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The Federal Reserve decided to leave its key interest rate unchanged at a range of 5% to 5.25%. It was the first time that America’s central bank left the rate on hold following ten consecutive increases, which started in March 2022. However, it indicated that it would probably lift the rate twice again this year.
New figures showing that wages are soaring in Britain probably mean that more interest-rate rises from the Bank of England are on the cards. The data caused the yields on short-term government bonds to jump to their highest levels since August 2008, higher even than the spike after the ill-fated mini-budget of Liz Truss’s government last September.
UBS completed its takeover of Credit Suisse, bringing an end to the latter’s 167 years of independence; for now it will operate as a subsidiary. The emergency takeover was proposed by the Swiss government in March following the collapse of market confidence in Credit Suisse after years of scandals and losses. The combined company will oversee $5trn in assets.
2023-06-15 08:20:26
Source from www.economist.com
