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BIS warns world economy at critical juncture in inflation fight – Yahoo Finance
By Marc Jones
LONDON (Reuters) – The world's central bank umbrella body, the Bank for International Settlements (BIS), called on Sunday for more interest rate hikes, warning the world economy was now at a crucial point as countries struggle to rein in inflation.
Despite the relentless rise in rates over the last 18 months, inflation in many top economies remains stubbornly high, while the jump in borrowing costs triggered the most serious banking collapses since the financial crisis 15 years ago.
"The global economy is at a critical juncture. Stern challenges must be addressed," Agustin Carstens, BIS general manager, said in the organisation's annual report published on Sunday.
"The time to obsessively pursue short term growth is past. Monetary policy must now restore price stability. Fiscal policy must consolidate."
Claudio Borio, the head of BIS's monetary and economics unit, added there was a risk an "inflationary psychology" was now setting in, although the bigger-than-expected rate hikes in Britain and Norway last week showed central banks were pushing "to get the job done" in terms of tackling the problem.
Their challenges are unique by post-World War Two standards though. It is the first time that, across much of the world, a surge in inflation has co-existed with widespread financial vulnerabilities.
The longer inflation remains elevated, the stronger and prolonged the required policy tightening, the BIS report said, warning that the possibility of further problems in the banking sector was now "material".
If interest rates get to mid-1990s levels the overall debt service burden for top economies would, all else being equal, be the highest in history, Borio said.
"I think central banks will get inflation under control. That is their job – to restore price stability," he told Reuters. "The question is what will the cost be."
BANKING CRISES
The world's top central bankers and other policymakers will gather in Sintra, Portugal on Monday for a three-day forum hosted by the European Central Bank.
The Swiss-based BIS held its own annual meeting in recent days, where central bankers discussed the turbulent last few months.
March and April saw a failure of a number of U.S. regional banks including Silicon Valley Bank and then the emergency rescue of Credit Suisse in the BIS's own backyard.
Historically, about 15% of rate hike cycles trigger severe stress in the banking system, the BIS report showed, although the frequency rises considerably if interest rates are going up, inflation is surging or house prices have been rising sharply.
It can even be as high as 40% if the private debt-to-GDP ratio is in the top quartile of the historical distribution at the time of the first rate hike.
"Very high debt levels, a remarkable global inflation surge, and the strong pandemic-era increase in house prices check all these boxes," the BIS said.
It estimated too that the cost of supporting aging populations will grow by approximately 4% and 5% of GDP in advanced (AEs) and emerging market economies (EMEs) respectively over the next 20 years.
Absent belt-tightening by governments, that would push debt above 200% and 150% of GDP by 2050 in AEs and EMEs and could be even higher if economic growth rates wane.
Part of the report published already last week also laid out a "game changing" blueprint for an evolved financial system where central bank digital currencies and tokenised banking assets speed up and smarten up transactions and global trade.
Commenting further on the economic picture, Carstens, former head of Mexico's central bank, said the emphasis was now on policymakers to act.
"Unrealistic expectations that have emerged since the Great Financial Crisis and COVID-19 pandemic about the degree and persistence of monetary and fiscal support need to be corrected," he said.
The BIS thinks an economic "soft, or soft-ish" landing – where rates rise without triggering recessions or major banking crashes – is still possible, but accepts it is a difficult situation.
Analysts at Bank of America have calculated there have been a whopping 470 interest rate rises globally over the past 2 years compared with 1,202 cuts since the financial crash.
The U.S. Federal Reserve has lifted its rates 500 basis points from near zero, the European Central Bank has hiked the euro zone's by 400 bps and many developing world economies have done far more. Even the Bank of Japan's ultra-loose monetary settings may be approaching a crossroads.
The question remains what more will be needed, especially with signs that companies are taking the opportunity to boost profits and workers are now demanding higher wages to prevent a further erosion of their living standards.
"The easy gains have now been reaped and the last mile is going to be more difficult," Borio said, referring to challenges central bankers now face reeling inflation back to safe levels. "I wouldn't be surprised if there were more surprises".
(Reporting by Marc Jones; Editing by Emelia Sithole-Matarise and Catherine Evans)
fight news
What time is Floyd Mayweather vs. John Gotti III today? Schedule, main card start time for 2023 exhibition boxing fight – Sporting News
Floyd Mayweather once again steps inside the ring to compete in an exhibition fight. This time, he faces someone with legit combat sports experience and a last name nobody will ever forget. Mayweather faces John Gotti III, the grandson of infamous gangster John Gotti, on June 11.
The fight is inside the FLA Live Arena in Florida and airs on the Zeus Network.
Gotti turned pro in 2017. Winning five in a row to start his MMA career, Gotti lost his last fight in 2020 against Nick Alley. The 30-year-old has since competed in boxing bouts, winning two contests in the past eight months.
