Jerome Powell has admitted a pause may be coming

 
Jerome Powell has announced interest rates in the U.S. will be going up by a quarter of a per cent.

The move will see rates move closer to the 4.75-5 per cent range.

The Fed has been raising rates since the middle of last year to try and get inflation down to a controlled level of two per cent.

Meanwhile, during the announcement, Powell acknowledged the central bank’s hikes may be coming to an end.

It follows a turbulent few weeks in the banking sector.

“We have to bring down inflation down to 2%,” he said. “There are real costs to bringing it down to 2% but the costs of failing are much higher.

“My colleagues and I are acutely aware that high inflation imposes significant hardship as it erodes purchasing power, especially for those least able to meet higher costs of essentials.

“We believe however that events in the banking system over the past two weeks are likely to result in tighter credit conditions for households and businesses which would in turn affect economic outcomes,” Powell said.

The former U.K. Prime Minister could be suspended from Parliament, if found guilty

 
Following a hearing spanning more than three hours – former U.K. Prime Minister Boris Johnson has testified as to whether he misled Parliament about breaking Covid lockdown rules in Downing Street.

With a “hand on [his] heart” Johnson reiterated his previous statements made to the House were in “good faith” and is adamant he did not knowingly lie.

The U.K.’s Committee of Privileges is investigating whether Johnson intentionally or recklessly misled his colleagues in a series of statements made to Parliament.

In these statements, Johnson said no rules were broken during the infamous Downing Street gatherings.

If found guilty, Johnson could face a suspension from Parliament.

Any suspension longer than 10 days could prompt an election to remove him from his seat and essentially end his political career.

But the former PM didn’t go down without swinging.

Johnson believes the process being used to decide whether he is in contempt of Parliament is “manifestly unfair”.

He says the MPs have “found nothing to show that [he] was warned in advance the events in [Downing Street] were illegal”

Finally, Johnson argued that if it was so “obvious” there was rule-breaking in Number 10, then it would also have been obvious to others, including Rishi Sunak.

Leaders from Russia and Moscow are meeting in one location, while Tokyo and Kyiv’s are in another, and there’s an AUKUS alliance that was agreed to recently

 
Leaders from China and Russia are meeting in Moscow for talks on Ukraine.

Western leaders will be keeping a close eye on the developments.

It follows the U.S., U.K. and Australia signing a nuclear-powered submarine agreement under the AUKUS alliance.

This all comes amid a changing security landscape. So, how do we make sense of it all?

For more, Adjunct Professor Olena Lennon from the University of New Haven joined to discuss.