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☆ How Ozempic and Weight Loss Drugs Are Reshaping This Country’s Economy
▼ + stars: | 2023-08-28 | by ( Eshe Nelson | More About Eshe Nelson | ) www.nytimes.com time to read: +2 min

But Denmark keeps the krone pegged to the euro, and so when the krone rises in value, “the central bank has to respond,” he added. The central bank has been spending kroner to purchase foreign exchange and building up reserves. Because of these purchases, the central bank has also increased the gap between Denmark’s interest rates and the ones set by the European Central Bank. The central bank declined to comment for this article. It caused the country’s currency to soar, in the process making other exports expensive and uncompetitive and hampering the overall Dutch economy.

Persons: Mr, Pedersen, Helge J Organizations: Novo Nordisk, krone, Danske Bank, European Central Bank, —, Nokia Locations: United States, Denmark

☆ Can’t Sleep? Try This Proven Alternative to Medication.
▼ + stars: | 2023-08-28 | by ( Christina Caron | More About Christina Caron | ) www.nytimes.com time to read: +1 min

A recent poll from the National Sleep Foundation, for example, found a link between poor sleep health and depressive symptoms. In addition, studies have shown that a lack of sleep can lead otherwise healthy people to experience anxiety and distress. Fortunately, there is a well-studied and proven treatment for insomnia that generally works in eight sessions or less: cognitive behavioral therapy for insomnia, or C.B.T.-I. Yet it is rarely the first thing people try, said Aric Prather, a sleep researcher at the University of California, San Francisco, who treats patients with insomnia. According to a 2020 survey from the Centers for Disease Control, more than 8 percent of adults reported taking sleep medication every day or most days to help them fall or stay asleep.

Persons: Aric Prather Organizations: National Sleep Foundation, University of California, Centers for Disease Control Locations: United States, San Francisco

☆ Iraq set in 'battle' against dollar smugglers, c.bank governor says
▼ + stars: | 2023-08-16 | by ( Timour Azhari | ) www.reuters.com time to read: +4 min

Last month, the U.S. Treasury Department and the Fed barred 14 Iraqi banks from conducting dollar transactions as part of a wider crackdown on dollar smuggling to Iran via the Iraqi banking system, U.S. officials said. Allaq said that action related to transfers from 2022, before a new platform that aimed to improve transparency went live. He said the central bank was undertaking a review of the banking sector and introducing new regulations that he said would likely see some banks close. "It would be very normal in the coming period to see a reduction in the (number of private banks)," he said. Since January the central bank has asked banks to provide detailed information on senders and recipients of transfers via an online platform.

Persons: Ali al, Allaq, Timour Azhari, Angus MacSwan Organizations: Reuters, U.S . Treasury Department, Fed, U.S . Federal, U.S, Thomson Locations: Iraq, Iran Baghdad, Washington, Tehran Banking, BAGHDAD, Iran, Turkey, Syria, United States, U.S, Tehran, Iraq's

☆ Russian central bank hikes rates by 350 bp to 12% in extraordinary meeting
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +2 min

A Russian state flag flies over the Central Bank headquarters in Moscow, Russia March 29, 2021. A sign reads: "Bank of Russia". President Vladimir Putin's economic adviser Maxim Oreshkin on Monday rebuked the central bank blaming what he called its soft monetary policy on the weakening rouble. Hours after Oreshkin's words, as the rouble dived towards the 102 mark against the dollar, the bank announced the emergency meeting, throwing the currency a lifeline. The bank then steadily lowered the cost of borrowing to 7.5% as strong inflation pressure eased in the second half of 2022.

Persons: Maxim, Rouble, Vladimir Putin's, Maxim Oreshkin, Alexander Marrow, Guy Faulconbridge Organizations: Central Bank, Bank of, of Russia, Kremlin, Russia, Reuters, Thomson Locations: Russian, Moscow, Russia, Bank of Russia, Ukraine MOSCOW, Ukraine

☆ China c.bank seen leaving policy loan rate unchanged on Tuesday
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +3 min

Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. REUTERS/Tingshu Wang/File PhotoSHANGHAI/SINGAPORE, Aug 14 (Reuters) - China's central bank is expected to keep rates on its medium-term policy loans unchanged on Tuesday, a Reuters survey showed, despite fresh signs the economic recovery is losing momentum. The People's Bank of China (PBOC) last lowered the rate by 10 basis points to 2.65% in June. "We believe more pro-growth policies are warranted to support the economic growth, and further easing in monetary policy can be expected," analysts at BofA Global Research said. They expect a 15-basis-point cut in one-year loan prime rate (LPR) in total in the third quarter of the year.

