The restriction of natural gas flows from Russia into European countries continues to be a threat to European and global economies. The situation is most acute in Germany where the economy is more dependent on cheap and reliable energy to power its manufacturing industry.

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The third indispensable element in building the new prosperity is closely related to creating new jobs and halting inflation. We must protect the position of the American dollar as a pillar of monetary stability around the world.

In the past 7 years, there has been an average of one international monetary crisis every year ...

I have directed Secretary Connally to suspend temporarily the convertibility of the dollar into gold or other reserve assets, except in amounts and conditions determined to be in the interest of monetary stability and in the best interests of the United States.

Now, what is this action—which is very technical—what does it mean for you?

Let me lay to rest the bugaboo of what is called devaluation.

If you want to buy a foreign car or take a trip abroad, market conditions may cause your dollar to buy slightly less. But if you are among the overwhelming majority of Americans who buy American-made products in America, your...

Summary: COVID-19 has had a profound impact on EM banks – and not always for the worse. While banks have had to set aside significant sums to provision for bad loans, government-sponsored loan moratoria and the associated suspension of the usual nonperforming loan (NPL) criteria have bought them the time to manage their way through the crisis relatively smoothly. The pandemic has also hugely accelerated the digitisation process, both in terms of online banking (customers) and remote working (employees), which should allow for significant cost savings in future as banks reduce branches and possibly office space. What has gone largely  unnoticed, however, is the explosion of ESG-labelled bond issuance over the past 18 months. Sustainable bonds, in particular, are an ideal tool for banks to raise funding for post-pandemic lending. In an era when interest in ESG investing has never been higher, this matters.

Summary: Benin recently issued its first Sustainable bond (SDG), also the first for a Sub-Saharan issuer. The net proceeds of the €500 million issue will be used to fund expenditures in pre-determined categories, including agriculture, water, health, housing, education, low-carbon energy, biodiversity and others. An annual disclosure of the disbursements is expected and the framework has received a second party opinion which deemed it in line with best practices.

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Summary: This morning’s release of UK inflation data saw a significant surprise to the upside relative to expectations, with headline CPI rising from 1.3% to 2.1% year on year, and RPI rising from 2.9% to 3.3%. Whilst much of this jump will of course, but justifiably, be put down to transient factors (energy, fuel, transport, hotels, clothing, package holidays, and restaurants), it should cause investors to question whether all of the upward pressure is temporary, or whether once the transient factors subside, inflation will be left at an elevated rate.

Summary: This morning’s release of UK inflation data saw a significant surprise to the upside relative to expectations, with headline CPI rising from 1.3% to 2.1% year on year, and RPI rising from 2.9% to 3.3%. Whilst much of this jump will of course, but justifiably, be put down to transient factors (energy, fuel, transport, hotels, clothing, package holidays, and restaurants), it should cause investors to question whether all of the upward pressure is temporary, or whether once the transient factors subside, inflation will be left at an elevated rate.