Banking crisis blurs central bank focus on inflation

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The International Criminal Court has issued an arrest warrant for Russian President Vladimir Putin over the deportation of children from Ukraine. Chinese leader Xi Jinping is set to visit Putin in Russia next week, reaffirming Beijing’s strong ties with Moscow. The OECD has upgraded its outlook for global growth this year from 2.2% to 2.6%, while inflation is projected to hit 4% in 2023 and 2.5% in 2024. The UK was singled out as the most fragile advanced economy apart from Russia. Talks between the UK government and health unions could end a series of strikes, and there are hopes of an agreement with education workers.
Markets have been shaken by banking crises on both sides of the Atlantic, sparking speculation that central banks might have to rethink their plans for interest rate rises. US banking stocks were hit with a renewed sell-off today after a number of bank failures, while the turmoil at Credit Suisse has added to investors’ jitters. The OECD has urged central banks to “stay the course” and continue raising rates to beat inflation, whilst US activist investor Carl Icahn has also urged the Fed to fight inflation.

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