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U.S. Federal Reserve raises interest rate

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U.S. Federal Reserve raises interest rate as inflation soars

U.S. Federal Reserve raises interest rate, increasing it by three-quarters of a percentage point.

Officials aren’t giving up on their goal to defeat inflation, with the bank chief vowing to do everything he can to tackle the rising cost of living.

U.S. Federal Reserve Chair Jerome Powell says officials “will keep at it until the job is done”. Powell signalled there will likely be at least one more hike of this size, later this year.

The Fed raised the its target interest rate to a range of 3 – 3.25 per cent, the highest level since 2008.

Projections show the official rate reaching 4.25 – 4.5 per cent by the end of 2022, before maxing out at around 4.5 – 4.75 per cent in 2023.

“We have got to get inflation behind us,” Powell said. “I wish there were a painless way to do that. There isn’t.”

The central bank has an inflation target of 2 per cent, but it has been running at more than three times this number.

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China has pledged to “significantly increase” debt to jumpstart its economy

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Finance Minister Lan Foan announced plans to help local governments tackle debt, support low-income households, and boost the property market.

Investors have been urging such steps as China faces deflationary pressures and a sharp property market downturn.

However, no figure was provided for the stimulus package, leaving markets anxious about the strength and duration of the recovery effort.

Economists warn that this lack of clarity may prolong uncertainty until China’s legislature approves extra debt measures.

Concerns are rising that China may fall short of its 5% growth target, signalling deeper structural challenges ahead.

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Niche accountants proving essential to e-commerce success

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Expert explores the key benefits of partnering with accountants who specialise in niche industries.

In today’s fast-paced digital world, having an accountant who understands the intricacies of e-commerce can make all the difference in your business’s success.

Specialist accountants understand the specific needs of e-commerce businesses, helping to maximise tax savings, streamline operations, and improve financial health.

Niche accountants can identify opportunities to scale, optimise profit margins, and implement strategies that align with your business goals, ultimately drive growth.

Chris Rivera, Founder of The Ecommerce Accountants, joins to share his key insights into the industry.

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Amazon’s 2024 Prime Day expected to make huge impact on tech sector sales

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Market experts believe Amazon’s upcoming event will drive a surge in sales, benefiting Amazon’s stock and boosting consumer tech companies that sell through its platform.

Experts predict that a short-term rally in retail and tech stocks could be seen as revenue spikes.

Founder/CEO of Unearthing Opportunities, and Board Advisor to Power Hero, Bradley A Gastwirth joins to unpack the latest market moves. #featured #trending

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