Other news

As it was stated by the Confederation of British Industry (CBI), there’s an actual risk for the economy of Great Britain to experience ten years without growth.

The Chinese yuan strengthened against the US dollar on Monday, breaking 7 for the first time since mid-September. This is due to the partial lifting of COVID-19 restrictions.

On Monday, the yield of 10-year Japanese government bonds (JGBs), holding for more than a week, fixed at the upper boundary of the Central Bank target. Apart from this mark, yields of other bonds also did not change much due to absence of moving signals on the market.

Former US Treasury Secretary Lawrence Summers warned that the Fed may have to raise interest rates in the future. Rates, as the economist notes, will be increased more than the markets currently expect.

Swati Dhingra, the newest member of the bank’s monetary policy committee, told the Observer newspaper that the UK could fall into a deep and prolonged recession if the Bank of England hikes interest rates to above 4.5%.

The Kremlin said Saturday that Russia will not accept a cap on its oil prices and is preparing a response to the Western powers' agreement, which has entered into force.

The representative of the European Central Bank from two major regional economies declared that they plan to get inflation back to its 2% target. They said the ECB's tougher policy would help deal with rising prices.

In Japan, service sector indicators showed a slight increase in activity over the past three months. This result was caused by inflation that slowed down the economy.

Francois Villeroy de Galhau, Governing Council member of the European Central Bank (ECB) and Governor of the Bank of France, stated that there is a need to raise interest rates by 50 basis points in order to curb the growth of consumer prices.

Bank of England representative Swati Dhingra declared that the growing interest rates can provoke a severe and long recession. Also, Dhingra added that an economic decline has already begun.