**North Korea’s suspected ICBM test fails, South Korean government source says

[b]suspected launch of its most powerful intercontinental ballistic missile (ICBM) failed on Thursday, according to a South Korean government source, as Pyongyang intensified its battery of missile tests against a backdrop of US and South Korean military drills that had been scheduled to end on Friday.

However, within hours of the presumed failed test, Washington and Seoul agreed to extend those large-scale exercises to an unknown date, according to a statement from the South Korean Air Force, which said “it was necessary to demonstrate a solid combined defense posture of the bilateral alliance under the current security crisis, heightened by North Korea’s provocations.”

The joint exercises, named “Vigilant Storm,” began on Monday and involve 240 aircraft and “thousands of service members” from both countries, according to the US Defense Department.

North Korea had objected to those drills in statements issued this week, before it ramped up tensions on the peninsula with a barrage of weapons tests on Wednesday and Thursday.

Presumed ICBM test
The suspected ICBM was launched from the west coast of North Korea at around 7:39 a.m. local time, and flew about 750 kilometers (466 miles) before falling into the Sea of Japan, also known as the East Sea, east of the Korean Peninsula, Japan’s Defense Ministry said.

The South Korean government source said officials suspect it was a Hwasong-17, North Korea’s most advanced intercontinental ballistic missile that was first successfully tested on March 24.

That launch set a new standard for Pyongyang, recording the highest altitude and longest duration of any North Korean missile ever tested. The missile hit a maximum altitude of 6,248.5 kilometers (3,905 miles) and flew a distance of 1,090 kilometers (681 miles), according to a report from the Korean Central News Agency at the time. The flight time was 68 minutes, the report added.

---However, a South Korean government source told CNN that officials believe the missile fired Thursday only succeeded in separating at the second stage, and seems to have failed after that, falling into the sea between the Korean Peninsula and Japan. Thursday’s launch reached a maximum altitude of about 2,000 kilometers (1,242 miles), according to Japan’s Defense Ministry – less than a third of the record height set in March[/b]

VictorUSA:
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^{Interest rates likely to jump as markets await Bank of England decision}

Mortgage rates are expected to jump on Thursday in response to the largest increase in the Bank of England’s base rate since 1989, as the central bank tries to bring down an inflation rate expected to remain in double figures until at least next spring.

Marking the eighth consecutive interest rate rise, the Bank of England is expected to push the base interest rate up by 0.75 percentage points to 3% after what is likely to be a tense meeting of the monetary policy committee (MPC).

With economic figures showing that Europe and the US will be in recession next year, members of the MPC are expected to remain split over whether to restrict the rise to 0.5 percentage points, to prevent an even deeper downturn than already forecast.

The nine-strong MPC will come under pressure from rate hikes by the US Federal Reserve which on Wednesday hiked its rate by 0.75 percentage points and the ECB, which last week increased its main deposit rate by the same amount.

Last month, Bank governor Andrew Bailey said the economic situation had deteriorated since the MPC signalled a 0.5% rise in the summer.

He said: “As things stand today, my best guess is that inflationary pressures will require a stronger response than we perhaps thought in August.”

Homebuyers with tracker or variable rate mortgages will feel the pain of the rate rise immediately, while the estimated 300,000 people who must remortgage this month will find that two-year and five-year fixed rates remain at levels not seen since the 2008 financial crisis.

The average two-year fixed rate has fallen to 6.47% from 6.65% in mid-October – as the effects of the disastrous Kwasi Kwarteng mini-budget ease – but remains three times the rate offered by lenders earlier this year. A five-year fixed rate mortgage that could be bought for 6.51% on 20 October has slipped only marginally to 6.31%.

Investors expect the bank to continue its programme of raising rates into next year, despite Bailey stressing that each decision is made on its merits from one meeting to the next.

Until recently, the base rate was forecast to reach 5% before falling back in 2024.

MPC members Ben Broadbent, a deputy governor of the Bank, and Catherine Mann, who joined last year from a US investment bank, have argued that financial markets are overestimating how high rates will go.

In response to their interventions, markets have scaled back the peak rate to 4.75%.

Capital Economics, a consultancy, said the Fed and the ECB were poised to signal a slowdown in rate rises, but the UK’s weak financial position meant that the Bank of England would need to keep going.

However, many analysts said they expected the Bank would ease its rate rises next year in response to a tight government budget that cuts household spending power.

Analysts at Deutsche Bank have said they expect Threadneedle Street to opt for a 0.75 percentage point rise with a split vote.

Experts at the firm said they expect latest forecasts from the Bank of England, which will also be revealed on Thursday, to show that “the economic outlook has deteriorated further”.


https://www.theguardian.com/business/2022/nov/03/interest-rates-likely-to-jump-as-markets-await-bank-of-england-decision

[sup][/sup]

As final votes tallied, Netanyahu reportedly rushing to form government quickly

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