LONDON—Global stocks traded around their highs for the year on Thursday as investors bet that the Federal Reserve was finally taming inflation and could end its rate hiking cycle as soon as this month. U.S. data on Wednesday showed consumer prices rose modestly in June, registering the smallest annual increase in more than two years…
Stocks Around 2023 Highs as Disinflation Signal Brings Some Relief
July 13, 2023
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Bank of Canada Hikes Key Rate to 5 Percent, Says Many Households Healthy Financially
OTTAWA—As the Bank of Canada raised its trend-setting interest rate to 5 percent on July 12, it noted that households are on average in better financial shape than some reports might suggest. Bank of Canada senior deputy governor Carolyn Rogers said the central bank wanted to take a “deeper dive” into the data when faced…
Central Banks Are Increasingly Interested in CBDCs, Says BIS Survey
July 12, 2023
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At least 93 percent of central banks are already researching the implementation of central bank digital currencies (CBCD), according to a recent survey. Twenty-four central banks in emerging and in advanced economies are expected to have digital currencies in circulation by 2030, the Bank for International Settlements (BIS) said in a survey published on July…
Bank of Canada Raises Key Interest Rate to 5% as Underlying Inflation Trend Remains Elevated
July 12, 2023
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OTTAWA—The Bank of Canada raised its overnight rate target by a quarter percentage point (25 basis points) to 5 percent on July 12 in response to more persistent excess demand in the economy and slowing downward momentum with inflation. “Canada’s economy has been stronger than expected,” the BoC said in a statement. The central bank…
Bank of Canada Raises Key Interest Rate to 5 Percent
July 12, 2023
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Bank of CanadaBusiness & MarketsCanadaeconomic policieseconomyinflationinterest ratesTiff MacklemWorld
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OTTAWA—The Bank of Canada raised its overnight rate target by a quarter percentage point (25 basis points) to 5 percent on July 12 in response to more persistent excess demand in the economy and slowing downward momentum with inflation. “Canada’s economy has been stronger than expected,” the BoC said in a statement. The central bank…
Wall Street Opens Higher as Inflation Cools in June
Wall Street’s main indexes opened higher on Wednesday after data showed inflation cooled further in June, lifting investor hopes that the Federal Reserve is nearing the end of its monetary tightening cycle. The Dow Jones Industrial Average rose 133.86 points, or 0.39 percent, at the open to 34,395.28. The S&P 500 opened higher by 28.43…
US Annual Inflation Slows to Lowest Level Since March 2021
The U.S. annual inflation rate slowed to 3 percent in June, down from 4 percent in May, according to the Bureau of Labor Statistics (BLS). This came in below the consensus estimate of 3.1 percent. Annualized inflation has now fallen for 12 consecutive months and represented the lowest reading since March 2021. The notable easing…
Dollar Drops as Traders Gear Up for Weak US Inflation
LONDON—The dollar sank to a two-month low on Wednesday ahead of a key read of U.S. inflation, while sterling hit 15-month highs after wage growth data fed expectations that the Bank of England (BoE) has further to go in raising rates. The yen strengthened past 140 to the dollar for the first time in a…
Oil Stuck Between Supply Strains and Economic Doubt
LONDON—Oil prices were little changed on Wednesday in a market caught between expectations supply cuts by the world’s biggest fuel exporters will drive prices higher and concerns global economic weakness will sap demand. Brent futures dipped 1 cent to $79.39 a barrel by 1039 GMT, and U.S. West Texas Intermediate (WTI) crude edged 8 cents…
UK Banks Can Withstand Deep Recession: Bank of England
The UK banking system would be able to withstand a severe economic turbulence, deeper than the 2008 financial crisis, a report by the Bank of England (BoE) has claimed. The stress test performed by the BoE will likely appease British businesses and households who are concerned with the rising interest rates and high inflation. The…
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