Persons: Tingshu Wang, Li Hongwei, Zhou, Tom Westbrook, Jacqueline Wong Organizations: People's Bank of China, REUTERS, HSBC, BofA Global Research, July's, Thomson Locations: Beijing, China, SHANGHAI, SINGAPORE, United States, Shanghai, Singapore

☆ Russian c.bank to hold emergency rate meeting as rouble tumbles
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

A Russian rouble banknote is seen in front of a descending and rising stock graph in this illustration taken March 1, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoMOSCOW, Aug 14 (Reuters) - Russia's central bank will hold an extraordinary meeting on Tuesday to discuss the level of its key interest rate, it said on Monday, as the sharply weakening rouble prompted calls for higher borrowing costs. President Vladimir Putin's economic adviser rebuked the central bank on Monday as the rouble slid past 101 per U.S. dollar, blaming loose monetary policy in a sign of growing discord among Russia's monetary authorities. The bank, whose key rate is currently 8.5%, had been scheduled to hold its next meeting on rates on Sept. 15. The rouble pared its losses and firmed back to below 100 per U.S. dollar after the central bank announced Tuesday's meeting.

Persons: Dado Ruvic, Vladimir Putin's, Alexander Marrow, Gareth Jones Organizations: REUTERS, Reuters, Thomson Locations: Moscow

☆ The Bank of England Raises Rates Again
▼ + stars: | 2023-08-03 | by ( Eshe Nelson | More About Eshe Nelson | ) www.nytimes.com time to read: +1 min

Alongside its policy decision, the central bank published new inflation and economic forecasts. Policymakers said they would make sure interest rates were “sufficiently restrictive for sufficiently long” to push inflation down to their target level. As interest rates have climbed and inflation has slowed, policymakers around the world are trying to determine the right level of monetary policy tightness. They want to push interest rates high enough to stamp out high inflation, without making economic conditions so restrictive that they push their economies into recessions, high unemployment and deflation. Last week, the European Central Bank and Federal Reserve both raised interest rates by a quarter of a percentage point.

Persons: Rishi Sunak, Christine Lagarde, ” Organizations: European Central Bank, Federal Reserve Locations: Britain

☆ Europe’s Economy Expanded in Spring, and Inflation Has Eased
▼ + stars: | 2023-07-31 | by ( Melissa Eddy | More About Melissa Eddy | ) www.nytimes.com time to read: +3 min

Gross domestic product in the eurozone grew 0.3 percent in the second quarter of 2023, a stronger result than predicted by economists. Italy, Austria and Latvia all saw output fall in the second quarter. Inflation across the eurozone dipped to an annual rate of 5.3 percent in July, down from 5.5 percent the previous month. “On the whole, the eurozone economy recorded another underwhelming quarter,” said Ricardo Amaro, a senior economist at Oxford Economics. He noted that “the second half of the year is likely to be as underwhelming, if not more than the first half, with the eurozone economy risking stagnation or worse.”

Persons: ”, Fritzi, KfW, Christine Lagarde, What’s, Lagarde, ’, Ricardo Amaro Organizations: Gross, European Central Bank, Oxford Economics Locations: Germany, Europe’s, Ukraine, Germany’s, Italy, Austria, Latvia, Spain, France, Europe, Russia

☆ S.Korea c.bank warns of financial stability risk as debts rise
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +2 min

SEOUL, July 17 (Reuters) - South Korea's central bank said on Monday there was a need to manage financial stability in addition to price risks as the country's high household debts have started to climb. "In terms of monetary policy, it should consider financial stability more actively to prevent excessive leveraging or risky asset investments when monetary policy is loose," the Bank of Korea (BOK) said in a report. "There is a need to discuss introducing a 'prudential monetary policy' with higher consideration on financial stability, in addition to price stability," the central bank said. The central bank said in the report there was limited financial stability risk from household debt, given the low loan-to-value ratio and the high percentage of high-income earners, but it flagged negative long-term implications on growth and inequality. The BOK has kept monetary policy unchanged since its last interest rate hike in January and its tightening campaign, which began in August 2021, is widely expected to be over.

