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The Intelligence from The Economist
The Intelligence: higher-for-longer interest rates
Nov 9, 2023
24:04
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Interest rates are unlikely to drop in the near future, affecting borrowers and the banking system. Israel's economy may withstand the war with Hamas, but it will come at a cost. The podcast also explores Jilly Cooper's newest novel and its reception in literary London.
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Quick takeaways
- The expectation of higher interest rates, indicated by rising bond yields, has led to increased borrowing costs and will impact the economy depending on the duration of the trend and borrowers' ability to adjust.
- Israel's war with Hamas has created labor supply challenges, with a shortage of workers in key industries, posing difficulties for the economy and war effort, requiring policymakers to address these issues to maintain stability and finance the war.
Deep dives
Impact of Higher Interest Rates on the Economy
The long-term trend of rising bond yields indicates the expectation of higher interest rates, which has led to increased borrowing costs for individuals, businesses, and governments. However, the overall economy has been cushioned by the accumulation of pandemic savings and long-term borrowing at low rates. The impact of higher rates on the economy will depend on factors such as the duration of the trend and the ability of borrowers to adjust to the new reality.
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