Federal Reserve Chair Jerome Powell is open to further interest rate hikes to combat inflation but is also cautious about causing unnecessary economic damage, as strong demand could maintain upward pressure on prices; however, other Fed officials have suggested that additional rate hikes may not be necessary due to the economy's resilience and the potential impact of previous rate hikes.
The Federal Reserve may consider more interest-rate hikes to control inflation despite current easing, according to Fed chair Jerome Powell.
China's e-commerce giants are engaged in a price war as slowing sales and increased competition push for lower prices during Singles Day shopping blitz.
Peru's government has announced a package of measures aimed at boosting investments in the country's mining sector to help it recover from recession.
Billionaire hedge fund founder Ken Griffin warns that stiff inflation could persist for decades due to wars in Ukraine and Israel that contribute to "deglobalization" and criticizes the US government's spending binge and growing deficit.
Higher interest rates in Canada are starting to strain homeowners as they renew their mortgages, with delinquency rates on higher-value loans increasing and signs of financial strain among borrowers, according to Canada Mortgage and Housing Corp (CMHC). The agency warns of a potential shock for borrowers as interest rate hikes put greater financial pressure on homeowners, although the mortgage delinquency rate in Canada remains historically low. CMHC estimates that 2.2 million Canadians will face an "interest rate shock" in the next two years, leading to an increase in monthly mortgage payments of 30-40%, amounting to an extra $15 billion in mortgage payments annually across the country.
Inflation is expected to drop sharply, but it will not reach the Federal Reserve's target of 2% in the near future, according to economist Mohamed El-Erian, who highlighted persistent inflationary pressures in the global economy.
Economists predict a continued decline in inflation throughout 2024, which could lead to a cut in the Federal Reserve's benchmark interest rate and lower borrowing costs for individuals and businesses. However, despite positive signs, many Americans remain concerned about the economy and rising prices.
Canadian households, businesses, and the financial system need to prepare for the likelihood that interest rates will not return to the low levels seen in the past, according to senior deputy governor Carolyn Rogers of the Bank of Canada, who warned that numerous economic factors are reversing the trend and creating risks that need to be managed proactively.
Federal Reserve Chair Jerome Powell suggests that there is no rush to raise interest rates further due to evidence of easing inflation, but does not rule out another rate hike to bring inflation down to the Fed's target level.
Mortgage interest rates recently dropped for the biggest single-week drop since July 2022, indicating the potential for further drops in the future due to various scenarios, such as the Federal Reserve's decision to pause interest rate hikes, possible cuts to the benchmark interest rate, and a cooldown in inflation.
The Bank of Canada warns that the era of super-low interest rates is likely over and advises businesses and households to prepare for higher borrowing costs in the future.
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Middle-class families in California face an unreasonable cost-of-living penalty, with higher living expenses amounting to over $26,000 per year compared to the national average, due to costly mandates and bad policies, according to a report by the Transparency Foundation.
Middle-class families in California face a significant financial burden due to higher living expenses, with the cost of living in the state being exponentially higher than the national average.
China's economy is facing challenges such as a struggling property market, rising debt, and weak consumer demand, with policymakers aiming to achieve the annual GDP growth target of 5% but doubts remain.
Former personal assistant to Robert De Niro awarded $1.2 million in gender discrimination lawsuit against De Niro's company Canal Productions.
The U.S. is now paying over $1 trillion in interest costs on its debt annually, double the amount from 19 months ago, highlighting the growing debt and partisan battles over the borrowing limit.
The US Bureau of Labor is set to release CPI inflation data for October, and if the numbers remain above 3%, it could create financial market instability and question the Fed's commitment to the 2% inflation target.
Federal Reserve Chairman Jerome Powell will be speaking, providing important insights on the current economic situation.
Inflation is expected to reach the Federal Reserve's target of 2% by April of next year and continue to decrease, potentially reaching 1.5% during the summer months, suggesting that the Fed's interest rate hikes are likely over.