Persons: BOK, Jihoon Lee, Jacqueline Wong Organizations: Bank of Korea, prudential, Bank for International Settlements, Thomson Locations: SEOUL, Switzerland, Australia

☆ China's Q2 GDP seen rising 7.3% y/y but on low base, recovery fades: Reuters poll
▼ + stars: | 2023-07-13 | by ( Kevin Yao | ) www.reuters.com time to read: +4 min

Economic growth is likely to slow to 4.8% in the third quarter and 5.3% in the fourth, with full-year growth expected to reach 5.5%, the poll showed. China's central bank on Monday extended until the end of 2024 some policies which were unveiled in a November rescue package to shore up the real estate sector, including loan repayment extensions for developers. Analysts polled by Reuters expect the central bank to cut banks' reserve requirement ratio (RRR) by 25 basis points in the third quarter, while keeping benchmark lending rates steady. The central bank cut the RRR - the amount of cash that banks must hold as reserves - in March. But the central bank is likely to be wary of cutting lending rates further.

Persons: it's, Zhang Yiping, Li Qiang, Devayani Sathyan, Susobhan Sarkar, Jing Wang, Kevin Yao, Kim Coghill Organizations: Beijing, Reuters, Gross, China Merchants Securities, stoke, Thomson Locations: China, BEIJING, Bengaluru, Shanghai

☆ U.S. calls Pan Gongsheng China's c.bank 'head', suggesting unannounced promotion
▼ + stars: | 2023-07-09 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

Treasury Secretary Janet Yellen referred to PBOC Deputy Governor Pan Gongsheng, whom she meet during a series of meetings with top Chinese officials, as the head of the central bank during a press conference ending her visit to Beijing on Sunday. The Treasury Department was already referring to Pan as central bank head after Yellen met him on Friday. Pan, 60, has been deputy governor since 2012 and is China's top foreign exchange regulator. Governor Yi has been widely expected to retire since being left off the ruling Communist Party's Central Committee during the party's once-in-five-years congress in October. Reporting by Andrea Shalal in Beijing; Additional reporting by Reuters Beijing newsroom; Writing by John Geddie; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Pan Gongsheng, Yi, Yellen, Premier Li Qiang, Pan, Andrea Shalal, John Geddie, William Mallard Organizations: United, People's Bank of China, Sunday, Communist Party, Pan, Treasury, Premier, Information Office, Cambridge, Harvard, Communist Party's, Reuters, Thomson Locations: BEIJING, United States, Chinese, Beijing, China's, China, Reuters Beijing

China's central bank said that financial regulators would fine Ant and its subsidiaries a total of 7.12 billion yuan, require it to stop operations of its crowdfunded medical aid service Xianghubao and compensate users. Reuters reported earlier, citing sources, that Chinese authorities intended to unveil its fine on Ant as early as Friday. The sources had earlier said that the fine on Ant had been revised to at least 8 billion yuan. Reuters reported in April that Chinese regulators were considering fining Ant about 5 billion yuan, a lower sum than what they initially had in mind. Alibaba was fined a record 18 billion yuan in 2021 for antitrust violations.

Persons: China c.bank, Ant, Ping, Rukim Kuang, Jack Ma, Jeffrey Towson, Pan Gongsheng, Pan, Didi Global, Alibaba, Julie Zhu, Jane Xu, Jason Xue, Kevin Huang, Meg Shen, Twinnie Sui, Josh Ye, Ethan Wang, Muralikumar Anantharaman, Brenda Goh, David Holmes, Susan Fenton Organizations: Ant, Singapore FinTech Festival, REUTERS, Ant Group, People's Bank of China, Reuters, Ping An Bank, PICC, HK, Postal Savings Bank, Tencent Holdings, Alibaba, Hong Kong, Financial Regulatory Administration, State Council, Lens Consulting, Thomson Locations: Singapore, China, HONG KONG, Ant's, Hong, Beijing, CHINA

Reuters reported earlier, citing sources, that Chinese authorities intended to unveil its fine on Ant as early as Friday. The National Financial Regulatory Administration (NFRA), a new government body under the State Council, is now the primary regulator to grant Ant the license, they added. The sources had earlier said that the fine on Ant had been revised to at least 8 billion yuan. Reuters reported in April that Chinese regulators were considering fining Ant about 5 billion yuan, a lower sum than what they initially had in mind. Alibaba was fined a record 18 billion yuan in 2021 for antitrust violations.

