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Fed will rapidly strengthen credit and will see 3 rate hikes in 2022
WASHINGTON: The Federal Reserve will accelerate the pace at which it is pulling back its support for the post-pandemic US economy as inflation rises, and it expects to raise interest rates three times next year. In a sudden policy change, the Fed announced that it would double its monthly bond purchases at a previously announced pace, possibly eliminating them in March. The bond purchases were intended to spur longer-term rates to aid the economy, but no longer require falling unemployment and inflation to be at near 40-year highs. The accelerated timetable puts the Fed on track to raise rates in the first half of next year.
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Stocks end higher after Fed intensifies stimulus pullback
Stocks rose sharply on Wall Street on Wednesday after the Federal Reserve said it would accelerate its pullback of economic stimulus and raise interest rates three times next year to tackle rising inflation. The Fed will double its monthly bond purchases at twice the pace it previously announced, putting it on pace to end it completely in March. The S&P 500 shrugged off early losses and closed up 1.6%, down from a record high last Friday. The index is closing with a decline of two days. The Dow Jones Industrial Average rose 1.1% and the Nasdaq 2.2%.
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UK hits record low of COVID-19 cases; Top doctor warns of worse in coming days
LONDON: Britain on Wednesday confirmed the highest number of new COVID-19 infections since the pandemic began, and England’s chief medical officer warned the situation was likely to worsen as the Omicron version of the disease spread during the Christmas holidays. sets off a new wave. Professor Chris Whitty described the current situation as two pandemics in one, with Omicron infections rising rapidly, even as the country grapples with the older delta variant, which is still causing a large number of infections . Public health officials expect Omicron to become the dominant version across the UK and in London by Christmas. Britain recorded 78,610 new infections on Wednesday, a 16% increase from the previous record in January.
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Expulsions on Increase Months After Federal Moratorium Ends
Boston: Housing advocates say evictions are increasing nationwide, several months after the federal moratorium ended. The rise in cases, although well below pre-pandemic levels in most states and cities, reflects the impact of limits on federal aid to tens of billions of dollars and loosened security in some places. Data collected by the Eviction Lab at Princeton University shows evictions have been increasing in most of the 31 cities and six states where it collects data since the federal moratorium ended in August.
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Fashion icon Chanel appoints Indian-origin Leena Nair as CEO
New Delhi: Luxury fashion house Chanel has roped in Leena Nair, who is based out of the industry from India and is a longtime executive at Unilever, as its new CEO. Analysts say his appointment indicates how the brand is responsible for changing consumer awareness of the industry’s environmental impact and the importance of a diverse workforce. Nair tweeted that she was humbled and honored to be appointed to the role in the prestigious and acclaimed company. The news made a huge splash on Wednesday in India, the Nair birthplace, where he received many congratulations and praise, one calling him a serial glass-ceiling breaker. Nair will be stepping into her new role in January.
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Slight 0.3% November retail sales jump, optimism still high
NEW YORK: Americans slowed their spending from October to November, but still continued to shop ahead of the crucial holiday season, brushing off rising prices and shortages. The US Commerce Department said on Wednesday that retail sales in November rose a modest 0.3% compared to the previous month when sales rose 1.8%. This was slightly weaker than most economists expected, yet early holiday shopping continued to make headlines with reports of a month to October shortening and supply chain issues that traditionally took holiday shopping in November. pushed. And there were also signs of a return to pre-pandemic behavior with Americans spending more on services like going out to dinner, which has been under significant pressure due to fears of infection.
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AP Sources: Biden, Munchkin swiftly split over $2T dem bill
WASHINGTON: President Joe Biden and Sen. Joe Manchin are sharply divided over Democrats’ massive social and environmental bill, with the holdout senator pushing to ditch measures to reform the child tax credit. The term comes from a person familiar with the conversation who described them on condition of anonymity. Munchkin says that there are a variety of rumors about his condition. The rocky state of the talks is a sign that Senate Majority Leader Chuck Schumer is facing a struggle to start a massive debate ahead of the holiday. Letting the law act next year, when elections to Congress take place, will be an ominous sign about its prospects.
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Discontent with Johnson jeopardizes his future, UK virus rules
LONDON: British Prime Minister Boris Johnson is facing questions about his future as nearly 100 Conservative MPs defied him and protested new restrictions to help slow the fast-spreading Omicron variant. The measures were approved with the support of the opposition and went into effect on Wednesday. Conservative MP Mark Harper said the vote was a very clear message that allies are not happy with how the government is functioning. Johnson’s approval ratings have plummeted and many conservatives have lost faith in his response to the pandemic. Still, Britain reported 78,610 new virus cases on Wednesday, the pandemic’s highest daily total, and health officials say infections are doubling every two days.
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AP accredited freelance journalist detained in Ethiopia
Nairobi, Kenya: An AP-accredited independent video journalist in Ethiopia has been detained by police in the capital of Addis Ababa, the Associated Press says. Emir Aman Kiaro was detained under the country’s new war-related emergency powers on 28 November after returning home from a reporting trip. He has not been charged. Ethiopian government officials have not responded to the AP’s repeated requests for information about him since his detention. State media reported his detention on Wednesday, citing federal police and said he had been accused of pursuing its objectives by interviewing a terrorist group. Ethiopia declared a state of emergency in November after a year’s war as rival forces moved closer to the capital.
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India unveils $10.2B plan to attract semiconductor makers
New Delhi: India has announced a $10.2 billion stimulus plan in an effort to attract global chip makers and turn the country into a semiconductor production hub. The plan, announced Wednesday by government officials, comes amid global semiconductor shortages that have delayed deliveries of consumer goods, including cars. The supply disruption is due to the COVID-19 pandemic. India is looking to woo companies that can move their manufacturing bases from China amid trade disputes between the United States and China. Government of India will provide financial assistance up to 50% of the project cost to eligible Display and Semiconductor Fabricators.
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The S&P 500 rose 75.76 points, or 1.6%, to 4,709.85. The Dow Jones Industrial Average rose 383.25 points, or 1.1%, to 35,927.43. The Nasdaq closed 327.94 points, or 2.2%, higher at 15,565.58. The Russell 2000 Index of Small Companies rose 35.56 points, or 1.6%, to 2,195.21.
Disclaimer: This post has been self-published from the agency feed without modification and has not been reviewed by an editor
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