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The Swiss central bank hiked its key interest rate Thursday and insisted that a government-orchestrated takeover of troubled Credit Suisse by rival bank UBS ended the financial turmoil.
Ryan patel. anna is on the phone. anna, what more are you hearing about this purchase? >> we're just learning a little bit more about the details behind this takeover. the central bank of switzerland tried very hard to instill confidence by extending a $50 billion loan to credit suisse. but that wasn't enough. liquidity hasn't really been the issue with this bank. this bank not only faces the pressure the whole sector faces but also this was a bank in the midst of a turn around and wasn't doing a particularly good job of it. it had lost a lot of investors confidence already and there had been ...
Unexpected inflation news, america's fight against surging prices is far from over. one of the feds saying inflation rose in january, ending a downward trend and the price index shows that inflation rose 0.6% in january and 5.4% since last year. now, since may of last ye the fed tried to cool down inflation by raising interest rates seven times. for more on this joining me now is ryan patel, a senior fellow at the drucker school of management graduate school and joins me from los angeles. thanks for being with us. so what do you make of those numbers? >> well, the thing that most people are ec...
We are more interconnected than before. the u.s. is having its own issues in trying to get there. that doesn't mean it's going to lift everybody out of 1/3 of recession that the imf has said. i would be very careful here. yeah, if the u.s., the consumer, it will really help. we are really deep in many of these issues especially when you think about eu, it will have the economic spillover as well as asia with china. southeast asia will have that. so the u.s. by itself will not be able to uproot all of that. will it be helpful? sure. i can say that. of course it is. we don't know how much. >> ry...
The economic boost they need? >> absolutely. it was a must to get this end of fourth quarter, first quarter, it was easier to have that in the past but i think that will be a hot button to be talking about over the next couple of months because you can feel the consumer, the average person peoples their in their billing, in their monthlies and that's something going away when it gets more expensive you have to have that. so it's interesting to see where that's going to go because that's going to play a major factor in earning results for companies, end of quarter one, quarter two, to signal to...