5 Things you need to know today

1. Fed Chair Powell warns of US recession
Federal Reserve Chair Jerome Powell has conceded that the world’s largest economy could be headed for recession, but the need to fight inflation is so urgent that interest rates will continue to rise at the expense of growth and American jobs will rise.

“No one knows if this process will lead to a recession or, if so, how significant that recession would be,” he admitted on Wednesday (Thursday AEST) after cutting the US federal funds rate by 0.75 percentage points from 3% to 3% .25% had raised. The Fed raised its projected peak interest rate to 4.6% in 2023 from 3.8%. (AFR)

2. Bank of England raises interest rate by 0.5% in separate decision
The Bank of England delivered a second consecutive half-point rate hike in its fight to bring down inflation, as three officials urged the institution to join its global peers and move even faster.

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The move to 2.25% was backed by five of the nine members of the Monetary Policy Committee, including Governor Andrew Bailey, while one voted for a smaller move. It was the seventh straight hike, with officials voting to tighten the policy at every meeting since December. (AFR)

3. Iran blocks capital’s internet access as Amini protests ramp up
Iran has shut down the internet in parts of Tehran and Kurdistan and blocked access to platforms like Instagram and WhatsApp in a bid to stem a growing protest movement that is relying on social media to document dissent.

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The protests, sparked on September 16 after the death of 22-year-old Kurdish woman Masha Amini in police custody, show no signs of abating. On Thursday, protesters set fire to police stations and vehicles in several cities. (The guard)

4. Did you know?
The stone heads on Chile’s Easter Island have bodies—most are familiar with these iconic relics that jut out of the ground on Easter Island, but many don’t know what lies beneath the surface. In the 1910s, archaeologists examining the hundreds of stone statues on the Pacific Island unearthed two of the figures, revealing full torsos measuring up to 33 feet tall.

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5. ASX futures down
ASX futures were down 13 points, or 0.2%, to 6632 near 6.30am AEST, while the AUD was up +0.2% at 66.43 US cents.

On Wall Street: Dow -0.4% S&P 500 -0.8% Nasdaq -1.4%.

In Europe: Stoxx 50 -1.9% FTSE -1.1% CAC -1.9% DAX -1.8%.

Iron Ore +2.4% to $98.75 per ton.

10-year yield: US 3.71% Australia 3.66%.

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