Central banks in London and Washington look set to impose more sharp rate hikes next week after figures on both sides of the Atlantic showed inflation pressures are not going away. The dollar soared as US inflation data for August came in at a higher than expected 8.3 per cent yesterday. Michael Hewson, chief market analyst at CMC Markets, said the inflation numbers ‘put a rocket under the dollar’. Stock markets turned red on the prospect of more steep US rate hikes putting pressure on borrowers. Yesterday’s UK figures showed the proportion of working-age people out of the labour force due to long-term sickness hit its highest level since 2005.

Source: Daily Mail September 13, 2022 22:57 UTC