Overseas Headlines – July 22, 2022

July 22, 2022


United States:

Powell Seen Slowing Fed’s Hikes After 75 Basis Points Next Week

Federal Reserve Chair Jerome Powell is likely to slow the pace of interest-rate increases after front-loading policy with a second straight 75 basis-point hike next week, economists surveyed by Bloomberg said. They expect the Federal Open Market Committee to lift rates by a half percentage point in September, then shift to quarter-point hikes at the remaining two meetings of the year.



UK Set for Most Expensive Summer Weekend Electricity on Record

The summer weekend is no break from soaring UK power prices that are underpinning inflation and a worsening cost-of-living crisis.

Day-ahead power prices usually tumble over the weekend when demand declines, especially during long summer days that delay the need to turn on the lights. But with natural gas prices surging, electricity costs this weekend are far above levels that would be considered high even in most winters.



India’s Forex Reserves Fall to Lowest in More Than 20 Months

India’s foreign exchange reserves fell to their lowest in over 20 months as the central bank stepped up its intervention to protect the rupee from tumbling past 80 a dollar.

The reserves fell $7.5 billion to $572.7 billion as of July 15, data by the Reserve Bank of India released Friday showed. The reading is the lowest since November 6, 2020. In the first two weeks of July, the Indian central bank saw its reserves falling $15.5 billion, most of it defending the currency.




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