Good morning and welcome to Money Minute, where we preview the day's biggest financial stories.
In the UK this morning, we get the first Nationwide house prices reading of the year. There have been tentative signs of the housing market rallying, even prior to the election in December. So the latest reading will be watched closely for signs that house prices might start to perk up again.
Meanwhile, in the US today, the Federal Reserve announces its latest decision on interest rates. Recent economic data in the US has been solid, so rate cuts aren't likely. However, the US central bank has also made it clear that it has no intention of raising rates again until inflation is a genuine threat. So it is not expected to change rates from the current range of 1.5% to 1.75%.
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However, investors may be keen to hear more about current problems with the repo market, which have forced the Fed to pump more money into markets by buying short-term US government debt.
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M&S and Tesco among those warning of a £7bn Budget hitSeventy-nine UK retailers have written to Chancellor Rachel Reeves about possible price rises and job cuts - here is what it means
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How much does it cost to move home under the Labour government?Home-moving costs are rising and could get more expensive once stamp duty thresholds drop in April 2025
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UK wages grow at a record paceThe latest UK wages data will add pressure on the BoE to push interest rates even higher.
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Trapped in a time of zombie governmentIt’s not just companies that are eking out an existence, says Max King. The state is in the twilight zone too.
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America is in deep denial over debtThe downgrade in America’s credit rating was much criticised by the US government, says Alex Rankine. But was it a long time coming?
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UK economy avoids stagnation with surprise growthGross domestic product increased by 0.2% in the second quarter and by 0.5% in June
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Bank of England raises interest rates to 5.25%The Bank has hiked rates from 5% to 5.25%, marking the 14th increase in a row. We explain what it means for savers and homeowners - and whether more rate rises are on the horizon
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UK wage growth hits a record highStubborn inflation fuels wage growth, hitting a 20-year record high. But unemployment jumps
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UK inflation remains at 8.7% ‒ what it means for your moneyInflation was unmoved at 8.7% in the 12 months to May. What does this ‘sticky’ rate of inflation mean for your money?
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VICE bankruptcy: how did it happen?Was the VICE bankruptcy inevitable? We look into how the once multibillion-dollar came crashing down.
