EUR/USD
1.15498
-0.174%
Gold
4112.32
0.046%
Oil
57.832
-2.258%
USD/JPY
151.981
-0.206%
GBP/USD
1.32522
-0.609%
GBP/JPY
201.412
-0.803%
Real-time News
On October 14th, Bank of England Monetary Policy Committee member Stephen Taylor said on Tuesday that the likelihood of a UK recession, though small, is increasing, partly due to high borrowing costs. Taylor noted that the Bank of Englands reluctance to cut interest rates quickly means a "soft landing" for the UK economy is now unlikely. Instead, a "bumpy landing" is more likely: inflation will fall below 2% by the end of 2026, and the economy will remain "weak" for an extended period. However, Taylor warned that the risk of a "hard landing" is increasing. "The UK economy is already hovering around zero growth, and if the data turns negative, the future trend could deteriorate rapidly. The probability of such an outcome is now non-negligible." In recent months, Taylor has repeatedly voted for faster rate cuts than the majority of the Monetary Policy Committee. His latest comments suggest he may vote for a rate cut again at the November meeting.On October 14th, British Chancellor of the Exchequer Reeves set the tone for next months difficult budget, stating at a cabinet meeting that high borrowing costs and debt levels mean less money will be available for public services. A government spokesperson said on Tuesday that Reeves attributed the current challenges to "growth and productivity data consistently falling short of official forecasts over the past 15 years." In last years budget, the UK government raised taxes, primarily on businesses, totaling approximately £40 billion. Although Reeves promised at the time that no further tax increases would be introduced in the short term, economists expect her to seek another tax increase in her new budget on November 26th. People familiar with the matter said Reeves plans to include a larger fiscal buffer in next months budget than last years £9.9 billion to reduce borrowing costs and strengthen the resilience of public finances to market volatility.U.S. Ambassador to NATO Whitaker: All allies, including Spain, must fulfill their defense commitments.US Ambassador to NATO Whitaker: No cuts in NATO defense spending are allowed.BlackRock CEO: The United States needs to accelerate regulatory clarity and increase investment in digital asset innovation.
