Moody’s, a credit rating agency, lowered its ratings outlook on the United States to negative from stable. This means that Moody’s sees a higher risk of a downgrade in the future, which could affect the borrowing costs and confidence of the U.S. government. Moody’s actions The main reasons for Moody’sRead More →
Fed Chair Jerome Powell reportedly said he and his colleagues remain steadfast in getting policy in line with their 2% inflation target, but ‘we are not confident that we have achieved such a stance’. He stressed the Fed nevertheless can be cautious as the risks between doing too much andRead More →
U.S. citizens now owe $1.08 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York. U.S. Household Debt Rises to $17.29 Trillion Led by Mortgage, Credit Card, and Student Loan Balances Total household debt rose by 1.3% to reach $17.29 trillion in the thirdRead More →
The market reaction to the U.S. jobs report comes down to a simple observation: bad news is good news, as long as it is not too bad. Stocks rallied sharply after the Labour Department said nonfarm payrolls rose by 150,000 in October 2023, 20,000 fewer than expected but a difference caused mostly by theRead More →
The Bank of England (BoE) announced its latest interest rate decision on Thursday, 2nd November 2023 to hold the bank rate at 5.25%. The Bank of England’s (BoE) Monetary Policy Committee (MPC) voted by a majority of 5-4 to maintain Bank Rate at 5.25%, the highest level in 15 years. However,Read More →
The U.S. central bank has held its key interest rate at its current 22-year high as it seeks to stabilise price increases, which had recently reached near-record levels. The Federal Reserve’s rate remains at 5.25%-5.5%. The bank has been raising interest rates in an attempt to tame the economy andRead More →
House prices had the biggest monthly rise in October for more than a year, according to the Nationwide Building Society. However, they were still down sharply on a year ago, the UK’s biggest building society noted. The rise in prices was most likely due to there not being enough propertiesRead More →
The UK government said it intends to bring a number of crypto asset activities under the same regulations that govern banks and other financial services firms. The U.K. government has recently announced its plans to regulate the crypto industry with formal legislation by 2024. The government aims to protect consumers and growRead More →
The UK rate of inflation is stuck at 6.7% for September 2023, the same rate as August 2023, according to the Office for National Statistics (ONS). It means prices are still rising at the same rate as the previous month. Petrol and diesel costs kept inflation up, the Office forRead More →
The interest the government pays on national debt has reached a 20-year high as the rate on 30-year bonds touches 5.05%. A rise in the cost of borrowing comes at a difficult time for the chancellor, Jeremy Hunt, as he prepares for the autumn statement on 22nd November 2023. TheRead More →
U.K. Gross Domestic Product (GDP) grew by 0.2% in August, the Office for National Statistics (ONS) reported Thursday 12th October 2023, slightly recovering from a downwardly revised 0.6% contraction in July 2023. Services output was the main contributor to growth in August 2023, adding 0.4% on the month to offsetRead More →
The International Monetary Fund (IMF) is an international organization that monitors the health of the global economy and provides financial assistance to countries in need. UK interest rate warning from the IMF Peak at 6%! The IMF believes Bank of England rates will peak at 6% and stay around 5%Read More →
The latest U.S. jobs report for September 2023 was released on Friday, October 6, 2023. The U.S. economy added 336,000 jobs last month, much more than expected, despite the Federal Reserve’s struggle to cool the world’s largest economy. The unemployment rate was 3.8%, in line with August 2023. The data lifted hopes thatRead More →
XRP Cryptocurrency company Ripple said on Wednesday 4th October 2023 that it has obtained a full licence to operate in Singapore, its Asia-Pacific headquarters since 2017. ‘We have hired exceptional talent and local leadership, doubling headcount over the past year and plan to continue growing our presence in a progressiveRead More →
The stock market has been experiencing some volatility and uncertainty in September and October 2023, as investors fret about inflation, interest rates, and the possibility of a U.S. recession. Main facts affecting the current stock market The month of October has produced some severe stock market crashes over the pastRead More →
Highest yields since 2007 The U.S. Treasury yields are the interest rates that the U.S. government pays to borrow money. The 10-year and 30-year Treasury yields are the most widely followed indicators of the long-term health of the U.S. economy and the expectations of inflation and growth. 10 year yield atRead More →
Gold value has been slipping in recent months of 2023 – here are some of the reasons gold prices fluctuate. Dynamic market Gold is a precious metal that is often seen as a safe haven investment and a store of value, but it is also subject to the forces ofRead More →
Credit card losses in the U.S. are rising at the fastest pace since the Great Financial Crisis of 2008. Goldman Sachs reportedly predicts that credit card losses will continue to climb through the end of 2024 or early 2025 for most issuers. This is unusual because the losses are accelerating outsideRead More →
NatWest customers reported money missing from their accounts after making a cash deposit. The bank has said an issue with its cash deposit machines has been now resolved Customers shared their concerns on social media on Thursday 21st September 2023 that recently-deposited cash was not showing up in their accountRead More →
Fed holds steady The Federal Reserve held interest rates steady in a decision released Wednesday 20th September 2023, while also indicating it still expects one more hike before the end of the year and fewer cuts than previously indicated next year. That final increase, if realised, would be it forRead More →
The possibilities of how high the XRP price can go has triggered heated debate among crypto community members over the past week. One particular forecast put the price of the cryptocurrency as high as $10,000 as Ripple advances in the payments sector. However, the validity of this prediction is stillRead More →
New car show room We just don’t have the funds, do we? UK Prime Minister Rishi Sunak is reportedly planning to water down some of Britain’s climate commitments, saying the country must fight climate change without penalising workers and consumers. Sunak issued a statement Tuesday in response to a BBCRead More →
ONS says inflation dropped in August 2023 According to the Office for National Statistics (ONS), the UK’s inflation rate dropped unexpectedly in August 2023 to its lowest level since the start of Russia’s invasion of Ukraine, which led to sharp rises in energy and food costs which were already onRead More →
Eurozone interest rates have been hiked again to a record high by the European Central Bank (ECB). The bank raised its key rate for the 10th time in a row, to 4% from 3.75%, as it warned inflation was expected to remain too high for too long. The latest increaseRead More →
Ultra successful IPO for arm Investors gobbled up UK microchip designer Arm Holdings at its U.S. debut on the Nasdaq on 14th September 2023, sending its market value soaring to $60 billion (£48.3 billion). The shares ended the day worth more than $63 each, after climbing by almost 25% fromRead More →
The value of UK mortgage arrears jumped by almost a third in April to June 2023 compared with the same period last year, according to the Bank of England (BoE). Outstanding mortgage debt is now £16.9bn, the highest since 2016, it said. Mortgage costs have risen for millions as theRead More →