Five ways US rate rise will affect you
That drop might feel painful to people prevented from purchasing, but it is also expected to cool price growth to 5% in 2022, after double digit gains in recent years.Smaller pensions and more expensive Uber rides
The S&P 500 has sunk more than 20% since the start of January - a milestone known as a bear market - while the Nasdaq has shed nearly a third of its value.Risky assets, like cryptocurrencies, have seen their prices drop too, which stock exchanges outside the US have also been hit. Property giants Redfin and Compass this week announced plans to reduce their staffs by hundreds this week, citing the downturn and higher rates.
Growth already contracted in the first three months of the year. And while that was attributed to a quirk in international trade data, other indicators, like retail sales, have begun to darken. But elsewhere, the rise of the US currency means more expensive imports of commodities like energy and food, which often trade in dollars. That adds to economic strains, especially if a government holds a lot of debt in dollars.The bank of England is one of the dozens of other central banks to announce rate rises in recent months
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