WASHINGTON—The average long-term U.S. mortgage rate rose this week after falling for six straight weeks, adding to the challenges potential homebuyers face amid higher home prices and a limited supply of available houses. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate increased to 6.42 percent from 6.27 percent last…
Australia Central Bank Raises Rates to 10-year High, Says More Needed
SYDNEY—Australia’s central bank on Tuesday raised interest rates to a 10-year high and stuck with its projection that more hikes are needed to cool inflation, a stance taken as slightly hawkish by markets that were looking for signs of a pause in the near term. Wrapping up its last policy meeting this year, the Reserve…
Credit Card, Personal Loan Balances Hit Record Highs Amid Soaring Inflation, Rising Rates
November 8, 2022
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As consumers grapple with surging inflation and rising interest rates, more Americans are taking on extra debt to mitigate household financial pressures, a new report found. According to TransUnion’s Q3 2022 Quarterly Credit Industry Insights Report (CIIR), credit card balances advanced 19 percent year over year in the third quarter, to an all-time high of…
ECB Must Keep Raising Rates Even If Recession Risks Rise, Lagarde Says
FRANKFURT—The European Central Bank must keep raising interest rates to fight off inflation, even if the probability of a eurozone recession has increased, ECB President Christine Lagarde said in an interview published on Tuesday. “Our mandate is price stability and we have to deliver on that using all the tools we have available,” Lagarde told…
UBS Plans More Share Buybacks as Wealth Management Shines
ZURICH—UBS struck a confident tone on Tuesday, reaffirming key financial targets and pledging more share buybacks next year, buoyed by higher interest rates and strong wealth management inflows. The world’s biggest wealth manager reported a smaller-than-expected 24 percent slide in third-quarter net profit, with lower costs and rising interest income helping to mitigate the impact…
Bank of America Beats Profit Estimates as Interest Rates Climb
October 18, 2022
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Bank of America Corp. on Monday reported a smaller-than-expected 9 percent drop in quarterly profit, as its interest income was bolstered by rising interest rates that offset a slump in investment banking. The U.S. Federal Reserve’s aggressive move to tighten monetary policy this year to tame inflation has boosted the amount that banks can earn…
Senator Warren Worries That Fed Will Tip US Economy Into Recession
WASHINGTON—Sen. Elizabeth Warren (D-Mass.) said on Sunday that she was very worried that the Federal Reserve was going to tip the nation’s economy into recession and that interest rate hikes would put people out of work. “Do you know what’s worse than high prices and a strong economy? It’s high prices and millions of people…
Fed’s Barkin: Interest Rates Need to Get ‘Restrictive’
Richmond Federal Reserve Bank President Thomas Barkin on Friday said he wants to raise interest rates further to bring inflation under control, and will watch U.S. economic data to decide how big a rate hike to support at the Fed’s next meeting in September. “I’d like to see a period of sustained inflation under control,…
Global Cenbanks Lift Rates by Nearly 1,200 Bps in July
LONDON—Major developed and emerging market central banks around the globe delivered nearly 1,200 basis points in interest rate hikes in July alone, ramping up their fight against multi-decade high inflation with Canada surprising markets with an outsized move. Central banks overseeing five of the 10 most heavily traded currencies delivered 325 basis points of rate…
Bank of Canada Governor Tiff Macklem Says He Won’t ‘Rule Anything Out’ on Rates
On a day when the Federal Reserve spooked markets with its tough talk on interest rates, Bank of Canada governor Tiff Macklem says he won’t “rule anything out” when it comes to the central bank’s own interest rate path and taming Canada’s out-of-control inflation. Macklem spoke to reporters virtually Thursday from Washington, D.C. where he…
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