Persons: China c.bank, Ant, Ping, Rukim Kuang, Jeffrey Towson, Jack Ma, China's, Pan Gongsheng, Pan, Didi Global, Alibaba, Julie Zhu, Jane Xu, Jason Xue, Kevin Huang, Meg Shen, Twinnie Sui, Josh Ye, Ethan Wang, Muralikumar Anantharaman, Brenda Goh, David Holmes, Susan Fenton Organizations: Ant, Singapore FinTech Festival, REUTERS, Ant Group, People's Bank of China, Reuters, Ping An Bank, PICC, HK, Postal Savings Bank, Tencent Holdings, Tenpay, Alibaba, Hong Kong, Lens Consulting, Communist Party, Financial Regulatory Administration, State Council, Thomson Locations: Singapore, China, HONG KONG, Ant's, Hong, Beijing, CHINA

By 1156 GMT, the rouble was 1.8% weaker against the dollar at 89.15 after earlier hitting 89.3275, its weakest point since March 29, 2022. It lost 1.8% to trade at 96.74 versus the euro , also a 15-month low. It shed 1.4% against the yuan to 12.23 <CNYRUBTOM=MCX>, a more than 14-month low. The rouble lost a key support factor on Wednesday as a month-end tax period that typically sees exporters convert foreign currency revenues to meet local liabilities passed. Brent crude oil , a global benchmark for Russia's main export, was up 0.1% at $74.41 a barrel.

Persons: C.bank, Yevgeny Prigozhin's, Vladimir Putin's, Alexei Zabotkin, Zabotkin, Alexander Marrow, Jamie Freed, Robert Birsel, Jane Merriman, Mark Heinrich Our Organizations: Alor Broker, Bank of Russia, Brent, Gazprom, Thomson Locations: Moscow, Russian, Alor, Russia, Ukraine

☆ Eurozone Inflation Slows, but Underlying Price Pressures Persist
▼ + stars: | 2023-06-30 | by ( Patricia Cohen | ) www.nytimes.com time to read: +4 min

Growth is expected to pick up, but further increases in interest rates could act as a brake on the economy. France’s annual inflation rate fell to 5.3 percent in June, from 6 percent in May. Germany, the largest economy in Europe, saw a rise in its annual inflation rate to 6.8 percent, up from 6.3 percent in May. Inflation rates in Germany are expected to resume their fall in September. After adjusting for inflation, profits were above their prepandemic level while workers’ compensation was 2 percent below the trend in the first quarter of this year.

Persons: Gita Gopinath, Christine Lagarde, ’, Giorgia, “, Lucrezia Reichlin, Riccardo Marcelli Fabiani, Price, Lagarde Organizations: International Monetary Fund, London Business School, Oxford Economics, Ukraine — Locations: Sintra , Portugal, France, Italy, Russia, Ukraine, Germany, Europe

☆ Brazil inflation slows down as c.bank foresees August rate cut
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

In Latin America's largest economy, 12-month inflation reached 3.40% in mid-June, data from statistics agency IBGE showed on Tuesday, slightly above market expectations of 3.36% but still the lowest since September 2020. The latest figure, showing a deceleration from 4.07% in May, comes as the local central bank said that a majority of its monetary policy committee sees a rate cut in August as possible if the ongoing disinflation process continues. Brazil's IPCA-15 consumer price index, IBGE data showed, rose 0.04% in the month to mid-June, down from 0.51% in the previous month. The index had been expected to fall 0.01%, according to the median forecast in a Reuters poll. Reporting by Gabriel Araujo; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

Persons: Luiz Inacio Lula da Silva, Roberto Campos Neto, Brazil's, Gabriel Araujo, Steven Grattan Organizations: SAO PAULO, IBGE, Thomson Locations: Brazil

☆ Australia's unemployment rate needs to rise to curb inflation - top c.banker
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, June 20 (Reuters) - Australia's unemployment rate needs to rise to help contain inflation and avoid higher interest rates and a deep recession, a top central banker warned on Tuesday, after data showed little loosening in a still drum-tight labour market. Reserve Bank of Australia (RBA) Deputy Governor Michelle Bullock said the jobless rate would need to rise to about 4.5% from the current rate of 3.6% to bring the economy back into balance, a rate still well below pre-pandemic levels. Indeed, Bullock also warned that if inflation were to become entrenched in people's expectations, that would mean higher rates and a larger rise in unemployment. "A deep and long-lasting recession would be likely, which would mean a substantial rise in the unemployment rate." Reporting by Stella Qiu; Editing by Jacqueline Wong & Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Persons: Michelle Bullock, Bullock, Stella Qiu, Jacqueline Wong, Simon Cameron, Moore Organizations: SYDNEY, Reserve Bank of Australia, Ai Group, Thomson Locations: Newcastle

