The Bank of England announced its biggest rate hike since 1995 and forecast “long recession,” including five consecutive quarters of negative growth beginning in late 2022, as global central banks continue to take drastic measures to combat the worst inflation in nearly half a century. In the U.S., more data suggest the labor market is cooling off, as initial claims for unemployment insurance returned to pre-pandemic levels last week. The BoE’s problem may be more acute than the Federal Reserve’s because of the former’s proximity to Europe’s energy crisis. As Darius Dale tweeted today, there are positive catalysts out there, including the deal between Coinbase and BlackRock to make crypto trading easier for institutions. The question is how to interpret them. Darius, the founder and CEO of 42 Macro, joins Maggie Lake to talk about that and much more on today’s Daily Briefing.
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