Date: 2023-06-23T16:36:14Z Creator: Bitfolio Academy
The Bank of England raised interest rates by a half percent, firmly determined to quell the pressing inflation that blights the country. And they were not alone; this week, three other countries, namely Norway, Switzerland and Turkey, also increased interest rates in the face of on-going inflation.
Jerome Powell passionately testified to Congress that he was confident the Fed would continue raising interest rates this summer vowing to see the fight against inflation through to the bitter end.
Inflation has posed a considerable challenge throughout the world; an issue that has only grown in magnitude. The stock market is well-prepared for one or two more 25-basis-point hikes, confident that the effort to contain persistent inflation is drawing to a close.
But, are we almost on the brink of vanquishing the inflation beast? The US markets are ready to put the battle against persistent inflation behind them. But, time will tell how long this battle will wage on.
Let me know in the comments. 🤔
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