Economists polled by Reuters had expected new yuan loans would jump to 1.6 trillion yuan last month, versus 718.8 billion yuan in April and against 1.89 trillion yuan a year earlier. Outstanding yuan loans in May grew 11.4% on year compared with 11.8% growth the previous month. Household loans including mortgages were up 367.2 billion yuan in May, versus a contraction of 241.1 billion yuan in April. Corporate loans rose to 855.8 billion yuan in May from 683.9 billion yuan in April, central bank data showed. In May, TSF rose to 1.56 trillion yuan from 1.22 trillion yuan in April.

Persons: Zhiwei Zhang, Yi Gang, Nomura, TSF, Qiaoyi Li, Judy Hua, Kevin Yao, Jacqueline Wong Organizations: People's Bank of China, Reuters, PMI, Capital, Analysts, U.S, Thomson Locations: BEIJING, Shanghai, Beijing, U.S . Federal, TSF

Monetary policy meetings of the Fed, the European Central Bank (ECB) and the Bank of Japan (BOJ) will set the tone for the week as markets seek clues from policymakers on the future path of interest rates. U.S. May inflation data is also out on Tuesday as the Fed kicks off its two-day meeting. "We are pretty much with consensus, expecting the Fed to stay put this week and a 25 basis point hike from the ECB," Nordea's Christensen said. The U.S. dollar index clocked a loss of nearly 0.5% last week, its worst weekly drop since mid-April, and was last down 0.1% at 103.43. The euro rose 0.2% to $1.0768, having risen 0.4% last week, its first weekly gain in roughly a month.

Persons: Niels Christensen, Nordea's Christensen, " Christensen, Goldman Sachs, Samuel Indyk, Rae Wee, Simon Cameron, Moore, Angus MacSwan Organizations: Federal Reserve, European Central Bank, Bank of Japan, Fed, ECB, Reuters, U.S, Reserve Bank of New, People's Bank of, Thomson Locations: Reserve Bank of New Zealand, Australia, People's Bank of China

☆ European shares rise at open, all eyes on c.bank meetings
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

June 12 (Reuters) - European shares edged higher on Monday at the start of a week packed with major central bank policy meetings, while shares of Swiss drugmaker Novartis rose after it agreed to buy U.S.-based Chinook. The pan-European STOXX 600 index (.STOXX) rose 0.3% by 0715 GMT. Meetings from the U.S. Federal Reserve, the European Central Bank and the Bank of Japan are lined up for the week. The European healthcare sector index (.SXDP) was up 0.6%, while the personal & household sector index (.SXQP) led gains with a 0.9% rise. German sportswear maker Adidas (ADSGn.DE) jumped 3.1% after Bernstein raised its rating on the stock to "outperform" from "market perform".

Persons: Bernstein, Shreyashi Sanyal, Eileen Soreng Organizations: Swiss, Novartis, U.S . Federal Reserve, European Central Bank, Bank of Japan, ECB, Seattle, Chinook Therapeutics, Adidas, Thomson Locations: Bengaluru

☆ Dollar steady, with Fed pause eyed in busy c.bank week
▼ + stars: | 2023-06-12 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

Policy meetings of the Fed, the European Central Bank (ECB) and the Bank of Japan (BOJ) will set the tone for the week, as markets seek clues from policymakers on the future path of interest rates. The U.S. dollar index clocked a loss of nearly 0.5% last week, its worst weekly drop since mid-April, and was last marginally higher at 103.58. The euro slipped 0.02% to $1.0744 in early Asia trade, after having risen 0.4% last week, its first weekly gain in roughly a month. "Central banks have raised rates aggressively over the past 12-15 months and given the lagged effects with which monetary policy affects demand, are central banks teeing up for a pause, following the RBNZ's example?" "We change our BOJ call to no YCC revision at this week's meeting," said Societe Generale's Jin Kenzaki, referring to the central bank's controversial yield curve control policy.

