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U.S. Fed Reserve raises interest rates, hikes may be ending

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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.

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China and the U.S. now caught up in a deadly game

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As the U.S. and Chinese defence bosses spoke in Beijing, many in the room realised one thing – the two are far from ready to talk.

 
A thinly veiled criticism of the United States was delivered by Chinese Defence Minister General Li Shangfu.

In his first public statement to an international audience since becoming defence minister in March, Li highlighted China’s Global Security Initiative, a set of foreign policy principles and directions in line with Beijing’s style of diplomacy, which was announced in April last year by Chinese President Xi Jinping.

“It practises exceptionalism and double standards and only serves the interests and follows the rules of a small number of countries,” he told Asia’s biggest defence conference.

Among them are opposition to unilateral sanctions and economic development as a means of stemming instability and conflict.

“Its so-called rules-based international order never tells you what the rules are, and who made these rules,” Li said in a speech to the Shangri-La Dialogue in Singapore, without naming the US or its partners.

#featured #china #li shangfu #south china sea #taiwan

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World

China and U.S. in the crosshairs over close call

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The provocation of a Chinese warship sailing 2000ft off the bow of a U.S. warship near Taiwan has escalated tensions.

 
As the U.S. and Chinese military chiefs stood in the same room in Singapore, a dangerous manoeuvre was taking place in the South China Sea.

A Chinese naval vessel sailed directly in front of a U.S. warship, in a supposed breach of international law.

The U-S describing this maneuver as “unsafe” but China disagrees. China claims the democratic island of Taiwan as part of its own territory.

Beijing says the strait is part of its exclusive economic zone but the U-S regularly sail through and flies over the area.

The incident in the Taiwan Straits comes after the U-S Defence Secretary and his Chinese counterpart were together in Singapore.

The pair weren’t meeting but they were in the room for a defence conference.

Li Shangfu is China’s Defence Minister who’s suggesting the U-S and its allies are creating danger in the region.

He’s asking one question, “what’s the point of going there?”

And he followed on with the saying “In China we always say: ‘Mind your own business.’”

David Zhang, who’s the host of China Insider, says China is now playing a more dangerous game, akin to a Cold War mentality. #china #south china sea #taiwan #united states #featured

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Originals

The great burnout, a generational problem?

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You have probably heard of ‘The Great resignation’.

But have you heard of the Great Burnout?

COVID-19 saw many companies introduce a working from home policies, which kept them afloat as well as their workforce employed.

Three years on we love the flexibility, but does it love us?

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