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Economist Podcasts
The Intelligence: higher-for-longer interest rates
Nov 9, 2023
Henry Kerr, Economics editor for The Economist, shares insights on persistent high interest rates and their global implications. Kerry Richmond Jones, an international economics correspondent, analyzes the economic fallout from the ongoing Israeli-Hamas war, specifically its impact on tourism and business in the region. The discussion also explores the surprising resilience of the U.S. economy amid rising rates, as well as cultural reflections in contemporary British literature, particularly Jilly Cooper's provocative new book.
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Quick takeaways
- Higher interest rates have surprised investors this year, reflecting a fundamental reassessment of the world economy.
- The ongoing conflict with Hamas has severely impacted Israel's economy, posing challenges for growth and the war effort.
Deep dives
Higher Interest Rates and Their Impact on the Economy
Higher interest rates have been a surprise this year, with yields on 10-year US Treasury bonds reaching their highest level since the 2007 global financial crisis. This trend reflects a fundamental reassessment of the world economy by investors. The rise in bond yields has implications for borrowers, including households, businesses, and governments, as they face increased borrowing costs. However, the overall impact on the economy has been somewhat mitigated by factors such as household savings accumulated during the pandemic and corporations benefiting from locked-in low interest rates.
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