Banking and Financial Institutions – Page 106

Bank of England raises rates for a fifth time, to 1.25 percent.

Inflation is reaching deeper into the British economy, the bank said, as businesses raise prices and workers seek higher pay.

A 75-basis-point increase, along with the will to tackle inflation aggressively, would shore up the bank’s shaky credibility.

Investors appeared mostly unsurprised by the Federal Reserve’s announcement of a large rate increase, with the S&P 500 closing up 1.4 percent.

Crypto companies are laying off staff, freezing withdrawals and trying to stem losses, raising questions about the health of the ecosystem.

There have been several instances of near-bear markets in recent decades, but it’s rare for them to hit the threshold.