President William Ruto came to power in Kenya in 2022, promising to make life easier for the average Kenyan. But seven months into his presidency, Ruto’s chief economic adviser tweeted in April 2023, “Salary or default? Take your pick.” A month later, the government withheld salaries for thousands of civil service workers to save money […]
The Bank’s Financial Policy Committee, chaired by Andrew Bailey, the Governor, singled out France in particular. He said: “Policy uncertainty could increase existing sovereign debt pressures and interact with pressures on public sector debt levels in major economies, geopolitical risks and risks related to global fragmentation. “These factors and their possible interaction make the economic
The cushion of pandemic savings that helped Americans weather high prices in recent years has been depleted, contributing to the loss of consumer firepower that is flooding the US economy. Delinquencies are increasing. Executives are showing caution among buyers in recent earnings calls, and retail sales barely rose in May after falling a month earlier.
I have been observing how radically unusual various sentiment readings have been for several years now. It didn’t make sense to me that the post-pandemic era saw sentiment levels well below major dislocations like the crash of ’87, the 9/11 terrorist attacks, the Dotcom boom, or the great financial crisis of 08-09. We have tried
(Bloomberg) — Turkey extended an interest rate pause in place since April, with the central bank telegraphing a tough path as it stands on alert for risks to inflation that just peaked above 75%. Most Read by Bloomberg The Monetary Policy Committee led by Governor Fatih Karahan left the one-week repo rate at 50% on
Raise your hand if you think banks are as sound as the Fed says they are. Stress test results Please consider the results of the Federal Reserve’s 2024 stress test This year’s hypothetical scenario is broadly comparable to last year’s scenario. It includes a severe global recession with a 40 percent drop in commercial real
WASHINGTON (Reuters) – New orders for key U.S.-made capital goods fell unexpectedly in May, suggesting business spending on equipment weakened in the second quarter as borrowing costs remained high. Orders of non-defense capital goods, excluding aircraft, a closely watched indicator of business spending plans, fell 0.6% last month, the Commerce Department’s Census Bureau said on
A vendor arranges onions at a vegetable market in Nagaon district, in the northeastern state of Assam, India, on February 1, 2024. Photo only | Photo only | Getty Images This report is from this week’s CNBC Inside India newsletter, which brings you timely, insightful news and market commentary on the emerging powerhouse and the