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Welcome to Wednesday, Europe. Here's the latest news and analysis from Bloomberg Economics to help you start the day.
- The Federal Reserve is expected to raise interest rates by half a point, but investors' focus will be on Chairman Jerome Powell's words to see if bigger moves are ahead
- Bloomberg Economics thinks there's a decent chance Powell will sound more hawkish
- The Fed will have to raise rates to as much as 5% to ease inflation, ex-International Monetary Fund chief economist Kenneth Rogoff said
- European Central Bank Executive Board Member Isabel Schnabel said an interest-rate hike might come as early as July
- For the first time in over a decade, traders are anticipating faster inflation in Europe than the U.S.
- Russia dodged a default for now after the country dipped into its local dollar holdings
- U.K. retailers warn that a surge in food prices will keep inflation rising in the months
- U.K. credit card borrowing is set to jump to a five-year high in 2022, an evidence of strains to household finances
- Inflation is so rampant in Brazil that workers at the institution in charge of taming prices are themselves on strike
- Read Bloomberg's Pret Index: Lunch hour shows most bankers are back in the office
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