This weekly wrapper brings you the latest stories from the world of economics and finance.
Top economy stories: US stocks enter "bear market"; Sri Lanka faces humanitarian crisis because of economic crash; "Crypto winter" on the way?
1. US enters 'bear market' and other top global economy stories
US stock markets tumbled this week, entering a "bear market" – meaning share values have fallen at least 20% from recent highs. Stocks on the benchmark S&P 500 index dropped by 3.9% on 13 June because of fears over rampant inflation, putting them 21.8% below levels on 3 January.
The US Federal Reserve made its biggest increase to interest rates since 1994, with a 0.75% rise as it looks to tackle inflation, reports Bloomberg. US consumer prices are climbing at their fastest annual rate in over four decades, with gasoline prices hitting a record high and food costs soaring. Consumer prices rose by 8.6% in May – the largest year-on-year increase since December 1981 – following an 8.3% jump...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...