US imposing ‘swift and severe costs’ on Russia following Putin’s Ukraine annexation

CNN  —  The US is imposing what it describes as “swift and severe costs” on Russia, including sanctions on a figure the Biden administration says is key to Russia’s economy, after President Vladimir Putin announced the annexation of regions of Ukraine following what the West casts as “sham referenda.” Putin signed documents on Friday to … Read more

Latest jobless claims fall to 193,000, underscoring still-tight labor market

Minneapolis CNN Business  —  The number of first-time claims for unemployment benefits dropped considerably last week, underscoring how employers are holding on tightly to workers as the labor market remains full of opportunities for job hunters. Initial claims for unemployment insurance were 193,000 for the week ended September 24, down 16,000 from a downwardly revised … Read more

The UK is gripped by an economic crisis of its own making

London CNN Business  —  A week ago, the Bank of England took a stab in the dark. It raised interest rates by a relatively modest half a percentage point to tackle inflation. It couldn’t know the scale of the storm that was about to break. Less than 24 hours later, the government of new UK … Read more

China’s yuan hovers near record lows against the dollar despite central bank warning

Hong Kong CNN Business  —  China’s yuan hovered near record lows against the US dollar on the offshore market on Thursday, as major currencies around the world continue to tumble after the Federal Reserve’s aggressive hikes. The yuan — also known as the renminbi —has been declining for months despite interventions by China’s central bank. … Read more

Liz Truss’s premiership has got off to the worst start possible

Liverpool, England CNN  —  Liz Truss’s first few weeks as British prime minister have been defined by crisis. She’d barely been in the job 48 hours when news broke that Queen Elizabeth II had died, placing the country in a state of official mourning and delaying the official launch of the Truss plan for Britain. … Read more

Markets in a tailspin get a big dose of chill from the Bank of England

This story is part of CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. New York CNN Business  —  All the drama out of the UK government is keeping me from catching up on the only UK drama I really want to consume, which is Love Island, season 8, … Read more

10-year Treasury yield tops 4%, soaring to 14-year high

The benchmark 10-year Treasury briefly topped 4% on Wednesday, reaching levels not seen since 2008, as markets took in Federal Reserve speaker commentary that hinted at further interest rate hikes. The yield on the 10-year Treasury was up 3 basis points to 3.9945% at around 4:20 a.m. ET. Earlier in the day, it rose as … Read more

Take no prisoners: In the Fed’s inflation fight, no one is spared

New York CNN Business  —  Call it the “Take No Prisoners” economy. Recession worries are deepening around the world. Mortgage rates are spiking and housing is stalling. The Dow is at a two-year low and near a bear market. Global central banks are jacking up interest rates with no end in sight until high inflation … Read more

Treasuries stumble as markets digest Fed commentary and stocks slip

Treasurys fell across the board on Tuesday, with the yield on the 2-year and 10-year notes coming off recent highs, as markets took in economic commentary from Fed speakers and stocks continued to dip. The yield on the benchmark 10-year Treasury was down 2 basis points to 3.8516%. On Monday, it reached levels not seen … Read more

British pound plummets to record low against the dollar

CNN Business  —  The British pound fell to a new record low against the US dollar of $1.035 on Monday, plummeting more than 4%. The slide came as trading opened in Asia and Australia on Monday, extending a 2.6% dive from Friday — and spurring predictions the pound could plunge to parity with the US … Read more