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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Rachel Reeves faces £23 billion capital gains tax “black hole” – will she be forced to look elsewhere?The fiscal watchdog has downgraded its forecast for capital gains tax revenues, leaving chancellor Rachel Reeves with £23 billion less than previously expected
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Protests erupt in Turkey after the arrest of Erdogan's rivalTurkey's president has jailed his main political opponent, Ekrem Imamoglu
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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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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 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.
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Would a food price cap actually work?Analysis The government is discussing plans to cap the prices of essentials. But could this intervention do more harm than good?
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UK inflation slides to 8.7% - what does it mean for your money?News Inflation has dropped below 10% for the first time in months, but with food prices at a 45-year high, is this good news and what does it mean for your money?
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Why the UK equity market is shrinkingAnalysis The crisis has been building for 25 years, says Max King, and it will take decades to reverse the trend.
