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Turkey's Inflation Surges to 54%, Highest in 20 Years As Food and Energy Prices SoarMar 3, 2022 - 07:34:44 PST
Turkey's annual inflation jumped more than expected to a two-decade high of 54.4% in February, fuelled by a crash in the lira last year and soaring commodity prices that are expected to climb higher due to Russia's invasion of Ukraine.
White House Asks Congress For $10B In Ukraine Aid, $22.5 Billion In COVID FundsMar 3, 2022 - 07:28:40 PST
"Given the rapidly evolving situation in Ukraine, I anticipate that additional needs may arise over time," wrote Office of Management and Budget acting director Shalinda Young in a Thursday letter to House Speaker Nancy Pelosi, adding that she also anticipates "additional funding will be needed to support the covid-19 response" as well.
Mar 3, 2022 - 07:25:00 PST
A think tank has alleged that China is using survey ships to stake claims in the South China Sea, and there are fears this could be linked to a potential invasion of Taiwan
China Calls Reports on Chinese-Russian Coordination on Ukraine 'Fake News'Mar 3, 2022 - 07:15:30 PST
"The New York Times report is pure fake news," said spokesman Wang. The Chinese foreign ministry said on Thursday that reports on Chinese and Russian coordination ahead of Russia's attack on Ukraine are "fake news."
The Biden administration is delaying and revisiting its National Defense Strategy, the blueprint for how the Pentagon will meet immediate and long-term security challenges, as the U.S. and its allies scramble to respond to Russia's invasion of Ukraine and the threat Moscow poses to Eastern European countries.
U.S. Delays ICBM Test-Launch in Bid to De-Escalate Russia Nuclear TensionsMar 3, 2022 - 07:02:40 PST
The U.S. military said on Wednesday it will postpone a scheduled test launch of a Minuteman III intercontinental ballistic missile, in a bid to lower soaring tensions after Russia announced it was putting its nuclear forces on high alert.
Lavrov Says Russia Will Continue Ukraine War Till 'The End', Has No Thoughts of Nuclear WarMar 3, 2022 - 06:58:47 PST
Russian Foreign Minister Sergei Lavrov said on Thursday he believed some foreign leaders were preparing for war against Russia and that Moscow would press on with its military operation in Ukraine until "the end”. Lavrov also said Russia had no thoughts of nuclear war.
Mar 3, 2022 - 06:52:38 PST
Federal Reserve Chairman Jerome Powell is back on Capitol Hill on Thursday to deliver his semiannual economic assessment to the Senate Committee on Banking, Housing and Urban Affairs. He told a House committee Wednesday to expect rate increases ahead but noted the implications for the U.S. economy from the Ukraine war are “highly uncertain.”
As economic sanctions began to put a stranglehold on the Russian economy, long lines formed at banks and ATMs as everyday people tried to pull cash from their bank accounts. A Russian economy expert from the Foreign Policy Research Institute called it "a full-fledged bank run."
Based on the charts, it should be only a matter of time before silver's price strengthens.
If Currency Reserves Aren’t Really Money, the World Is in for a Shock: WSJMar 3, 2022 - 05:47:57 PST
Sanctions on Russia have shown that currency reserves accumulated by central banks can be taken away. With China taking note, this may reshape geopolitics, economic management and even the international role of the U.S. dollar.
Fed's Evans Says Higher Interest Rates Needed To Reduce Surging U.S. InflationMar 3, 2022 - 05:43:27 PST
The president of the Chicago Federal Reserve said the central bank is poised to approve a series of increases in interest rates, but he said high U.S. inflation is likely to remain above 3% through the end of the year.
If full-blown stagflation is here, strategists say the best moves are into commodities, playable via miners, oil companies and fertilizer manufacturers. Then there’s cash.
“[The Ukraine-Russia conflict] underscored the need for congressional action on digital finance including crypto currency,” Fed Chair Jerome Powell said in Congressional testimony on Wednesday.
If the Russia-Ukraine conflict’s international ramifications keep spreading, we face a real possibility of a bifurcating global economy. according to FreightWaves CEO Craig Fuller.
Inflation continues to chew up your paycheck.While consumer prices rose 0.7% in January, income from all sources, including wages, salaries, interest dividends, rental income, unemployment, Social Security, etc. was essentially flat.And when adjusted for inflation, real personal income fell by 0.5%.
“Spare capacity is falling and the [oil] market is having to reprice that lack of safety margin,” JP Morgan’s head of global energy strategy, Christyan Malek, told the Financial Times last week.
European stocks with business exposure to Russia have lost more than $100 billion in market value since the war risks surged. Still, with the impact of sanctions on Moscow remaining uncertain, few are ready to snap them up just yet.
The euro slid to its lowest level in almost six years against Britain's pound and was pinned near 21-month lows versus the dollar on Thursday, as a fresh surge in energy prices heightened worries about the euro area economic outlook.
Russia's central bank has imposed a 30% commission on foreign currency purchases by individuals on currency exchanges, brokers told Reuters, citing a letter from the regulator.