Russia’s inflation may reach 8% this years
Russian President Vladimir Putin has suggested that annual inflation in Russia may reach 8% this year, a day before the central bank is likely to raise interest rates to curb rising costs. Labor shortages, credit growth, rising government spending, and a weak rouble create inflationary pressure. Most analysts predict the Bank of Russia to raise…
The Fed will be cut rates sooner due to inflation slowdown
The Federal Reserve has held interest rates constant, despite inflation falling faster than predicted. Fed Chair Jerome Powell stated that people are not writing down rate hikes in their current economic projections, and that they are not the base case anymore. The Fed is now at the point where both mandates are important, with officials…
COP28 has agreed to reduce fossil fuel to save earth
At the COP28 climate meeting, nearly 200 countries agreed to reduce fossil fuel consumption to mitigate climate change, signaling the end of the oil age. The accord, reached after two weeks of intense discussions, was intended to show investors and policymakers that the world is united in its determination to abandon fossil fuels, which scientists…
The Fed probably maintain rate on this weeks meeting
The Federal Reserve is considering ending aggressive rate hikes to lower inflation, but softening financial conditions in recent weeks may pose a threat to monetary policy. Goldman Sachs’ financial conditions index, a measure of financial market tightness, surged to its highest point of the year amid a massive Treasury bond market rout, only to aggressively…
Italy would relief pressure on small business debt
Italy has put its plans to intervene in the 300 billion euro ($323 billion) bad loan market on hold, focusing exclusively on very small company loans. The government’s legislation, proposed by Industry Minister Adolfo Urso, would target business loans that have not yet been sold as a portfolio and be 250,000–500,000 euros each. The initial…
Russia and Iran make a new pact of agreements
Russia and Iran have agreed to accelerate a major new interstate agreement, amid growing political, trade, and military relations between the two countries. The US is concerned about the pact, which could supply military gear for Russia’s conflict in Ukraine. The Kremlin has said Russia and Iran are growing relations, including military-technical cooperation, but did…
Bitcoin managed to climb higher in 2023
Bitcoin has experienced a significant recovery in 2023, with a 164% increase since January 1 and a market cap above $40,000. The cryptocurrency has outperformed gold and the S&P 500, with Ether’s price rising 95%. The surge was driven by investors hoping for a U.S. spot bitcoin ETF and looser monetary policy. Centralized exchange spot…
Japan’s yen and China’s yuan slip on end years
The US dollar rose against Japan’s yen after the Bank of Japan indicated it didn’t need to halt negative interest rates in December, contrary to investor expectations. Chinese deflation increased in November, sending the yuan to a three-week low. The dollar index rose 0.16% to 104.13 due to the dollar’s advance versus the yen. Investors…