LONDON—The dollar eased on Friday but stayed on track for a third straight weekly gain, as markets raised bets on higher-for-longer interest rates to curb sticky inflation and nervously awaited resolution of last-ditch talks on the U.S. debt ceiling. Apparent progress on Thursday in the talks between President Joe Biden and top congressional Republican Kevin…
Investors Hold Their Breath as US Debt Talks Edge Towards Deal
May 26, 2023
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LONDON—Global stock markets were muted on Friday, with investors holding their breath as the White House and U.S. lawmakers edged towards a deal on funding government spending to avoid an economy-shattering default. U.S. President Joe Biden and top congressional Republican Kevin McCarthy are closing in on an agreement that would raise the government’s $31.4 trillion…
‘Huge Income Shock’ Predicted for Households on Fixed-Term Mortgage Deals
British households with fixed-term mortgage deals will feel the impact of higher interest rates when their current deals expire by the end of next year, a Barclay’s chief has warned. Barclay’s CEO CS Venkatakrishnan told the Wall Street Journal CEO Council that a higher portion of households’ earnings will be spent on mortgage payments, leading…
Tight Labor Market and Stubborn Inflation Plague US Economy, Says Fed Governor
May 25, 2023
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Business & MarketsChristopher Wallercredit conditionseconomic policieseconomyFederal ReserveinflationMarketsPolicies & ImpactsrecessionUS
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A top Federal Reserve official stated his support for more interest rate hikes as a tight labor market, persistent inflation, and uncertain credit conditions continue to threaten the U.S economy. Federal Reserve Governor Christopher Waller told the University of California Santa Barbara County Economic Summit on May 25 that the Fed should not stop raising…
Rest of Australia to Help Pay for Victorian Government’s Debt Disaster
Australians outside of Victoria will be footing some of the state’s ballooning debt with Premier Daniel Andrews advising property investors and business owners to use his new taxes in their tax deduction claims to the federal government. “Any land tax is fully tax-deductible depending on the way in which they have their affairs arranged,” he…
US First Quarter GDP, Core Inflation Revised Higher
The U.S. economy expanded slightly faster in the first quarter than previously projected, the Bureau of Economic Analysis (BEA) reported. According to the second estimate published on May 25, the gross domestic product (GDP) climbed at an annualized rate of 1.3 percent in the first three months of 2023, up from the advance estimate of…
US Economic Growth for Last Quarter Is Revised Up to a Still-Tepid 1.3 Percent Annual Rate
WASHINGTON—The U.S. economy grew at a lackluster 1.3 percent annual rate from January through March as businesses wary of an economic slowdown trimmed their inventories, the government said Thursday in a slight upgrade from its initial estimate. The government had previously estimated that the economy grew at a 1.1 percent annual rate last quarter. The…
Euro Slips as Germany Enters Recession, Dollar Hits 2-month Peak
LONDON—The euro dropped on Thursday as Europe’s largest economy Germany was confirmed to be in a recession, while the dollar hit a two-month peak, benefitting from safe-haven demand as worries mounted about a U.S. default. The latest concern was raised by ratings agency Fitch, who put the United States’ “AAA” debt ratings on negative watch,…
Stock Market Today: World Shares Decline on Worries Over US Debt; Germany Slips Into Recession
May 25, 2023
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World shares declined Thursday as investors watched for signs of progress on a deal to avert a default on U.S. government debt. U.S. futures were mixed and oil declined. Germany slipped into recession as its economy contracted 0.3 percent in the first quarter of the year. The data from the Federal Statistical Office showed a…
Australians to Face New Wave of Electricity Bill Surges
May 25, 2023
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Australiaaustralian energy regulatorBusiness & MarketsChris Boweneconomyelectricity pricesenergyinflationWorld
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Hundreds of thousands of Australian households will see their electricity bills surge by up to $600 (US$390) this July 1 in the latest wave of price increases. The Australian Energy Regulator (AER) has released the new default market offer, which caps the maximum rate energy retailers can charge residential and small business customers in three…
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