A truly massive interest rate hike is now on the table
CNN
Central banks have made clear that after a sluggish start, they're serious about putting a lid on inflation. Now, as prices soar even faster than expected, they're weighing increasingly drastic options.
What's happening: Investors see a growing probability that the Federal Reserve could hike interest rates by a full percentage point at its next meeting for the first time in the modern era. In June, the Fed raised interest rates by three-quarters of a percentage point, which it hadn't done since 1994.
New York Governor Kathy Hochul announced Wednesday she is indefinitely delaying the implementation of congestion pricing in New York City’s borough of Manhattan just weeks before the plan was set to take effect, dealing a major blow to transportation advocates who have spent decades pushing for the deal and a win for several opponents of the plan who say the toll is a regressive tax on commuters.