September 20, 2022
United States:
Fed Set to Reveal ‘Pain’ Coming in Next Stage of Inflation Fight
Federal Reserve officials are about to put numbers on the “pain” they’ve been warning of in recent weeks when they publish new projections for the economy, which could show a substantial rise in interest rates and unemployment ahead as the estimated price tag for reducing inflation.
The US central bank will release its latest quarterly projections Wednesday following a two-day policy meeting in Washington, where officials are expected to raise their benchmark rate by three-quarters of a percentage point for the third time in a row.
Europe:
Germany to Inject $8 Billion in Uniper Nationalization Plan
The German government is planning to inject about 8 billion euros ($8 billion) into Uniper SE as part of a historic agreement to nationalize the gas giant in a push to stave off a collapse of the country’s energy sector.
A provisional deal between Chancellor Olaf Scholz’s administration, Uniper and its main shareholder, Finland’s Fortum Oyj, has been reached and could be announced as soon as Wednesday, according to people familiar with the situation.
Asia:
China’s Spending on Russian Energy Climbs to Record $8.3 Billion
China’s spending on Russian energy products hit a record $8.3 billion last month, as the world’s top importer continues to expand its reliance on Moscow for overseas supplies of crude, oil products, gas, and coal.
The haul for August was 68% higher than a year ago and included a record amount of coal, according to Chinese customs figures on Tuesday. It brings the total over the six months since Russia’s invasion of Ukraine to nearly $44 billion, an increase of 74%.
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