STORY: From another big rate hike by the Fed, to a tax and spending bombshell in the UK, this is the Week in Numbers.
Another three quarters of a percentage point is the Federal Reserve’s latest rate hike - its third in a row.
Bank chair Jerome Powell signalled there was more to come, too:
“My colleagues and I are strongly committed to bringing inflation back down to our 2% goal. We have both the tools we need and the resolve that it will take to restore price stability on behalf of American families and businesses.”
The Fed move sparked a rash of hikes elsewhere, including in the UK and Switzerland.
Around 145 was the yen’s fresh 24-year low against the dollar after the Bank of Japan said it was the one central bank that would not raise rates.
Within hours of the move, Tokyo said it had intervened in currency markets to prop up the battered currency.
Around $50 billion a year could be the value of tax cuts set out by new UK finance minister Kwasi Kwarteng on Friday. That’s the biggest reduction in 50 years, and it’s meant to spur a jump in growth. Another $66 billion or so will go on fuel subsidies this winter.
Investors are jittery over where that leaves UK public finances, with UK bond yields soaring after the news.
Up to $75 billion is the valuation VW wants for Porsche in an upcoming IPO. The listing is set for September 29 in Frankfurt, and bank sources say it’s already massively oversubscribed.
And almost $29 billion is the latest bill for rescuing German gas supplier Uniper. It now faces nationalization by Berlin after previous bailouts proved insufficient.
Uniper has been battered by rising gas prices after Russia throttled flows to Europe.