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Welcome to Thursday, Europe. Here's the latest news and analysis from Bloomberg Economics to help you start the day.
- The Bank of England is expected to mark its birthday by raising rates as it confronts slower growth and faster inflation
- A global energy price rally and domestic credit growth are fueling ever faster inflation in Turkey, already the quickest among the G-20
- The Federal Reserve delivered the biggest rate rise since 2000 and signaled it would keep hiking at that pace
- Fed Chair Jerome Powell assured Americans that policymakers will do what it takes to curb surging inflation
- Bloomberg Economics expects the Fed to hike rates by 50 basis points at its next two meetings
- Janet Yellen expects solid growth in the coming year, with a possible “soft landing”
- Elsewhere, inflation continues to make its mark as stubbornly high price growth in the developed world may make fears of a wage-price spiral a reality, Europe's Russian oil embargo adds more inflation trouble, and inflation gains are keeping Southeast Asia's central bankers on edge
- The German government is split on taxing energy firms' windfall profits
- China may soon reveal more policies intended to rescue its economy
- The global hunger crisis is “exploding” after a 25% spike before the war in Ukraine
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