WTI crude oil rose more than 1% in the day and is now at $74.49 a barrel; Brent crude oil is now at $78.24 a barrel.

USGS: 5.0-magnitude earthquake struck 101 kilometers southeast of Kokopo, Papua New Guinea.

Bailey, Governor of the Bank of England: Free trade is very important, and I think we can strike a balance while maintaining economic resilience.

Bailey, Governor of the Bank of England: The UK is an open economy and is being challenged in a world full of huge shocks.

Market news: Meta Platforms (META.O) will cut about 20% of Irish jobs in the global layoffs.

Bank of England Governor Bailey: The pension industry is too focused on relatively low-yielding assets.

BoE Governor Bailey: There may be too many small pension funds in the UK.

Bank of England Governor Bailey: We must stimulate risk-taking in the investment sector.

Bank of England Governor Bailey: There is a big problem with bank deposits because the public is questioning whether their wealth is protected.

African Development Bank: Africa needs green energy plans to address climate finance gap.

The Central Bank of Nigeria raised interest rates by 50 basis points to 18.5%, in line with expectations.

Bank of England Governor Bailey: A clear 2% inflation target is helpful for us.

BoE Governor Bailey: May forecast reflects persistence of inflation.

Bank of England Governor Bailey: We cannot rely too much on forecasting mechanisms.

Bailey, Governor of the Bank of England: In view of the huge shock to the global economy, it is not an era that is conducive to predicting the economic outlook.

Bank of England Governor Bailey: We are watching the data to determine future interest rate decisions.

Bank of England Governor Bailey: About a third of interest rate hikes have now affected the economy.

Bank of England Governor Bailey: The problem we have is that inflation is very sticky.