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Welcome to Thursday, Americas. Here's the latest news and analysis from Bloomberg Economics to help you start the day:
- Federal Reserve Chair Jerome Powell assured Americans that policy makers will do what it takes to curb surging inflation, acknowledging this could cause “some pain” as the U.S. central bank deployed its most powerful policy tightening in decades
- The U.S. unemployment rate probably fell to 3.5% in April, matching the lowest reading since the 1960s, and many economists expect it to keep declining
- Brazil's central bank raised its benchmark interest rate by a full percentage point and opened the door to a longer monetary-tightening campaign
- Chile's central bank is expected to slow the pace of its interest-rate increases as policy makers counterbalance mounting signs of an economic slowdown with rapid price growth
- Turkey and Argentina are recording the highest inflation rates among the Group of 20 nations as price pressures build across the world economy
- The supply crunch that's helped drive inflation to multi-decade highs appears to be worsening again. A mix of worker shortages, supply ruptures from the Ukraine war and early ripples from China's Covid-19 lockdowns threaten to add a fresh drag to growth, according to Bloomberg Economics
- European Central Bank Executive Board member Fabio Panetta said economic expansion has almost ground to a halt in the euro area and faces further “high costs” as policy makers battle record inflation
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