Unplugged performance stock9/17/2023 ![]() Powell testified before a Senate committee Thursday, a day after appearing before a House of Representatives committee. In the United States, meanwhile, Federal Reserve Chair Jerome Powell reiterated his belief that inflation is still too high and that further increases to rates may be necessary. The latest interest rate increase from the Bank of England marked its 13th hike in a row in its effort to combat stubbornly high inflation. Stock indexes in Europe fell following the most recent rate increases. Central banks in Norway, Switzerland and Turkey also raised borrowing rates. The Bank of England hiked its main interest rate by a bigger margin than expected to a 15-year high. A weaker Japanese yen raises costs for Japanese businesses and consumers given the country’s heavy reliance on imports. ![]() The dollar was trading at 143.11 yen up from 143.10 yen, near its highest level since November. “We think there are signs of inflationary pressure building up on the supply side, but it is certainly not strong enough for the BOJ to bring about immediate tightening,” ING Economics said in a commentary. The core inflation rate, excluding volatile energy and food prices, was 3.2% in May, above the official 2% target, the government reported. The Bank of Japan has kept its benchmark interest rate at minus 0.1% for a decade as policymakers keep credit cheap to encourage more investment and spending. Japan reported its inflation rate was higher than expected, adding to expectations the central bank might adjust its policies to reflect upward price pressures, which have pushed the dollar’s value against the yen sharply higher. Hong Kong and Tokyo shed nearly 2% and most other regional markets declined. ![]() BANGKOK (AP) - Asian shares sank sharply Friday after several central banks around the world cranked interest rates higher in their fight against inflation. ![]()
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