Switzerland’s historic rate rise rattles markets
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 17 June 2022
⏱️ 9 minutes
🧾️ Download transcript
Summary
Stocks fall following rate rises in the US, UK and Switzerland and Russia restricts gas flow to Germany, and Covid hospitalisations are up in Europe.
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Mentioned in this podcast:
Wall Street stocks tumble as UK and Switzerland follow Fed with rate rises
Germans told to conserve energy as Russia cuts gas flows to Europe
Covid hospitalisations rise in Europe as sub-variants fuel new wave
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:09.9 | Good morning from the Financial Times. |
| 0:11.5 | Today is Friday, June 17th, and this is your FT News Briefing. |
| 0:18.4 | A chorus of central banks raised interest rates this week to try and fight inflation. |
| 0:23.2 | This is an exceptionally dicey point for the economy and by extension, |
| 0:27.6 | therefore for the market stocks do not like this one bit. |
| 0:31.4 | Germany is asking its citizens to conserve energy as Russia continues to shut off the taps, |
| 0:37.2 | and Europe is dealing with a new wave of COVID hospitalizations as Omicron subvariance surge. |
| 0:44.0 | I'm Mark Filipino and here's the news you need to start your day. |
| 0:47.3 | Interest rates are going up in the US, the UK and Europe, and stocks are falling as a result. |
| 1:00.3 | The federal reserve and the Bank of England raised rates this week |
| 1:03.5 | so did the Bank of Switzerland, but we'll get to that more in a bit. |
| 1:08.2 | The S&P 500 and the FTSE 100 both did not like this. |
| 1:11.7 | They ended their trading days down more than 3% on Thursday. |
| 1:15.9 | Yes, so you know, pretty quite weak in markets really, not much going on. |
| 1:20.8 | No, I suggest it has been pretty hectic out there. |
| 1:24.6 | The FT's markets editor, Katie Martin, has been a pretty busy markets editor this week. |
| 1:29.4 | Katie, dealer's choice, which central bank do you want to touch on first? |
| 1:33.1 | So let's start with the biggie. Let's start with the Fed, the US central bank, |
| 1:36.9 | which had what I think you could politely describe as a massive sense of humor failure |
| 1:41.4 | about the runaway pace of inflation and it raised interest rates by 0.75 percentage points this |
... |
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