The recession has caused
J.P. Morgan strategists say that the probability of a recession in the US economy implied by the stock market reached 85%; US mortgage interest rates reached 5.78%, the highest level since 2008; and the Bank of England raised interest rates for the fifth time in a row, suggesting that stronger action may be taken. In terms of energy market dynamics, European gas prices have risen sharply, and Russia's cut in supply has led to an escalation of the energy crisis; Russian Deputy Prime Minister Novak said there is no need to cut oil production in response to the EU embargo.
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