The Fed changes policy

The US Federal Reserve (Fed) announced a new policy of a flexible average inflation target, meaning it will allow inflation to run “moderately” above the 2% target after periods when it has been persistently below-target. This would potentially allow the bank to keep US interest rates low for longer.

UK is in recession

It is not surprising but we are officially in a recession as the ONS has calculated that Covid had caused GDP to fall by 20.4% in Q2.