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In a statement, the bank’s nine-member Monetary Policy Committee lowered its main interest rate by a quarter of a percentage point to 4.50%, taking it to its lowest level since mid-2023.

That decision was widely expected in financial markets.

What wasn’t expected was the scale of the growth downgrade in the bank’s accompanying economic forecasts. The bank now predicts that the British economy will only grow by 0.75% this year, down from its previous forecast of 1.5% just three months ago.

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Source: https://apnews.com/article/britain-economy-interest-rates-inflation-bank-england-cecd754e6ff0f85dd33dba65813584eb

The post Bank of England halves UK growth projection and cuts main interest rate to 4.50% first appeared on Garner Ted Armstrong Evangelistic Association.

“We are in a total crisis. Salaries don’t increase and so everything is expensive,” Chura told Reuters at the market in the city that perches in the mountains above Bolivia’s political capital La Paz. “With the excuse that there’s no diesel or gasoline, the price of everything has gone up.”

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Source: https://www.reuters.com/world/americas/bolivias-big-state-economic-model-slowly-implodes-fear-total-crisis-2024-12-16/

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The post As Bolivia’s big state economic model slowly implodes, fear of ‘total crisis’ first appeared on Garner Ted Armstrong Evangelistic Association.

The post Eurozone inflation tops estimates in October: Could this affect ECB policies? first appeared on Garner Ted Armstrong Evangelistic Association.

The Senate unanimously approved the proposal submitted to guarantee that Mexicans’ purchasing power is not eroded by annual price increases.

The change would not have an immediate impact on the lowest salaries, since Sheinbaum said that they would increase roughly 12% in 2025 and by a similar amount in future years. But analysts say the law could have a greater impact if inflation rises beyond current levels of about 5%.

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Source: https://www.yahoo.com/news/mexico-congress-guarantees-minimum-wage-034607314.html

The post Mexico’s Congress Guarantees Minimum Wage Rises Above Inflation first appeared on Garner Ted Armstrong Evangelistic Association.

After a dismal second quarter, the world’s second-largest economy lost momentum further in July: new home prices fell at the fastest pace in nine years, industrial output slowed, export and investment growth dipped and unemployment rose.

The post China’s faltering growth revives cash vouchers talk first appeared on Garner Ted Armstrong Evangelistic Association.

A study published on Sunday by Econométrica, a private Argentine consulting firm, first reported the no-inflation week. In its study, Econométrica analyzed 8,000 prices in local online supermarkets and found no change when compared to the preceding week — something that has not happened in Argentina in three decades. In addition to the lack of variation in prices in one week, the study found that the prices of food and drinks only experienced an increase of 0.1 percent in the past 15 days.

President Milei, who is currently in Prague, confirmed the study’s findings on Monday morning in a telephone interview held with Argentina’s Radio Mitre, celebrating the news as a result of his economic policies.

“That means that we are on the right path — which there is still a long way to go, but the first signs that things are working are beginning to appear,” Milei told Argentine journalist Eduardo Feinmann.

“I sometimes present it, explain it, but, well, I have encountered in recent times gross levels of intellectual dishonesty. Because we all know that wholesale inflation is the one that predicts and anticipates retail inflation and the reality is that inflation in December when we arrived was 54 percent, that annualized gives 17,000,” he continued.

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Source: https://www.breitbart.com/latin-america/2024/06/24/argentina-logs-first-week-no-inflation-food-prices-30-years/

The post Argentina Logs First Week with No Inflation in Food Prices in 30 Years first appeared on Garner Ted Armstrong Evangelistic Association.

ANKARA — Turkey’s Central Bank, in a unexpected move, hiked interest rates Thursday by another 500 basis points, from 45% to 50%.

The monetary policy committee cited a “higher than expected” surge in the country’s year-on-year inflation last month, which hit almost 70%. The embattled Turkish lira strengthened immediately after the surprise announcement, trading more than 1% up on the day at 14:30 p.m. local time.

“Recent indicators imply that domestic demand remains resilient,” the bank said in a statement.

