Federal Reserve Chairman Jerome Powell said that the U.S. housing market will probably face a reset after a period of “red hot” price increases that have put home ownership out of reach for many Americans. The average contract rate for a 30-year fixed rate mortgage had already hit an historically high 6.25 percent last week…
Fed Chair Says Housing Price ‘Correction’ Would Put Market in Better Balance
September 21, 2022
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World Shares Slip as Markets Brace for More Rate Hikes
Shares opened lower in Europe after a day of declines for most Asian markets, as investors braced for another interest rate hike this week by the U.S. Federal Reserve. Britain was observing a day of mourning for Queen Elizabeth II. Japan’s markets were closed for a holiday. Germany’s DAX lost 0.3 percent to 12,701.41 while…
Ask Kip: Answers to Frequently Asked I Bond Questions
By Lisa Gerstner From Kiplinger’s Personal Finance Q: I see that U.S. Series I Savings Bonds are currently paying a rate of paying 9.62 percent. How is the interest rate determined? A: The composite rate has two parts: a fixed rate, which remains the same for the life of the bond, and an inflation rate,…
Malaysia Expected to Hike Interest Rate by 25 Basis Points
Malaysia’s central bank is expected to raise the interest rate by 25 basis points on Thursday, a Reuters poll showed, which will be the country’s third consecutive increase amid rising global inflation. The survey’s findings, which involved 20 analysts, suggest a 25 basis point hike to 2.50 percent by the Malaysian Central Bank (BNM) on…
Average Credit Card Debt Soars by 13 Percent, Largest Increase Since 1999
September 2, 2022
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The average credit card debt held by households in the United States surged by 13 percent in the second quarter, the largest increase in such debt since 1999, according to an Aug. 30 report from the Federal Reserve Bank of New York. More consumers are increasingly relying on credit amid sky-high inflation in order to pay…
Former Treasury Secretary Lawrence Summers Fears the Fed Is Confusing Investors With Loose Monetary Policy
August 22, 2022
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The Federal Reserve needs to alert investors that in order to contain inflation, the central bank will have to impose a restrictive monetary policy that will drive up the U.S. unemployment rate, former Treasury Secretary Lawrence Summers said in a recent interview for Bloomberg Television. Summers, who was also a director of the White House National Economic…
Slowing Inflation Not Enough to Prevent September Interest Rate Hike, Economists Say
Inflation in Canada finally appears to have peaked, but it nonetheless remains too high to dissuade the Bank of Canada from raising interest rates significantly in September, economists say. The year-over-year inflation rate slowed to 7.6 percent in July, Statistics Canada reported Tuesday, with the deceleration largely driven by a decline in gas prices even…
Fed’s Bowman: More 75 Basis-Point Hikes Should Be on the Table
The Federal Reserve should consider more 75 basis-point interest rate hikes at coming meetings in order to bring high inflation back down to the central bank’s goal, Fed Governor Michelle Bowman said on Saturday. “I supported the FOMC’s decision last week to raise the federal funds rate another 75 basis points,” Bowman said in prepared…
PM Says He Knows Australians Are ‘Doing It Really Tough’
Prime Minister Anthony Albanese has said his government is aware that people are doing it tough at the moment but has ruled out any further cost of living help as they stand by the decision of the Reserve Bank of Australia (RBA) to raise interest rates. Speaking to the Today show on Tuesday, Albanese said…
Stabilizing Currency Peg to US Dollar May Be Too Costly for Hong Kong This Time: Expert
July 31, 2022
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Hong Kong’s central bank has spent over $22 billion in ten weeks to stabilize the exchange rate of the Hong Kong dollar (HKD) amid weakening market confidence in the city’s currency. Since May 2022, the Hong Kong Monetary Authority (HKMA), the city’s central bank, has bought HKDs at its fastest pace to keep the U.S….
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