A senior US Federal Reserve official said that additional interest rate hikes are needed to tackle historically high inflation. "I believe that additional policy rate increases will be necessary to bring inflation down to our target over time," Fed governor Michelle Bowman told a conference in Cleveland, Ohio, according to...
World Bank lowers MENA’s growth forecast to 2.2 percent in 2023
DUBAI, UAE - The World Bank raised its global growth forecast for 2023 to 2.1 percent (in June 2023) from 1.7 percent (in January 2023), thanks to greater-than-expected flexibility in major economies. In its latest report released in June 2023, the World Bank also expected the global growth to reach...
More monetary tightening required, says top Federal Reserve official
The US should continue tightening monetary policy to bring down inflation while assessing the impact of last month's financial turmoil on bank lending, a top Federal Reserve official said. "How much further will depend on incoming data on inflation, the real economy and the tightening credit conditions," Federal Reserve governor...
Yen slides to 20-year low against dollar
The yen hit its lowest level against the dollar in two decades on Wednesday, extending recent falls as the gap widens between Japan's ultra-loose monetary policy and US tightening. One dollar bought 126 yen on Wednesday afternoon, the lowest rate since 2002.
Fed policy tightening not at all bad for Gulf economies: Jefferies
The impending end of super-loose monetary policy from the Federal Reserve will have both positive and negative effects on the economies of the Arabian Gulf.
