The good news for cash-strapped consumers is that crude oil—which peaked at more than $130 a barrel in March—has given up all the gains triggered by Russia’s war on Ukraine, falling below $90 a barrel. But the reasons for this, given tight supply, are complicated. JPMorgan says a US recession looks increasingly less likely in the eyes of the stock market, and only five of 55 forecasters predict a contraction this quarter. But in the UK, the Bank of England unleashed its biggest interest-rate hike in 27 years and warned the country is heading for more than a year of recession. Indeed, for Great Britain, the “Great Resignation” may soon be the “Great Sacking.”
Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.