Top-of-mind economic news as we start the week:
— The Federal Reserve raised its key interest rate by 25 basis points to range of 4.5% – 4.75%, the highest level since October. 2007.
— The US economy added a remarkable 517,000 jobs in January, boosted by seasonal hiring; unemployment rate is just 3.4%, lowest since 1969.
— About 50% of US office workers in major cities went into their employer’s offices in latest week, the highest post-pandemic level.
— In March, the European Central Bank plans to raise its key interest rate 50 basis points to 2.5%, aiming to fight inflation that is running at 8.5% annualized.
— The European Union’s embargo of refined oil products from Russia kicked in February 5, two months after the G7 put a $60 price cap on Russian oil.
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