The Bank of Canada has held its key interest rate at five per cent again, saying that it’s still too soon to consider rate cuts while underlying inflation persists. Economists were widely expecting the central bank to hold the rate. The bank said in a note on its website that it was still concerned about underlying inflation, which strips … Read more
After the pandemic hit in 2020, some business owners and households were hard hit financially as a result of lockdown measures. But at the same time, many Canadians saw their bank accounts grow because of their reduced spending. Those savings ballooned to over $300 billion and became so large that economists expected there would be … Read more
Federal Reserve chairman Jerome Powell is not known for his resolve. It’s the main reason why the new and emerging consensus among Wall Street Fed watchers is that he will cut interest rates at least twice this year despite signs of persistent inflation, the Post has learned. If the CEOs and top executives who follow … Read more
U.S. consumer prices increased more than expected in January amid rises in the costs of shelter and health care, but it likely won’t change expectations that the Federal Reserve will start cutting interest rates in the first half of 2024. The consumer price index (CPI) increased 0.3 per cent last month after gaining 0.2 per cent in December, … Read more
Taylor Swift is redefining what it is to be a success in the music industry – and simultaneously changing the travel industry. Last year, the U.S leg of her Eras tour bolstered the economy Stateside by at least $10billion (£8.6billion), according to the U.S Travel Association. The ‘Taylor Swift Effect’ was name-checked in the Federal Reserve Bank of … Read more
Donald Trump, the likely 2024 presidential Republican nominee, said that if he were to be reelected, he would not reappoint Jerome Powell as chairman of the Federal Reserve, claiming the central bank’s plans to cut rates this year are only in President Joe Biden’s interest. “No, I wouldn’t,” Trump said when asked about keeping Powell … Read more
The U.S. economy grew at an unexpectedly brisk 3.3 per cent annual pace from October through December as Americans showed a continued willingness to spend freely despite high interest rates and price levels that have frustrated many households. Thursday’s report from the U.S. Commerce Department said the gross domestic product — the economy’s total output of goods … Read more
Atlanta Federal Reserve President Raphael Bostic said inflation could “see-saw” if policymakers cut interest rates too soon, warning that inflation’s descent towards the central bank’s 2% goal was likely to slow in the months ahead, the Financial Times reported on Sunday. Bostic, who will be a voting member on the Federal Open Market Committee this … Read more
Rising income expenses pushed the Federal Reserve system deep into a record loss last year, the central bank said in preliminary figures released on Friday. Fed income after expenses came in at a negative $114.3 billion last year, versus $58.8 billion in positive income the year before. The loss was tied to a jump in interest expenses faced by … Read more
With the Labor Department having released its December jobs report last Friday, we now have a complete picture of 2023, and it’s a very encouraging one. During the course of the year, the U.S. economy created 2.7 million jobs, taking total non-farm employment to 157.2 million. That means there are about 4.9 million more people … Read more
