prices, Brussels "is set to impose higher-than-anticipated charges on non-gas power suppliers." Additionally,...

According to five unnamed sources familiar with the matter, the European Central Bank (ECB) may increase its key interest rate to 2% or higher to combat inflation, according to a report by Reuters. They contend that the record-high inflation in the euro zone is forcing the ECB leaders to act this way. The sources claim that an increasing number of lawmakers believe it is likely that the ECB will...