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

Australia’s central bank raises rates by 50 basis points

People walk past the Reserve Bank of Australia building in Sydney. On May 3, 2022, Australia’s central bank raised interest rates for the first time in more than a decade to curb soaring consumer prices. Saeed Khan | AFP | Getty Images Australia’s central bank on Tuesday raised interest rates by the most in 22 … 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 | dpa | 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

British pound plummets as Bank of England warns of recession risk

Sterling hits its lowest level since Jul. 1, 2020. Matt Cardy | Getty Images The British pound on Thursday was set for its largest daily drop since the onset of the coronavirus pandemic, after the Bank of England warned of a sharp growth slowdown in the UK economy. Sterling hit a low of 1.2393 against … Read more

Bank of England hikes interest rates in bid to fight soaring inflation

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 on Thursday raised interest rates to their highest level in 13 years in a bid to tackle soaring inflation. In a widely expected move, policymakers at … Read more

Russia races to avert historic default as bondholders wait for payments

Russia faces renewed threat of debt default on May 4, according to major ratings agencies, as the grace period comes to a close after it attempted to service its dollar bond payments in Russian rubles. Mikhail Tereshchenko | sputnik | via Reuters Russia looks set to meet another deadline for debt payments on Wednesday after … Read more

Australia’s interest rate decision May 2022

Australia’s consumer price index jumped 2.1% for the first quarter in 2022, with prices of food, petrol and other consumer goods all surging. Ian Waldie | Bloomberg | Getty Images Australia hiked its interest rate for the first time in more than a decade, a widely expected move as consumer prices surge. Its central bank … Read more

eurozone breaks another record in April 2022

Inflation in the euro zone remains well-above the ECB’s target, as energy and food prices soar. Bloomberg | Bloomberg | Getty Images Inflation in the euro zone has hit a record high for the sixth consecutive month, sparking further questions over how the European Central Bank will react. Headline inflation in the 19-member region reached … Read more

Russia juggles soaring inflation and sinking growth as sanctions bite

Elvira Nabiullina, Russia’s central bank governor, said on Monday that further interest rate cuts may be necessary as the economy adjusts to new international sanctions. Bloomberg | Contributor | Getty Images Russian central bankers face the difficult task of balancing consumer stockpiling, supply shocks and a predicted slowdown in spending as tough international sanctions try … Read more

Europe to see a sharp recession if Russia’s Putin shuts off the gas taps

The Nord Stream 2 offshore pipeline, the $11 billion project designed to double the flow of gas between Russia and Germany, is now unused and abandoned. Germany halted certification of the pipeline altogether after Russia officially recognized two pro-Russian regions in eastern Ukraine, setting a pretext for the invasion that would ensue. Axel Schmidt | … Read more