Declining fears over inflation lifted American consumers’ spirits this month. U.S. consumer sentiment reading rebounded in June following a decline in May, after concerns over the debt-ceiling crisis faded and investor were buoyed by a strong labor market and stock market gains due to artificial intelligence (AI). Consumers’ near-term inflation expectations dropped to more than…
US Consumer Sentiment Jumps to Four-Month High on Debt-Cap Deal
June 16, 2023
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Australian Leading Financial Expert Calls For Better Solutions to Inflation
June 13, 2023
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One of Australia’s leading financial experts, Mark Bouris, has called for better solutions to tame high inflation, expressing deep concern following the RBA’s June interest rate hike. In a piece published in news.com.au, the executive chairman of Yellow Brick Home Loans has asked for an explanation of the central bank’s latest decision to institute the…
Australia’s Official Cash Rate Could Rise to 4.85 Percent: Economists
June 9, 2023
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Australian borrowers have been hit with 12 interest rate hikes since the Reserve Bank of Australia (RBA) embarked on a monetary tightening policy in May 2022, causing many to fall into mortgage stress. However, some economists have warned the ordeal is far from over, as they expect the official cash rate to reach as high…
Australia’s Official Cash Rate Rises to 4.1 Percent in June
June 6, 2023
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Australian borrowers have been hit with another round of interest rate hikes after the Reserve Bank of Australia (RBA) raised the official cash rate by 0.25 percent to 4.1 percent, the highest level since April 2012. This comes after a 0.25 percent increase in May and a brief pause in April. In delivering the RBA’s…
Mortgage Demand Declines as Rates Continue to Rise
May 18, 2023
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Demand for mortgages dropped as interest rates rose to new highs, with both purchase and refinance mortgage applications registering weekly declines. MBA’s Market Composite Index, which measures mortgage loan application volume, fell by 5.7 percent for the week ending May 12 compared to the previous week, according to a May 17 press release. Joel Kan,…
Reserve Bank of Australia Holds Off Interest Rate Rise in April
The Reserve Bank of Australia (RBA) has decided to pause its interest rate hiking cycle in April, providing Australian mortgage holders and small businesses a brief reprieve as they navigate challenging economic conditions. At its board meeting on April 4, the central bank announced that it would keep the official cash rate stable at 3.6…
Toronto-Area Home Prices Down 18% From Last February, Sales Halved: Board
Greater Toronto Area home prices fell almost 18 per cent from last February as the number of properties sold was halved, the region’s real estate board said. The Toronto Regional Real Estate Board (TRREB) said Friday that the average selling price for February totalled $1,095,617, roughly five per cent higher than the average January price…
Softened Growth in December Quarter Sparks Concerns About Australia’s Economic Health
The drop in economic growth in the December 2022 quarter has raised concerns about Australia’s economic outlook as the country continues to struggle with high inflation and interest rate hikes. In the three months to December 2022, Australia’s GDP (gross domestic product) grew by 0.5 percent, taking the annual growth to 2.7 percent. The figure…
New Zealand Raises Interest Rate to 4.75 Percent, Eating Into Housing Affordability
February 22, 2023
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New Zealand’s central bank has raised the official cash rate (OCR) by another 50 basis points to 4.75 percent after Cyclone Gabrielle destroyed the livelihood of many Kiwis. “It is too early to accurately assess the monetary policy implications of these weather events, given that the scale of destruction and economic disruption are only now…
Fed Policymakers Foresee Need for More Rate Hikes to Control Inflation
January 19, 2023
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Multiple Federal Reserve policymakers are expecting interest-rate hikes to continue, albeit at a smaller magnitude, as the central bank attempts to rein in inflation, with Patrick Harker, president of the Federal Reserve Bank of Philadelphia, predicting the economy will experience only a “modest” growth in 2023. The Federal Reserve is “absolutely committed” to bringing down inflation…
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