Charting the global economy: Fed headlines concert of rate hikes
The Federal Reserve, Bank of England and Sweden’s Riksbank were just a handful of central banks raising interest rates this week, underscoring the drastic tightening cycle underway as inflation grips the global economy.
The price of copper — used in everything from computer chips and toasters to power systems and air conditioners — has fallen by nearly a third since March. Still, some of the largest miners and metals traders are warning that in just a couple of years’ time, a massive shortfall will emerge for the world’s most critical metal.
More consumers are saddled with credit-card debts for longer periods of time, according to a survey, struggling to pay them down amid high inflation and rising interest rates. Sixty percent of credit-card debtors say they have been in credit card debt for at least a year, up from 50% a year ago, CreditCards.com said.The risk of a euro-area recession has reached its highest level since July 2020 as concerns grow that a winter energy squeeze will cause a slump in economic activity.
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