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Added on the 03/11/2022 15:20:50 - Copyright : Euronews EN
Speaking at the opening of the Farnborough International Airshow, UK Prime Minister Keir Starmer says he respects Joe Biden's decision to drop out of the US presidential race. Starmer notes it was "not an easy decision, but a decision that I know that he will have arrived at taking into account the best interest of the American people." SOUNDBITE
The US Federal Reserve left its key lending rate unchanged on and penciled in just one rate cut this year, down from the three expected in March. SOUNDBITE
The European Central Bank (ECB) announces its first interest rate cut since 2019, reducing borrowing costs from record highs, but giving few clues about its next move while warning of continuing inflation pressures. "The governing council today decided to lower the three key ECB interest rates by 25 basis points," says Christine Lagarde, ECB President. SOUNDBITE
As new figures show the UK is in recession, with two successive quarters of falling GDP in Q3 and Q4 2023, the UK's Chancellor of the Exchequer Jeremy Hunt says that the economy is "more resilient than most people predicted" and insists that the government will "stick to our guns" on its plans to bring down inflation. News of the recession comes as voters go to the polls in two by-elections on Thursday, with the Conservatives fearful of losing one-time strongholds in Wellingborough, central England, and Kingswood in the southwest. SOUNDBITE
European Central Bank President Christine Lagarde says the institution will freeze borrowing costs again on Thursday but warns that inflation could pick up again in the near term, in an apparent pushback against market hopes of early rate cuts in 2024. It is the second time in a row the central bank has held rates, following a run of historic hikes to tame runaway price rises. SOUNDBITE
The US Federal Reserve has voted to hold interest rates at a 22-year high for a second straight meeting. "Today we decided to leave our policy interest rate unchanged," announces Fed chair Jerome Powell. SOUNDBITE
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