One of Prime Minister Rishi Sunak's top priorities for 2023 is to cut inflation in half, but three months in, consumer prices are back where they started—rising at an annual rate of 10.1%.
Continuing claims (the number of people who have already filed an initial application and are now claiming unemployment benefits) rose to 1.87 million in the week ended April 8.
"Banks are likely to become somewhat more cautious. That does tend to lead to somewhat greater restriction in credit that could be a substitute for further interest-rate hikes that the Fed needs to make."
Millennials expect they'll need $1.3 million for a comfortable retirement, but only 29% expect to reach that. Older workers say they'll need $1.1 million, and only 21% expect to reach it.
The IMF trimmed its global-growth projections, warning of high uncertainty and risks as financial-sector stress adds to pressures emanating from tighter monetary policy.
"In light of the heightened uncertainty and the emphasis on 'flexibility,' the March [FOMC] minutes offer very little guidance on the policy outlook going forward."
