World inflation continues to worsen as oil market surges

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If Johnson's government proposes legislation to revoke its commitment to trade with Northern Ireland, the EU could move swiftly to initiate infringement proceedings against Britain and suspend the trade deal between the two sides, people familiar with the matter said. In addition to freezing the privileges of British companies to access the EU's single market, the European Commission may also halt talks on Gibraltar's status, the person said. According to reports, the United Kingdom has escalated its threat to a post-Brexit Northern Ireland deal. British Foreign Secretary Truss said in a statement that the EU's latest trade arrangement proposal will not work, and hinted that unless a new agreement can be reached, it is ready to take action. Unilateral measures.

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Top OPEC ministers have pushed back against new U.S. legislation aimed at regulating its oil output, saying such moves would create more chaos in energy markets. The proposals could lead to a 300 percent surge in oil prices, UAE Energy Minister Suhail Al Mazrouei said on Tuesday. A new bipartisan NOPEC bill passed by a U.S. Senate committee last Thursday marked a major step forward for the decades-old proposal.

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The Russian-Ukrainian conflict has already led to further increases in oil and gas prices and more general inflation, the UK's National Institute for Economic and Social Research warned in its latest quarterly economic forecast. Forecasts show UK GDP growth is expected to be 3.5% in 2022, 0.8% in 2023 and 0.9% in 2024, before returning to 1.5% in 2026. Affected by the combination of factors such as Brexit, the new crown epidemic and the recent energy price crisis, the income of the British will be permanently reduced.

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Dmitry Medvedev, Vice Chairman of the Russian Federation Security Council, announced that the United States decided to provide Ukraine with an aid plan of about 40 billion US dollars. Hit hard and limit Russia's economic development and political influence in the world. Medvedev said that the United States will not succeed, because the United States is still increasing the size of the already extremely large national debt, "obviously it is about to have a problem."

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The United States announced the April inflation data closely watched by the market. As a result, the data recorded 8.3%, which was higher than market expectations. At the same time, the data performance was not as good as the previous value. In this regard, analysts pointed out that the market hype about the Fed's accelerated tightening is rampant. The current high inflation in the United States is unbearable for Powell, who has made it clear that inflation above 8% is too high and will do whatever it takes to bring it down, and other Fed officials have echoed this. In fact, the strong non-farm payrolls data earlier this month indicated that the U.S. market can withstand several 50 basis points of interest rate hikes, so the expectation of a direct Fed rate hike of 75 basis points in June is still not ruled out. This will broadly support the dollar while putting pressure on gold prices. Operations related to the Fed's accelerated tightening will dominate the recent market trends.

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Federal Reserve Governor Christopher Waller said now is the time to "move into action" and raise interest rates in response to excessive inflation and labor market problems, which are "abnormal" with nearly two job openings for every job seeker . "It's time to raise rates, when the economy can bear," Waller told the Minnesota Economic Club. More action, we’ll do more.” At a time when inflation had been climbing for years, the public and financial markets lacked confidence in the Fed’s ability to control it. The current bout of inflation has only been too high for about a year.

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Federal Reserve Chairman Jerome Powell's signal that he plans to raise interest rates by 50 basis points at each of the next two policy meetings is a sensible one. Policymakers are seeking to rein in inflation in a challenging environment. Williams told reporters after speaking at an economic conference organized by the Bundesbank in Eltville am Rhein. We're pulling back on easing fairly quickly...which gives us some room to raise rates by 50bps in the next two meetings. "The ongoing pandemic and the war in Ukraine have created enormous complexity and uncertainty... We will need to be data-driven and adjust policy actions as circumstances warrant," Williams said. He called the task It's tough, but not impossible.

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Bitcoin fell below $30,000, hitting its lowest level since June last year after U.S. inflation data came out above expectations. The world's largest cryptocurrency by market capitalization fell more than 6 percent to $29,085 on Wednesday, hitting a near 11-month low. Analysts have been looking at $30,000 as an important mark, with many expecting that the downside could accelerate once it is broken. The algorithmic stablecoin TerraUSD continues its downward spiral and is priced below 30 cents. Backers of the stablecoin are trying to raise about $1.5 billion to prop up the cryptocurrency after the stablecoin fell below parity with the U.S. dollar, according to one of the company’s founders approached. Other cryptocurrencies also fell, with Bitcoin Cash down more than 11 percent and Dash down nearly 16 percent.