According to Bank of Canada Governor Tiff Macklem, inflation in Canada is strong and higher interest rates will be needed in order to cool the overheated economy.

Due to risks of consumer spending slowing, threats to worldwide economic stability and new rate hikes, Fed staff economists see a higher probability of a downturn to come in 2023.

Today, on November 23, the U.S. Federal Reserve’s (Fed’s) minutes of the previous meeting are to be released. Analysts at Canadian bank, Scotiabank, highlighted three key moments, which are worth looking out for.

Hewlett-Packard (HP Inc.) is struggling. As a result of a drop in demand for personal computers, the company's profits have fallen. HP had to reduce the number of jobs. About 6 thousand people will be laid off within three years.

Growing threats to stability caused by interest rate hikes and inflation are currently posing serious difficulties for many Canadian households.

During the two last years, Citigroup Inc increased the staff of the investment banking division by 50%. New employees were hired in the United Arab Emirates and Saudi Arabia.

According to Trafigura Group, one of the world’s largest exchange companies specialized in commodity trading, Europe may avoid a natural gas shortage this and the following year.

The Federal Reserve System is fighting inflation and limiting the economic downturn successfully, so U.S. benchmark bonds will trade at 4% yield level or higher.

Esther George, president of the Federal Reserve Bank of Kansas City, said that households with lots of savings will be able to feel comfortable during tough times. However, in her opinion, raising interest rates is necessary in any case, as it will help cool spending.

Oil prices surged as trading opened on Wednesday. The rise took place amid the release of industry data, showing more crude stockpile cuts than expected.