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Source: https://www.al-monitor.com/originals/2024/03/surprise-move-turkeys-central-bank-hikes-interest-rates-50

The post In surprise move, Turkey’s Central Bank hikes interest rates to 50% first appeared on Garner Ted Armstrong Evangelistic Association.

Japan has ended its negative interest rate policy, marking a historic shift away from an aggressive monetary easing program that was implemented years ago to fight chronic deflation.

As part of the decision, the Bank of Japan (BOJ) raised interest rates for the first time in 17 years, lifting its short-term rate to “around zero to 0.1%” from minus 0.1%, according to a statement posted on its website on Tuesday.

The BOJ has battled deflation and economic stagnation since the late 1990s. Over the years, it has sought to encourage prices to rise by using a combination of conventional and unconventional monetary policies, including zero or negative interest rates and large-scale asset purchases.

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Source: https://www.cnn.com/2024/03/18/business/japan-boj-negative-interest-rate-ended-intl-hnk/index.html

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The post Japan brings era of negative interest rates to an end with first hike in 17 years first appeared on Garner Ted Armstrong Evangelistic Association.

I’ve got good news and bad news.  The good news is that a law has passed the Texas legislature that will allow the arrest of illegal aliens.  The bad news is, it doesn’t take effect until March. We see the glut at the border, it looks like the line to ride the Matterhorn at Disneyland.  But these people don’t speak English, and have paid dearly for passage from the smugglers.  Once they get to the United States they’ll fulfill their dreams, or will they?  The entire border patrol has been enlisted to “process” people, whatever that means.  We don’t even know what these “immigrants” are given or what they’re being told.  But they’re put on buses to go wherever they want.

The news from the southern border is enough to keep you from watching.  By the time the Texas law kicks in, at the rate of 12 thousand per day, you figure it out.  We’ll be swamped.  Obama never did have our best interests at heart, and Biden does what he’s told.  Not that he doesn’t voice his opinion from time to time, but it just doesn’t matter.  We hear what he has said, but don’t dare watch him say it.  It’s just too depressing.

They’re trying to link Ukrainian aid with the Southern border.  So the broken border can’t be fixed unless we fund Ukraine in its fight against the Russians.  But there’s a problem.  Ukraine is losing, and there’s no way they can win.  At this point it will be good money after bad.  Another thing is that we don’t even know what’s happened to the money already sent.  Someday we’re going to find out where the large sums have gone.

You’ve probably seen something about the Colorado court case.  They’ve convicted Trump of insurrection and pronounced him guilty.  Not that he’s been found guilty, or even charged.  But these buffoons in Colorado must be scared to death.  Trump just can’t get elected again, or Katy bar the door.  So they’ve decided his name can’t appear on the ballot.  

Inflation? They’re trying to tell us not to believe our eyes.  But nobody can believe the prices they’re paying for necessities.  Bidenomics, they’ve resurrected the term, hasn’t been good for anybody.  Watching Joe walk has become a painful experience to see.  He apparently thinks he’s pulling it off, and nobody dares tell him otherwise.  It’s excruciating watching him walk or talk.  The whole world knows he’s out to lunch.

Who knows how many crises we’ll be facing by this time next year?  The U. S. is not responding to the attacks on civilian shipping by the Houthis in the Red Sea.  Apparently there is a ten nation task force to protect civilian shipping.  We’ll see.

Everybody’s demanding a cease fire.  The UN is making pronouncements, but Israel no longer cares.  The worst atrocities since WWII cannot be allowed to happen again.  Period.  All the crying, begging doesn’t make much difference after they’ve slaughtered over a thousand people and committed all manner of atrocities.  We don’t even want to know what they’ve done.  Don’t tell us.

Germany has just positioned troops outside their borders, in Lithuania.  That wasn’t supposed to happen, and hasn’t until now.      

Mark

The post Weekly Update by Mark Armstrong – December 22, 2023 first appeared on Garner Ted Armstrong Evangelistic Association.