Calling this fight a “pinch-me moment,” Gotti has nothing but respect for Mayweather. However, he will not let his fandom get in the way of what he needs to do.
MORE: Boxing vs. MMA history: Mayweather vs UFC’s McGregor and more
“I’ve been following him since I was eight years old,” Gotti said via Boxing Scene. “This was my idol. This was a guy I did school projects on. It was a guy I looked up to. The fact that I’m in a position to stand across the ring from Floyd is a tremendous honor. But make no mistake, June 11, I’m bringing bad intentions to that man. I don’t care if it’s an exhibition or not. You signed to fight me, there’s no quarter. It’s kill or be killed.”
This is the latest exhibition for Mayweather, who retired in 2017 at 50-0. In 2018 he teamed with RIZIN and beat young kickboxing star Tenshin Nasukawa via TKO. Mayweather fought Logan Paul and former training partner Don Moore in non-scored bouts. He beat Mikuru Asakura and YouTuber Deji in 2022 via TKO. In February, Mayweather went the distance against MMA fighter Aaron Chalmers.
Here is all you need to know regarding Mayweather vs. Gotti, from the time, channel, and card.
Mayweather vs. Gotti begins at 6:30 p.m ET | 3:30 p.m. PT. Ringwalks are scheduled for 10 p.m. ET | 7 p.m. PT, depending on how long the undercard fights last.
MORE: How to bet on combat sports
Floyd Mayweather vs. John Gotti III can be streamed on Zeus Network.
Fans in the U.S. can pre-order the fight for $15.99. They can also sign up for the network at the annual rate of $59.99 per year. In the U.K., the pre-order price is about £13, $21 in Canada, and $23 in Australia.
MORE: History of boxing video games
Daniel Yanofsky is a combat sports editor at The Sporting News.
Chuck Palahniuk’s Fight Club 2 comic brings back the character played by Jared Leto in the movie for an unexpected, but critical role.
Angel Face, played by Jared Leto in the Fight Club film adaptation, makes a surprise return in Chuck Palahniuk's comic book sequel to his original Fight Club novel – coming back with both revenge, and, oddly enough, love on his mind, following the vicious beating he received from the Narrator a decade earlier.
Fight Club 2 – by Chuck Palahniuk, Cameron Stewart, Dave Stewart, and Nate Piekos of Blambot – features the son of the Narrator and Marla Singer being kidnapped, with a returning Tyler Durden being the prime suspect, compelling the Narrator to reintegrate himself into Fight Club. In the closing pages of the series' fourth issue, the permanently-scarred Angel Face reappears.
In a brutal display that directly mirrors the original, Angel Face administers a brutal beating to the Narrator. He ends up knocking the Narrator into unconsciousness, which triggers Tyler Durden to awaken in his place at the start of Issue #5. Angel Face knows what's happened immediately, and subsequently is horrified as Tyler mercilessly returns the meeting. It is not until a few issues later, in Fight Club 2 #9, that it is revealed Tyler has been having an affair with Angel Face for quite some time. The Narrator discovers this only when he's awake, rather than Tyler, at a moment Angel Face kisses him.
As the Narrator's therapist says, on the same page as the reveal, ""a sociopath will sleep with anyone to gain her allegiance … or his." The re-emergence of Angel Face gives readers a glimpse of exactly how being a Fight Club member for so many years has worn on Angel Face's body. Aside from the distorted face the Narrator gave him ten years prior, he is littered with scabs, scars, and bruises from decades of sparring. It's clear that Angel Face has clung on completely to the ideas that Tyler put in his head years prior, whether it is because he's a true devotee, or he has nothing else.
Angel Face is depicted as not only unflinchingly loyal to Tyler Durden's ideals, but to the man himself. It remains ambiguous in the text whether Tyler returns Angel Face's feelings, or the extent to which he can feel at all. Angel Face is in love with Tyler – for Tyler, a physical relationship may just be a way to retain Angel Face's loyalty, to continue holding power over him. In this way, it is reminiscent of how the Narrator describes Tyler's relationship with Marla in the opening pages of the original book. "This is about property as in ownership. Without Marla, Tyler would have nothing."
Tyler's connection to Angel Face may not run as deep as with Marla in Fight Club, but Angel Face is still a useful vessel for him, one that someone as possessive as Tyler isn't willing to give up so easily. On the chance that Angel Face may have harbored these feelings in the original Fight Club, it also re-contextualizes their previous dynamic. It certainly offers a new explanation as to why Angel Face stays a follower of Project Mayhem/Fight Club for a decade after the Narrator beat him up. Most certainly, it further complicates Fight Club's iconic twisted love triangle of Marla, Tyler, and the Narrator.
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Joe Anthony Myrick (or JAM) is a comics writer who specializes in, of course, covering the big figureheads of the industry (Marvel and DC), as well as lesser-known indy parties and some personal favorites like BOOM! Studios.
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