The head of the European Central Bank says interest rates will stay high long enough to restrict business activity for “as long as necessary” to beat back inflation because upward pressure on prices “remains strong.”
Last year’s spike in inflation, to the highest level in four decades, was painful enough for American households.
On Tuesday, business group The Conference Board releases its September report on consumer confidence.
Sales of previously occupied U.S. homes fell for the third month in a row in August, as higher mortgage rates, rising prices and a dearth of properties on the market shut out many would-be homebuyers.
Turkey’s central bank has raised its key interest rate by 5 percentage points to 30%. It’s another large but expected hike that signals a continued push toward more traditional economic policies under President Recep Tayyip Erdogan.
The Bank of England has paused nearly two years of interest rate increases after a surprising fall in U.K. inflation eased concerns about the pace of price rises.
WASHINGTON (AP) — Below is the statement the Fed released Wednesday after its policy meeting ended:

Recent indicators suggest that economic activity has been expanding at a solid pace.
Inflation in Britain fell unexpectedly in August to its lowest level since the start of Russia’s invasion of Ukraine.
The Federal Reserve left its benchmark interest rate unchanged for the second time in its past three meetings, a sign that it’s moderating its fight against inflation as price pressures have eased.
Since Federal Reserve officials last met in July, the economy has moved in the direction they hoped to see: Inflation continues to ease, if more slowly than most Americans would like, while growth remains solid and the job market cools.
If the United Auto Workers strike isn’t settled soon, consumers will see higher prices for new cars — and not just the ones from Detroit.
Russia’s central bank has raised its key lending rate by one percentage point to 13%, a month after imposing an even larger hike.
Stocks rose on Wall Street after a blizzard of reports suggested the U.S. economy is still humming, though inflation may be too. The S&P 500 climbed 0.8% Thursday.
The average long-term U.S. mortgage rate edged up this week, pushing up borrowing costs for prospective homebuyers already facing a housing market limited by a dearth of homes for sale and rising prices.
Americans stepped up retail spending modestly from July to August as the price of gasoline jumped, cutting into budgets as many families send their kids off to school.
U.S. wholesale prices increases accelerated in August, a sign that inflation remains stubbornly persistent despite a series of sharp interest rate hikes by the Federal Reserve.
The European Central Bank has hiked its key interest rate to a record high. It’s pressing forward in its fight against stubbornly high inflation that’s been plaguing consumers, even as worries grow that higher borrowing costs could help push the economy into recession.
The rapid depreciation of the Argentine currency and one of the world’s highest inflation rates has made it difficult for Argentines to make ends meet.
Consumer prices in Argentina have soared 12.4% in August, compared to the previous month, a number that puts the government on the defensive a little more than a month before presidential elections in which a right-wing populist who admires Donald Trump appears the favorite to win.
Shares are mostly higher in Asia after a highly anticipated report showed inflation accelerated across the U.S. in August, but not by much more than expected.
Inflation jumped last month largely because of a spike in gas prices, while other costs rose more slowly, suggesting price pressures are easing at a gradual pace.
Georgia’s governor is suspending state taxes on gasoline and diesel fuel. Gov. Brian Kemp declared a legal emergency over higher prices in a Tuesday executive order.
Shares have declined in Asia after falling on Wall Street ahead of a highly anticipated report on U.S. inflation due later in the day. Oil prices were little changed.
The Labor Department releases its August snapshot of U.S. consumer prices Wednesday. The Commerce Department delivers its monthly tally of retail sales Thursday.
JetBlue Airways is making another move to try to save its proposed purchase of Spirit Airlines. JetBlue said Monday it reached a deal to turn over Spirit’s gates at airports in Boston and Newark, New Jersey, to low-cost carrier Allegiant.
Europe’s economic outlook just took a turn for the worse. The European Union’s executive commission on Monday cut its forecast because high inflation is still discouraging consumers from spending money.
Asian shares are mostly lower despite a Big Tech rally on Wall Street, as investors look ahead to data on U.S. consumer prices set for later in the week.
The governor of Poland’s central bank says its large interest rate cut is justified despite high inflation because prices are stabilizing and the era of high inflation is ending.
A top government official says Turkish President Recep Tayyip Erdogan supports his new economic team’s plan to increase interest rates to lower the country’s soaring inflation.
Poland’s central bank has lowered its interest rates by 75 basis points despite the country’s double-digit inflation rate.