World Economy Latest: Fed, Bank of England Hold Rates Steady But May Hike Again

Policymakers in the US made their decision unanimously, while those in the UK were split. Meantime, Bank of Japan Governor Kazuo Ueda tamped down speculation of a near-term interest rate hike after the central bank chose to stick with its ultra-easy stimulus.

US hotels and resorts learned to operate with leaner staffing models during the pandemic. Three years later, Covid-era band-aids like self-service kiosks and less-frequent housekeeping have now become the new normal for many firms seeking to cope with rising labor costs. Nowhere in the US is the fallout more apparent than in Las Vegas, where one in four people are employed in the leisure and hospitality sector.

The world economy is set for a slowdown as interest-rate increases weigh on activity and China’s pandemic rebound disappoints. Growth will ease to 2.7% in 2024 after an already “sub-par” expansion of 3% this year, according to the latest OECD forecasts. According to BloombergNEF modeling, if the coming winter’s weather follows El Niño patterns in the last decade, gas demand could be 2.2 billion cubic meters less than the base case.Japan’s persistently low birthrate and long lifespans have made it the oldest country in the world in terms of the proportion of people aged over 65, which this year hit a record of 29.1%.

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