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National Assembly (NA) Chairman Ganesh Prasad Timilsina directed the government to respond to the House about the reason behind increasing the prices of petroleum products and daily essentials.  

In today's NA meeting, lawmakers of the main opposition party- CPN-UML- called on the government to make the people clear about the price hike and drew the attention of NA Chair Timilsina to issue directives to the government in this regard. 

Drawing the government's serious attention towards price hike, NA Chair Timilsina directed the concerned ministers to respond to this issue in the next meeting of the Upper House of the Federal Parliament. 

"Issues of public concern like price hike have been raised in the NA meeting. The NA members have raised this issue again in today's meeting. It is the responsibility of the government to answer the people over the issues raised through the House. I want to draw serious attention from the government towards it. I direct the concerned ministers to respond to this issue in the next meeting," he mentioned.

CPN-UML Chief Whip in the National Assembly Khimlal Bhattarai said that they would not allow the House to proceed with its business until the concerned ministers give clear answers.

Bhattarai demanded that the government bring a clear plan with a relief package in order to provide concessions to the people affected by the price hike. 

After UML's protest, NA Chair Timilsina announced postponement of today's meeting which had an agenda to hold discussions on different headings of the Appropriation Bill-2079. 

The next meeting of the NA has been scheduled at 1 pm on Wednesday.

Ambassador of Switzerland to Nepal Elisabeth von Capeller paid a courtesy call on Minister for Energy, Water Resources and Irrigation Pampha Bhusal.

During the meeting held at the Ministry today, they discussed the various aspects of bilateral relations and cooperation. 

Recalling the Swiss government's significant support in Nepal's technical and vocational education, Minister Bhusal expected necessary technical and financial support of the Swiss government in the energy sector of Nepal in coming days. 

She further said that Nepal has been facing huge problems due to the impact of climate change. The Energy Minister pointed out the collaboration to mitigate the impacts of climate change, which has become the common problem of both countries. 

Minister Bhusal extended gratitude towards the Swiss government for its support in implementation of federalism and employment expansion. 

Similarly, Ambassador Capeller said there is a need of technical support rather than financial support in Nepal, assuring Swiss government's continuous technical support.

She shared, "We have knowledge and skill required for technical sectors like tunnels and turbines. We want to support Nepal."

The Swiss Ambassador further said the temperature of Switzerland is also increasing due to the impact of climate change. 

Joint Secretaries at the Energy Ministry, Madhu Prasad Bhetuwal and Baburam Bhandari and representatives of Foreign Ministry were present on the occasion.

The parliamentary committee directed the government to bring the Federal Education Act at the earliest.

The Education and Health Committee of the House of Representatives on Tuesday directed the Ministry of Education, Science and Technology to bring the act as soon as possible.

Saying that the education sector has been facing problems due to lack of the act, Committee President Jayapuri Gharti directed the government to bring the act promptly.

The US central bank has announced its biggest rate hike in nearly 30 years as it ramps up its battle to bring soaring consumer prices under control, BBC reported. 

It lifted the rate the Federal Reserve charges banks to borrow by three quarters of a percentage point.

The consequences will be felt in nearly every corner of the economy - in the US and abroad.

Here are five ways the rate rise in the US will affect you.

More expensive mortgages and other loans

The immediate impact is in the US, where people will face higher borrowing costs for mortgages, credit cards, student loans and other debt.

The average rate on the popular 30-year fixed home loan has already surged to nearly 6% - its highest level since 2008. For the person buying a median-priced home in the US, that means monthly payments have gone up by about $600 since the start of the year. 

"I wish I had started looking earlier," says Delores Robinson, a retired educator from Ohio, who bought a new apartment this month.

Ms Robinson says she was relieved to lock in a relatively low rate, though it was higher than it was when she started her search. But for some buyers, the rising rates will push purchases out of reach, according to BBC.

The National Association of Realtors expects home sales in the US to fall 9% this year.

That drop might feel painful to people prevented from purchasing, but it is also expected to cool price growth to 5% in 2022, after double digit gains in recent years.

If that happens, it will help bring down inflation, a sign the Fed's moves are working.

Smaller pensions and more expensive Uber rides

When rates lift off, it tends to prompt a dramatic reshuffling of investments. And with general economic concerns rising, those moves have been especially pronounced.

For those with money in the stock market, like people with 401k retirement accounts, that has meant seeing a sharp slide in the value of their investments. 

The S&P 500 has sunk more than 20% since the start of January - a milestone known as a bear market - while the Nasdaq has shed nearly a third of its value.

Risky assets, like cryptocurrencies, have seen their prices drop too, which stock exchanges outside the US have also been hit, BBC reported.

Investment firms are also pulling back from riskier ventures, demanding profitability from companies like Uber that have been operating at a loss for years.

That means people are likely to face higher prices for things like taxi rides and deliveries - or see such firms fold, as was the case for a number of start-ups that emerged in New York promising 15-minute groceries.

"In times of uncertainty, investors look for safety," Uber boss Dara Khosrowshahi wrote in a letter to staff last month about the steps the firm would take to try to boost its bottom line, including slowing hiring. "It's clear that the market is experiencing a seismic shift and we need to react accordingly." 

Job market slowdown and recession risk

As demand cools, it is putting an end to the booming post-pandemic labour market, which has seen companies competing fiercely for workers, allowing new hires to command higher pay and other perks and encouraging many to switch jobs for better.

Property giants Redfin and Compass this week announced plans to reduce their staffs by hundreds this week, citing the downturn and higher rates. 

A slew of big companies like Uber, including Amazon, Walmart, Tesla and Spotify, have also announced plans to slow or halt hiring.

The head of the US central bank, Jerome Powell, has said he is hopeful the economy will avoid mass job losses, noting that the US labour market remains very tight - with nearly double the openings to people hunting for positions, according to BBC.

But the economy was already facing challenges as inflation raises costs for companies and cuts into people's spending power.

Growth already contracted in the first three months of the year. And while that was attributed to a quirk in international trade data, other indicators, like retail sales, have begun to darken. 

As higher rates collide with a weakening economy, analysts say the bank risks bringing on a sustained slowdown, also known as a recession.

Stronger dollar

The US dollar has risen 10% this year, as the Fed's moves prompting investors to shift money to America in pursuit of higher returns, boosting demand for its currency.

For Americans planning trips to places like the UK, where the value of a pound sank below $1.20 this week - its lowest since the pandemic - it's a silver lining.

But elsewhere, the rise of the US currency means more expensive imports of commodities like energy and food, which often trade in dollars. That adds to economic strains, especially if a government holds a lot of debt in dollars.

Emerging markets tend to be the markets that really do stand to suffer the most," says Fiona Cincotta, market analyst at City Index.

Higher rates abroad

Those dynamics mean the US is not hiking in a vacuum.

Dozens of other countries have also announced rate rises in recent months, including the Bank of England, Switzerland. Australia and Canada.

Many are fighting their own battles with inflation. But they are also taking cues from what's happening in the world's largest economy, BBC reported.

In countries like Kuwait and Saudi Arabia, where currencies are tied to the dollar, the impact of US rate rises is almost immediate, with banks hiking in lockstep, as they try to contain an outflow of funds to the US.

As those moves start to be felt on the ground, the economic story in the US will continue to be closely watched.