A majority of Canadians say they agree with a statement by a politician that everything in the country seems to be “broken,” according to an online poll by market research firm Leger. The survey was conducted in collaboration with Postmedia from Jan. 20 to 22, which asked 1,554 Canadians aged 18 and over to what…
67 Percent of Canadians Agree That ‘Everything Is Broken’ in Canada: Poll
US Layoffs Reach Two-Year High as Big Tech Cut Thousands of Jobs in January
February 3, 2023
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American companies announced last month the largest number of layoffs since September 2020, after tech firms cut positions at the second-highest pace on record as they prepare for a potential recession. The layoffs included 102,943 workers in January, more than twice the amount in December and up 440 percent from the same month in 2022, according…
European Central Bank Raises Rates by a Half Percent, Vows Another Large Increase in March
February 2, 2023
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The European Central Bank raised interest rates for the fifth consecutive time at its first meeting this year. The hawkish move in Europe is in contrast to the U.S. Federal Reserve, which slowed down its benchmark policy rate increase on Feb. 1, with a quarter-point hike. Central bank policymakers in Frankfurt vowed to continuing hiking policy…
Dove or Hawk? Fed Chair Jerome Powell Bracing America for ‘Ongoing’ Rate Hikes
February 1, 2023
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The Federal Reserve raised interest rates by 25 basis points, lifting the target rate to a more than 15-year-high of 4.50–4.75 percent. While investors had anticipated a quarter-point jump to the benchmark federal funds rate, financial markets had added to their losses when the Federal Open Market Committee (FOMC) statement revealed “ongoing” rate hikes and…
Federal Reserve Raises Interest Rates by Quarter-Point, Expects Ongoing Rate Hikes
The Federal Reserve raised interest rates by 25 basis points, matching market expectations and lifting the benchmark federal funds rate to a target range of 4.50 percent and 4.75 percent. This was the lowest rate hike since the first increase of the current quantitative tightening cycle in March. Central bank officials believe that ongoing increases…
Federal Reserve Raises Interest Rates by Quarter-Point, Signals Further Rate Hikes
The Federal Reserve raised interest rates by 25 basis points, matching market expectations and lifting the benchmark federal funds rate to a target range of 4.50 to 4.75 percent. This was the smallest rate increase since the current quantitative tightening cycle began in March 2022. Central bank officials believe that further increases will be necessary…
Colorado Senator Warns Federal Reserve of Interest Rate Hike Hazards
The Federal Reserve’s Federal Open Markets Committee (FOMC) is expected to raise interest rates again this week in a bid to further reduce inflation. However, a Colorado Senator is urging the committee, which is meeting on Jan. 31 and Feb. 1, to proceed with caution. “The Fed should pause before taking any additional action that…
Jamie Dimon Says That Interest Rates Will Rise Above 5 Percent Because of ‘Underlying Inflation’
January 19, 2023
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JPMorgan Chase CEO Jamie Dimon believes U.S. interest rates will likely rise above 5 percent because of “underlying Inflation.” This is higher than what the Federal Reserve is currently projecting, as inflation remains stubbornly high. The Fed has raised its benchmark interest rate in December to a targeted range of 4.25–4.5 percent, the highest level in 15 years, in order…
Major Banks Beat Earnings Forecasts, but Recession Fears Increase
January 13, 2023
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Major American banks beat their earnings forecasts, but recession fears are beginning to mount. JPMorgan Chase, Bank of America, Citigroup, and asset management giant BlackRock reported positive forecasts on Jan. 13, but many investors were still left disappointed. The banks managed to beat Wall Street’s reduced expectations for their fourth-quarter results, as higher interest rates boosted…
Mortgage Buy-downs—A New Trend for 2023?
January 9, 2023
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With interest rates currently hovering around 7 percent, many lenders across the country have seen a resurgence of the mortgage buy-down—a plan that allows potential homeowners to save money on monthly mortgage payments. The National Association of Mortgage Brokers (NAMB) describes a mortgage buy-down as a type of financing that provides lower interest rates for…
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