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  WATCH NOW VIDEO 02:51 Kevin O’Leary cautions against optimism about the U.S. economy “ Shark Tank ” investor Kevin O’Leary predicts the ongoing cycle of U.S. Federal Reserve rate hikes could lead to more regional U.S. bank failures. Fed Chair Jerome Powell said  the central bank is not yet fully confident that inflation is defeated  even though recent headline reads show that price increases have cooled significantly. RELATED INVESTING NEWS Fed decision trade: What JPMorgan traders see the market doing, based on these scenarios Fred Imbert 22 HOURS AGO The  consumer price index rose 3%  from a year ago in June — the lowest level since March 2021. But Powell said the Fed would need to “hold policy at a restrictive level for some time” and be prepared to raise rates further, given that core inflation is still above 3% — higher than its 2% annual target. “You keep squeezing the toothpaste tube, you keep rolling it up, you keep raising rates, and you know things are going to break, you j

  Tourists are evacuated as huge wildfire rages across Greece’s Rhodes island on July 22, 2023. Anadolu Agency | Anadolu Agency | Getty Images Sweltering conditions across southern Europe could accelerate a burgeoning trend among holidaymakers, as more tourists prioritize milder temperatures or off-season travel to avoid spending their time away in oppressive heat. Europe is currently experiencing some of the hottest temperatures of the summer so far, with yet another heat wave  expected  to push the mercury close to record-breaking levels in the coming days. An intense and prolonged series of heat waves recently brought temperatures to over 45 degrees Celsius (113 Fahrenheit) in parts of Greece, eastern Spain, and Sardinia and Sicily in southern Italy. Data  from the European Travel Commission, a nonprofit based in Brussels, showed earlier this month that travelers planning to take trips between June and November this year decreased by 4% compared with 2022 — but remained at a high 69

  Andrew Bailey, governor of the Bank of England, at a Group of 20 finance meeting in India, on Monday, July 17, 2023. Bailey has been facing pressure over the extent of U.K. inflation. Bloomberg | Bloomberg | Getty Images LONDON — U.K. government borrowing costs fell sharply Wednesday morning as a cooler-than-expected inflation print rippled through markets. The yield on two-year U.K. government bonds, which are sensitive to rate expectations, was down 27 basis points to 4.808% by 10:35 a.m. BST as investors pared back expectations for the Bank of England’s peak rate to 5.75% from 6%. Peak rate bets rose as high as 6.5% earlier in the month. RELATED INVESTING NEWS 15 strategists predict how global stock markets will end 2023 — and reveal how to position Weizhen Tan Ganesh Rao 13 HOURS AGO Markets are ‘overdue’ for a correction, investment manager says — and picks 3 stocks to buy Weizhen Tan A DAY AGO A 50-basis point hike from the BOE in August now looks significantly less likely, ana