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European energy ministers are convening in Brussels today as a deepening energy crisis confounds the bloc. Set to be discussed are a series of emergency intervention measures to stave off runaway prices, or more painful cuts that could result in de-industrialization and even social unrest. While ministers will debate the effectiveness of the actions, and their related consequences, a bigger part of the equation will be to maintain a consensus and preserve the unity of the European Union.

Vanguard is closing in on industry leader BlackRock in US exchange traded funds, a $6.6tn competitive battleground for the world’s two largest asset managers. US ETF assets under Vanguard’s management totaled $1.84tn at the end of August, compared with the $2.21tn run by BlackRock’s iShares ETF unit, according to newly released data. Vanguard led the pack in attracting money into US ETFs in 2021 and is ahead again this year, in August receiving four times as much as BlackRock.

Jay Powell did little to dispel expectations on Thursday that the Federal Reserve will deliver a third consecutive 0.75 percentage point rate rise, saying the US central bank needed to act “forthrightly” to ensure elevated inflation did not become entrenched. In his last public remarks before the bank’s policy meeting later this month, the Fed chair doubled down on the hawkish message he delivered at the recent Jackson Hole conference in Wyoming.

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