US central bank last month raised rates for first time since 2023, in move that infuriated Donald Trump The US Federal Reserve left interest rates unchanged on Wednesday during its last board meeting before the midterm elections, keeping rates at one of the highest pre-election levels seen in over 20 years. Two out of 12 board members voted against the pause, preferring to raise rates by a quarter point this meeting, the Fed board said in a statement. Last month, Fed officials raised rates for the first time since 2023, citing rising inflation, bringing rates to a range of 3.75% to 4. Inflation has hovered for years above the Fed’s target rate of 2%, and for most of this year, the annualized inflation rate has remained above 3%. Continue reading...
Fed holds interest rates steady in last decision before midterms
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Labour is still searching for an energy fix for a new world
The chancellor is right to focus on pure affordability, but £100 handouts and delayed decisions won’t shield consumers from the next wave of price hikes Amid the myriad of small measures, virtually everything in John Healey’s budget came back to the cost of energy. The higher energy prices that have resulted from the Iran war have pushed up inflation, are eating into households’ incomes, are a drag on businesses – and are the main reason why the forecast for GDP growth next year was cut from 1.6% to just 1%. And energy was the focus of Healey’s sole surprise in his consumer-facing policies – the £100 payment to 20m households in A-D council tax bands to help with fuel bills this winter. It will be funded, in effect, by tapping the banks for a few quid for 15 months via the bank surcharge. Continue reading...