Finance

Jerome Powell: Fed decided to raise rate by 0.75% as inflation rose sharply after May Fed meeting along with inflation expectations

A hike of an accelerated rate hike would help ensure the sustainability of long-term inflation expectations.

Our projections are not a blueprint; no one knows exactly where the economy will be in a year.

Powell at the Fed: The pace of rate hikes will depend on incoming data. Don't expect today's moves to be routine in the coming months. We will be looking for compelling evidence of lower inflation.

I don't expect moves of 75 bps to be commonplace, but either 50 or 75 bps is most likely at the next meeting.

Further surprises in inflation are possible. But we will try not to add to the uncertainty. We always try to be as clear as possible about our intentions. The economy is well prepared for tighter policy.

ECB tries to save EU economy - central bank will be flexible in reinvesting PEPP program

The pandemic has left persistent vulnerabilities in the eurozone economy that contribute to the uneven normalization of our monetary policy among different countries, the ECB said. The ECB has instructed Eurosystem committees and ECB services to accelerate the development of a new mechanism to combat fragmentation. Why it matters. Rising

Price for oil price cap yet to be determined, head of European Commission

"The EU is ready in principle to go to the oil price cap," von der Leyen added. Earlier, the head of the U.S. Treasury Yellen said that the U.S. is not against the purchase of oil by India above the price cap. The WSJ also reported citing sources

U.S. officials forced to roll back plan to limit Russian oil prices - Bloomberg

India and China - Russia's most important trading partners - will not participate, Bloomberg sources said. The price cap plan is still alive after all. However, the price cap will be higher than previously thought. Earlier, U.S. Treasury Secretary Yellen said the price ceiling could be in the range

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