Consumer price index September 2022:

Prices consumers pay for a wide variety of goods and services rose more than expected in September as inflation pressures continued to weigh on the US economy. The consumer price index increased 0.4% for the month, more than the 0.3% Dow Jones estimate, according to the Bureau of Labor Statistics. On a 12-month basis, so-called … Read more

Bitcoin dips to $19,200 as global financial markets tumble

Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here! (KitcoNews) – The downtrend in the cryptocurrency market that began on Friday extended into trading on Monday as investors await a collection of … Read more

This Billionaire Says Inflation Will Last ‘For Years’ And Bitcoin May Become ‘Worthless’

Thomas Peterffy, founder and CEO of Interactive Brokers listens to a question after addressing the World Federation of Exchanges (WFE) annual meeting in Paris on October 11, 2010. The WFE groups leading financial markets. AFP PHOTO ERIC PIERMONT / AFP PHOTO / Eric PIERMONT (Photo credit should read ERIC PIERMONT/AFP via Getty Images) AFP via … Read more

Gold price erases $35 on US dollar strength, all eyes on FOMC minutes, jobs data

(KitcoNews) The precious metals market was in the red Tuesday, with gold tumbling $35 as the US dollar index surged to 20-year highs and markets focused on the Federal Reserve’s meeting minutes and the US jobs report. Gold saw a sharp selloff after falling below $1,800 an ounce. August gold futures were last at $1,766.50, … Read more

Bitcoin as a global standard would be an ‘absolute economic catastrophe’ – Ernst & Young’s global blockchain leader

(KitcoNews) If Bitcoin were to become a global monetary standard, it would be an “absolute economic catastrophe,” said Ernst & Young’s global blockchain leader Paul Brody. The world’s largest cryptocurrency is by default considered a deflationary asset in the digital space. What this means in the crypto world is that its supply is finite — … Read more

Is Bitcoin Really A Hedge Against Inflation?

This is an opinion editorial by Jordan Wirszan investor, award-winning entrepreneur, author and podcast host. Bitcoin’s correlation to inflation has been widely discussed since its inception. There are many narratives surrounding bitcoin’s meteoric rise over the last 13 years, but none so prevalent as the debasement of fiat currency, which is certainly considered inflationary. Now … Read more

The Bank of England’s credibility is now severely compromised

A lot of economic analysis and commentary is focused on how high the inflation peak will be. This is indeed an important matter. But I don’t think it is anything like as important as what happens afterwards. On an optimistic view, the inflation rate will fall back quite easily without much extra prodding from the … Read more

Fed’s Powell: Digital dollar could help USD maintain world’s reserve currency status

(KitcoNews) A US central bank digital currency (CBDC) could help maintain the US dollar’s status as the world’s reserve currency, said Federal Reserve Chair Jerome Powell. The development of CBDCs by other countries could pose competition to the US dollar, Powell said in introductory remarks at the “International Roles of the US Dollar” conference, which … Read more

Cost-of-living divide: Biggest pay rises go to the wealthiest 1%

Cost-of-living divide: Biggest pay rises go to the wealthiest 1% with City bonuses surging as wages in other sectors lag far behind inflation Analysis of ONS data shows top 1% of earners saw the biggest rises since Covid Financial services bonuses have been partly driving the overall wage growth Workers in some sectors are faring … Read more

Bank of England hikes interest rates but resists bolder move

LONDON– The Bank of England raised interest rates by a quarter-percentage point Thursday, shrugging off pressure for a bolder move to combat price increases that have pushed inflation to a 40-year high. The bank’s monetary policy committee voted 6-3 to boost its key rate to 1.25%, with the dissenters supporting a larger half-point increase. The … Read more