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stories and we started in the us. congressional leaders are due to meet with president biden for emergency talks on how to deal with the debt ceiling. reports are coming in the treasury secretary janet yellen has been personally calling chief executives to warn them of the dire consequences a default could have on the us and the global economy. so how did washington get here? samira hussain has been investigating. first of all, this debt ceiling crisis is actually a political crisis, itjust happens to hinge on a must pass piece of legislation to save the country from economic catastrophe, so what is happening here? major consequences for the economy. the us could default on the economy. the us could default on the dead in a metabolic. weeks on the dead in a metabolic. weeks to on the dead in a metabolic. weeks to go before the federal government weeks to go before the federal government is weeks to go before the federal government is unable - weeks to go before t ....
let s now get down to business. we start with energy as more eu caps on russian oil have come into effect. the price of premium products, primarily diesel, is being capped at $100 a barrel, while low end products, including fuel oil, will be capped at $45. other oil product imports are banned completely from today. the price cap is designed to limit moscow s ability to fund its war in ukraine. enforcement relies on prohibiting insurance and shipping companies from dealing with russian cargo, unless it was bought at or below the set price. i have not got viyella davis to talk about this instead i do have another guest. joining me now is spencer welch, oil analyst with s&p global. we have been talking about eu caps and bounce, what has changed today? changed today? there is essentially changed today? there is essentially three - changed today? there is. essentially three different mechanisms that have been put in place in the last two months. on the fifth of december, ....
and are earning more than ever before. let s start with oil prices, because they ve risen some 20% over the past three weeks. this time last week, prices surged after the oil cartel, opec +, decided it would reduce its combined output by 1.1 million barrels per day. crude prices climbed after the cartel s announcement, but later in the week they steadied, following the latest us and chinese economic data which suggested weaker post pandemic growth. so where are we headed? russ mould, investment research director at aj bell joins me now. i m very excited about this. you are down by the seaside in brighton but actually here today. on the bank holiday we dragged you in. what are your thoughts about oil right now? opec + is seen as this organisation by the white house is not especially helpful when it comes to our outlook for the global economy, cutting production and causing another spike in the price of oil which is very inflationary? it spike in the price of oil which is ....
more now on the day ahead in the uk, and we could know as early as this afternoon who the next leader of the conservative party is and therefore our prime minister. as you ve been hearing, borisjohnson has pulled out of the contest, saying the time isn t right and would not lead to much needed party unity. this leaves two contenders former chancellor rishi sunak and the leader of the house of commons, penny mordaunt, with mr sunak currently the front runner. by 2pm this afternoon if penny mordaunt hasn t got 100 backers or more, then rishi sunak is in post. if both candidates are still in play, then mps vote to state their preference. let s take a look at how the markets are trading today during asian time. we have the dollar versus again, i was hoping to show you the pound but the detail is not on that particular screen, when i looked at it months ago the pound was buying just over $1 13 cents, fairly steady versus the dollar and up slightly versus euro. joining me n ....
officials at the united state s central bank think inflation is going to remain uncomfortably high in america for some time. that s according to the minutes of the last fed meeting where monetary policy is set. the bbc s north america business correspondent samira hussain reports. if anyone thought most recent price hike which showed no inflation injuly was the new normal the federal reserve is here to tell you otherwise. the latest minute shows that the committee that sets monetary policy in the us was unanimous that prices are going to keep going up for months to come. that means everyone should expect more interest rate rises as well. the committee height interest rates by three quarters of a percentage point last month, another rate hike in september seems almost certain. the only question is by how much? the minutes show at least some on the committee thank that their efforts to tame inflation may be starting to have some effect. based on the market response th ....