Attacks in the Red Sea Impacting Global Trade and Shipping Introduction Attacks on ships in the Red Sea continue to push ocean freight rates higher, triggering warnings of inflation and delayed goods. To avoid strikes by Iran-backed Houthi militants based in Yemen, carriers have already diverted more than $200 billion in trade over the past…
IMF Raises Growth Forecast for India, but Challenges Ahead Strong Growth Outlook The International Monetary Fund (IMF) has increased its growth forecast for India, projecting a strong economy in 2023 and 2024. According to the IMF’s October update of its World Economic Outlook, India’s economy is expected to grow by 6.3% in 2023, up from…
Geopolitical Tensions Identified as Biggest Threat to Global Economy Shift in Perception of Economic Risks for Businesses The latest survey by Oxford Economics reveals that businesses now consider geopolitical tensions to be the biggest threat to the global economy. According to Jamie Thompson, head of macro scenarios and author of the survey, this finding “confirms”…
Global Central Banks Present Divergent Monetary Policy Approaches From hawkish pauses to rate hikes and dovish tones, the world’s biggest central banks last week struck very different tones on monetary policy. The European Central Bank on Thursday hiked rates and surprised markets with a worsening inflation outlook, which led investors to price in even more…
President Biden and Speaker McCarthy Reach Agreement to Raise Debt Ceiling Overview President Joe Biden and House Speaker Kevin McCarthy have reached a deal to raise the nation’s debt ceiling before the June 5 deadline, in order to prevent what could be a catastrophic default on U.S. debt. The agreement includes spending cuts and will…
U.S. to Conduct Analytical Review on Tariffs, No Assumptions of Breakthrough with China Analytical Approach Taken for Review of Tariffs The United States is taking an analytical approach to its review of whether to keep tariffs on Chinese goods in place and will not base outcomes on any “breakthrough” in U.S.-China trade relations, Deputy U.S….
US Treasury Secretary Janet Yellen has said that the idea of defaulting on the country’s debt should be “unthinkable,” and urged lawmakers to raise the debt ceiling. Yellen’s comments come after she warned of an “economic catastrophe” if the US fails to raise the ceiling in the coming weeks. She has also previously warned that…
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