According to Fed Chairman Jerome Powell, the U.S. Federal Reserve will probably increase interest rates further to combat inflation, which is still too high despite recent slowdowns. Despite the advances, he cautioned that combating inflation could slow economic development and complicate the job market, which has not yet suffered. "Evidently, the (Open Market Committee) does not believe that a...

U.S. consumer confidence index unexpectedly declines in January Analysts surveyed by DailyFX expected that the index would increase from its starting point of 108.3 points in the previous month to 109 points. Additionally, the index of economic expectations dropped from a revised level of 83.4 points in December to 77.8 points (the original index was 82.4 points). However, the economic...

According to the International Monetary Fund's latest report, which was published on Tuesday, global inflation will fall to 6.6 percent this year and to 4.3 percent in 2024, but will still be significantly higher than pre-pandemic levels in both years. The IMF World Economic Outlook study states that global inflation "is forecast to reduce from 8.8 percent in 2022 to 6.6 percent in 2023 and to...

Russia's Novatek has been replaced in the project to develop fields in Lebanon's exclusive economic zone in the Mediterranean Sea by Qatar's oil and gas business QatarEnergy. On Sunday, a ceremony to officially welcome QatarEnergy as a partner alongside French TotalEnergies and Italian Eni was held in the Lebanese capital Beirut for the exploration and production agreements on Blocks 9 and 4....

According to Bloomberg, China ranked among the top three cars-producing nations in the world last year. More than 2.5 million autos were exported from the country. It enabled China to surpass Germany and Japan to become the third-largest vehicle exporter in the world. Fourth and fifth on the list are American and South Korean manufacturers. According to the agency, drivers in Latin America...

Sanctions led the Swedish business IKEA to stop using Russian wood, but the company managed to find a replacement in Sweden, Germany, Poland, and the Baltic nations, Ulf Johansson, manager of worldwide forestry and timber supply at Inter IKEA parent company told Reuters. Russia and Belarus were IKEA's fifth and sixth-largest suppliers before the war in Ukraine (6% and 5% of total purchases),...

According to figures from the Bank of Korea, South Korea's gross domestic product (GDP) growth in 2022 was 2.6 percent, less than half the 4.1 percent increase in 2021. Imports and exports decreased, and building investment slowed even further. The South Korean central bank reported on Thursday that the country's GDP increased by 2.6 percent in 2022 as opposed to 4.1 percent annually in 2021. It...

According to the UN report, due to the energy crisis and inflation, the European Union's economic production will only increase by 0.2% in 2023. "Economic output in the European Union is forecasted to expand by only 0.2 percent in 2023 as the region battles with an energy crisis and a cost-of-living crisis made worse by the war in Ukraine," the report reads. The UN believes that this abrupt...

Ignazio Visco of ECB warned against excessive rate increases. Ignazio Visco, a member of the Governing Council of the European Central Bank, stated on Monday that he did not agree that it would be preferable for the bank to tighten monetary policy excessively rather than inadequately. In a speech in Rome, Bank of Italy Governor Visco, who is often seen as a supporter of soft policy on the ECB's...