NewzUS government borrowing costs have climbed to their highest level since 2007. The increase follows a decision by the Federal Reserve to hold its key interest rate steady, a move that sent stocks tumbling.
Concurrently, central banks internationally are navigating ongoing economic pressures. The Bank of England kept its key interest rate on hold at 3.75 percent for the fifth time this year following a larger-than-expected drop in the inflation rate last month.
However, the Bank of England warned in a split vote that a rekindled war and resumed strikes on Iran have caused oil prices to climb back above $90 a barrel. Officials cautioned that a further escalation in the conflict could drive inflation above 4 percent next year, adding to existing cost of living pressures.
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