Good morning and welcome to Money Minute, where we preview the day's biggest financial stories.
Over in the eurozone, the latest data on industrial production is due to be released. It’s likely to show that December was a grim month for manufacturing in the region. More timely survey data suggests that thing picked up a little in January. But overall, things still look grim for the sector as we head into 2020 – and that’s before taking into account the impact of the coronavirus.
In the US, Federal Reserve head Jerome Powell continues his half-yearly testimony to US politicians. Markets will be most interested in hearing about potential changes to the US central bank’s inflation targeting regime.
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Put simply, the Fed is considering changing its inflation target to allow inflation to rise above 2% for a prolonged period of time, to compensate for the prolonged period of below-target inflation we’ve seen.
In practical terms, that means the Fed would be under no immediate pressure to raise interest rates, even if inflation takes off. Investors would no doubt welcome this change, at least for the time being.
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10 vinyl records worth up to £10,000 - is one in your collection?News Vinyl is experiencing a resurgence and collectors will pay up to £10,000 for some albums - is it time to dust off your old records?
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FCA: Banks are still short-changing savers
The latest FCA review finds that while public shaming has encouraged providers into offering better deals on savings, many of those with closed accounts are still being shortchanged.
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UK wages grow at a record pace
The 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 government
It’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 debt
The 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 growth
Gross 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 high
Stubborn 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 money
Inflation 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.