Persons: Alvin Tan, Jin Kenzaki, Rae Wee, Muralikumar Organizations: European Central Bank, Bank of Japan, Asia FX, RBC Capital Markets, Money, U.S, Reuters, ECB, ANZ, Reserve Bank of New, Thomson Locations: SINGAPORE, Asia, Australia, Reserve Bank of New Zealand

☆ Dollar retreats on jump in US jobless claims; eyes on Fed
▼ + stars: | 2023-06-09 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

The two-year yield , which typically moves in step with interest rate expectations, steadied at 4.5210%. So that'll show up in payrolls numbers and jobless claims and these sorts of numbers," said Jarrod Kerr, chief economist at Kiwibank. The Fed takes centre stage, with money markets leaning toward a pause, though have priced in a 25% chance that the U.S. central bank delivers a 25bp rate hike. "A slowing U.S. economy gives the Fed room to pause after 500bp of consecutive interest rate rises," said Guillermo Felices, global investment strategist at PGIM Fixed Income. The Canadian dollar last bought C$1.3365, not far from its one-month high of C$1.3321 hit on Wednesday, while the Aussie similarly stood near a roughly one-month peak at $0.6711.

Persons: Jarrod Kerr, Guillermo Felices, Thursday's, Rae Wee, Sam Holmes Organizations: U.S, Treasury, Federal Reserve, European Central Bank, Bank of Japan, Fed, Reuters, ECB, Canadian, Thomson Locations: SINGAPORE, Asia, U.S, Kiwibank

☆ 8-Year-Old Migrant Who Died in C.B.P. Custody Was Seen by Medical Staff 11 Times
▼ + stars: | 2023-06-01 | by ( Eileen Sullivan | ) www.nytimes.com time to read: +1 min

While the investigation is continuing, the initial findings suggest that the child, Anadith Danay Reyes Álvarez, a Panamanian national, was not provided proper medical care while she was in government custody. On Thursday, the agency’s acting commissioner, Troy Miller, said that “several medical providers involved in this incident have now been prohibited from working in C.B.P. Background: The girl’s health history was ignored. Her family provided her health history to medical personnel when they were booked into Border Patrol custody in Donna, Texas. But none of the medical personnel she interacted with at a facility where her family was transferred acknowledged being aware of her health history, internal investigators found.

Persons: Anadith Danay Reyes Álvarez, Troy Miller, Biden, Anadith Organizations: Customs, Border Patrol Locations: Customs, Panamanian, C.B.P, Brownsville , Texas, United States, Donna , Texas

☆ Eurozone Inflation Slides to Lowest in More Than a Year
▼ + stars: | 2023-06-01 | by ( Liz Alderman | ) www.nytimes.com time to read: +1 min

Inflation in the eurozone slid last month to the lowest level in more than a year, as an easing of price rises after last year’s run-up in energy bills gained momentum. But the price of food and services climbed at an uncomfortable pace, raising the odds that the European Central Bank will continue to lift interest rates to curb costs. Excluding volatile food and energy costs, so-called core inflation rose 5.3 percent, down from 5.6 percent the month before. Yet while the yearlong surge in inflation has peaked, millions of households in Europe are continuing to confront a cost-of-living crisis, even as employers raise wages to help offset the pain, an issue that remains a top concern for E.C.B. “I could not say that the victory is there so far,” the bank’s vice president, Luis de Guindos, said in Frankfurt earlier this week.

Persons: “, Luis de Guindos Organizations: European Central Bank Locations: Europe, Frankfurt

☆ The Big Part of the Debt Ceiling Deal Congress Isn’t Talking About
▼ + stars: | 2023-05-31 | by ( Margot Sanger-Katz | Alicia Parlapiano | ) www.nytimes.com time to read: +10 min

Annual deficit projections $3 trillion Current trajectory Full debt limit deal Debt limit bill House G.O.P. bill passed in April $2 trillion $1 trillion 2023 2028 2033 Annual deficit projections $3 trillion $2 trillion $1 trillion Current trajectory Full debt limit deal Debt limit bill House G.O.P. But negotiators are confident enough in the agreement that they are moving forward with the debt limit bill this week. The debt limit deal scenarios assume that after budget caps lift in 2026, Congress will increase spending in line with inflation. It's also possible that the entire deal holds, and the next Congress will still make vastly different spending choices.

Persons: Kevin McCarthy, Biden, “, It's Organizations: House Republicans, White, New York Times, Congressional, Republicans, Office, SNAP, Internal Revenue Service, Social Security, Medicare, Savings, Energy, Biden, Medicaid, of Commerce, Federal Locations: That’s, G.O.P, Washington

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