Federal Reserve Chairman Kevin Warsh said the US central bank will likely reduce the number of interest-rate decisions it makes each year to six from eight, and will begin phasing in the new meeting schedule in 2027.
John Healey’s budget punted the biggest decisions facing Andy Burnham’s new UK government into the future, focusing instead on modest measures designed to help ordinary Britons and businesses weather the cost-of-living crunch..
Yields on short-dated US Treasuries fell after the Federal Reserve held off on raising interest rates while signaling fewer policy-setting meetings next year, leaving traders recalibrating bets on the central bank’s rate path.
Federal Reserve officials left interest rates unchanged and reiterated their commitment to containing inflation without offering a clear signal they might raise rates at their next meeting in December.
Top UK business groups gave Chancellor of the Exchequer John Healey’s first budget a thumbs-down, calling out the lack of measures to support companies.
Giorgia Meloni’s government approved a €26 billion ($29 billion) budget mainly aimed at cutting taxes for Italy’s middle class, in a bid to woo voters ahead of next year’s general election.
Britain’s efforts to protect millions of its households from rising energy costs this winter will have barely any effect on the overall level of inflation, the country’s fiscal watchdog said.
The UK budget promised relief for households struggling with the cost-of-living crisis, although the size of the package is much smaller than the one introduced in 2022 after the outbreak of the war in Ukraine.
The UK budget touted plenty of measures designed to help households and businesses struggling with the cost of living. But the country’s grim fiscal bind means any relief will be shortlived.
French Finance Minister Roland Lescure said the government is determined to get a deficit cutting budget enacted and will use any tools available, including untested executive orders.
The Bank of Canada hiked interest rates to ward off upside inflation risks posed by higher energy prices, and said it would determine whether more increases are necessary one decision at a time.
Artificial intelligence is contributing to a US economic expansion that has shown signs of picking up steam in recent months. Economists forecast that third-quarter figures due Oct. 29 will show the fastest pace of growth in gross domestic product in a year. AI doesn’t have its own item line in the report, but its reach spans across many categories.
UK bonds and stocks advanced after Chancellor of the Exchequer John Healey delivered a well-telegraphed budget that reassured investors the government will stick to its pledges of fiscal discipline.
Uganda’s finance minister said the nation is committed to seeing through the latest currency volatility fueled by a combination of temporary shocks and deeper structural vulnerabilities.
