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The International Monetary Fund issued a stark warning over the health of the global economy, saying it saw rising risks of a recession in 2023. Hopes rose that the deteriorating economic outlook might cause central banks to be less aggressive in raising rates to smother inflation.

In the UK, the new government, headed by former Foreign Secretary Liz Truss, froze energy costs and announced the largest tax cuts in 50 years in an attempt to stimulate growth. The spending was unfunded, causing the Bank of England to intervene as the British pound and UK bond prices tumbled amid fears of unsustainable levels of UK borrowing.

Cryptocurrencies have not had the best environmental track record and it’s easy to understand why. The primary argument for crypto not being ESG-friendly stems from the processing power required to mine the cryptocurrency and complete transactions in it.

China struggled to contain broad-based Covid outbreaks, as it stuck to its strict zero-Covid policy. The People’s Bank of China cut borrowing costs as economic data revealed that growth remains weak in the face of sporadic lockdowns, the ongoing property crisis and a severe drought which has led to power cuts.

The US Federal Reserve (Fed) raised interest rates by 75 basis points for the second time in two months, taking them to a range of 2.25% to 2.5% - a level that is considered to be ‘neutral’ for the economy.

The US Federal Reserve (Fed) raised interest rates by 75 basis points in June, its largest single increase since 1994, and indicated that another substantial rate hike would likely be needed in July.

The European Central Bank (ECB) came under rising pressure to exit the negative interest rate policy it has held since 2014, with the first rate rise expected as early as July.

In China, the lockdown in Shanghai entered a second month and fears grew that Beijing could also be placed into lockdown. China’s zero-Covid policy could mean further supply chain disruption and might threaten the country’s 5.5% growth target for 2022.

The conflict between Russia and Ukraine entered its second month. Russia, which has failed to take Ukraine’s capital Kyiv, says it will now focus on the contested Donbas region.

European leaders looked to move rapidly to wean their economies off Russian gas, turning their focus to renewable energy sources, as the International Energy Agency urged the EU not to sign new supply agreements.

Russia invaded Ukraine, causing shock waves around the world. Major economies responded with sweeping sanctions, including preventing Russia’s central bank from using its reserves and banning certain Russian lenders from the global payments system Swift. 

Global sanctions were imposed on the Central Bank of Russia, freezing $630 billion of foreign currency reserves and sending the rouble into freefall.

Following recent trends on US executive pay, an element of the $20 million remuneration of Starbucks CEO Kevin Johnson was in reward for reductions in methane emissions and the use of plastic straws.

The oil price touched a seven year high of almost $95 per barrel, as geopolitical tensions mounted. Gold proved a safe haven, rising 2.8% on the week.

Fed Chair Jerome Powell promised to be ‘nimble’ in the face of higher inflation, prompting forecasts of five interest rate hikes for this year.

Apple became the first company to reach a $3 trillion valuation, before falling back with the tech sector. 

Fed Chair Jerome Powell promised to be ‘nimble’ in the face of higher inflation, prompting forecasts of five interest rate hikes for this year.

China’s trade surplus hit record levels in December, as the world’s demand for durable goods remained strong.

China’s trade surplus hit record levels in December, as the world’s demand for durable goods remained strong.

US equity markets fell sharply, after the minutes of the December meeting of the US Federal Reserve (Fed) indicated a faster pace of interest rate rises.