Opinion: Jerome Powell is the worst Federal Reserve policy maker in my lifetime

In the history of the Federal Reserve, the most revered chairmen are William McChesney Martin, Paul Volcker and Alan Greenspan. All gained their reputation by decisive monetary policy action at times when stock and bond markets did not want or expect them to act. William McChesney Martin was blamed for creating the recessions in the … Read more

Russia’s ruble is at strongest level in 7 years despite sanctions

Russian one ruble coin and Russian flag displayed on a screen are seen in this multiple exposure illustration photo taken in Krakow, Poland on March 8, 2022. Jakub Porzycki | Nurphoto | Getty Images Russia’s ruble hit 52.3 to the dollar on Wednesday, an increase of roughly 1.3% on the previous day and its strongest … Read more

Sterling has further to fall, strategists say

LONDON — Sterling has fallen by more than 9% against the US dollar so far this year and despite a recent reprieve, currency strategists see further pain ahead for the pound. The Bank of England last week delivered another 25 basis point hike to interest rates, a more cautious move than peers such as the … Read more

Bank of England hikes rates for the fifth time in a row as inflation soars

LONDON — The Bank of England on Thursday implemented a fifth consecutive hike to interest rates as it looks to rein in soaring inflation. The Monetary Policy Committee voted 6-3 to increase the Bank Rate by 25 basis points to 1.25%, with the three dissenting members voting for a 50 basis point hike to 1.5%. … Read more

Bank of England set for fifth straight rate hike as growth and the pound wobble

BOE Governor Andrew Bailey has warned the Bank is walking a “narrow path” between growth and inflation. Bloomberg | Bloomberg | Getty Images LONDON — The Bank of England is expected to hike interest rates for the fifth consecutive monetary policy meeting on Thursday, as it looks to reign in soaring inflation against a backdrop … Read more

Global markets are tanking ahead of a huge week for central banks

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, June 1, 2022. Brendan McDermid | Reuters LONDON — Global stock markets are falling sharply after May’s US inflation print reignited fears that central banks will be forced into aggressive monetary policy tightening. Friday’s highly-anticipated consumer price index … Read more

European Central Bank confirms July rate hike plans, raises inflation projections

The European Central Bank faces a tough balancing act, with inflation running at record highs while the war in Ukraine casts a shadow over the growth outlook. Thomas Lohnes | Getty Images News | Getty Images The European Central Bank on Thursday confirmed its intention to hike interest rates at its policy meeting next month … Read more

Sterling is taking on ’emerging market’ characteristics: Bank of America

A trader pauses while monitoring financial data on computer screens at ETX Capital, a broker of contracts-for-difference, in London, UK on Friday, Oct. 7, 2016. Chris Ratcliffe | Bloomberg | Getty Images LONDON – Sterling is in danger of becoming an “emerging market” currency as falling growth and growing risks cause investors to flee the … Read more

UK inflation jumps to 40-year high of 9% as food and energy prices spiral

The UK’s Office for National Statistics said its estimates suggest that inflation would have last been higher “sometime around 1982.” Justin Tallis | afp | Getty Images LONDON — UK inflation soared to a 40-year high of 9% in April as food and energy prices spiraled, official figures revealed Wednesday, escalating the country’s cost-of-living crisis. … Read more