Billionaire Ken Griffin predicts higher inflation and interest rates caused by structural changes and de-globalization, leading to an unsustainable fiscal situation in the US.
The percentage of credit card borrowers falling behind on payments has increased in the past year, surpassing pre-pandemic levels, with younger consumers being more likely to miss payment deadlines, according to the New York Fed. The causes for the rise in delinquency rates are unclear and require further research.
Canadian Tire Corp. plans to cut about 3% of its workforce due to softening consumer demand, and the company expects to take a charge of between $20.0 million and $25.0 million in connection with the decision.
President Joe Biden has a narrow lead on his economic scorecard, with wins in areas such as the American Rescue Plan Act and the Infrastructure Investment and Jobs Act, but challenges like inflation and rising interest rates could impact his chances of winning reelection in 2024, as per a Reuters analysis.
The Culinary union has reached a deal with MGM Resorts International, averting a strike at eight casinos in Las Vegas, bringing an end to the risk of the largest hospitality strike in US history.
The International Monetary Fund's World Economic Output report reveals the 10 African countries with the lowest current account balance, including Liberia, Burundi, and Mauritius.
Inflation in the US may reach 2% in the second quarter of next year due to various factors, including slowing rents, lower gas and used car prices, as well as tighter financial and credit conditions, while several stocks, including Tractor Supply Company, Beyond Meat, Whirlpool Corporation, Coinbase Global, and MetLife, are expected to be significantly impacted by inflation, according to Yahoo! Finance.
Jobless claims in the US fell by 3,000 to 217,000, indicating a strong labor market despite high interest rates, but continuing claims are rising and suggest that unemployed individuals are facing difficulties in finding new work.
WeWork has filed for bankruptcy, marking a significant decline from its previous valuation of $47 billion in 2019; American employers created fewer jobs than expected in October, leading investors to anticipate lower interest rates; China's GDP growth forecasts have been raised by the IMF, although the economy still faces threats; Turkey borrowed $2.5 billion in its first dollar bond market deal since April; Carlyle reported disappointing Q3 results while KKR reported an improvement in fundraising; UBS recorded good results despite reporting a quarterly loss due to integration costs; Saudi Aramco reported bumper earnings but a decrease compared to Q3 2022; Disney announced further expense cuts and plans to pay a dividend; Uber made an operating profit for the second time in its history; SAG-AFTRA ended its 118-day strike after reaching a tentative deal with producers, affecting the release of major films.
Kenya's President, William Ruto, has announced that the country will repay $300 million of its $2 billion Eurobond in December, ahead of its original June maturity date, after exploring funding options and seeking support from multilateral lenders.
The number of Americans applying for unemployment benefits fell slightly to 217,000, indicating a stable economy, but businesses are hiring less and the labor market has cooled off.
The severe housing shortage continues as the number of homes for sale decreased for the fourth consecutive month in October, with available home supply down 41.8% compared to pre-pandemic levels, resulting in high prices keeping potential buyers at bay.
Russia's Kremlin spokesperson claims that the country is no longer concerned about Western sanctions, but signs of economic resilience and growing wealth suggest otherwise.
The U.S. Federal Reserve is expected to hold its federal funds rate steady through the first half of next year, with economists predicting that the first rate cut will come later than expected.
Rwanda, Côte d'Ivoire, and Benin are the top three fastest growing economies in Africa in 2023, according to a report by the Africa Development Bank.
The rising mortgage delinquencies in the US, which have increased by 15 percent year-over-year, could lead to a surge in foreclosures as households struggle with inflation, low housing supply, and high mortgage rates. This trend is putting additional pressure on an already distressed housing market, with fears that hundreds of thousands of Americans could be impacted by foreclosure.
A new report by the American Academy of Arts and Sciences suggests that the U.S. needs to change its measurement of well-being, including capturing how much voice people feel they have in political outcomes, in order to address rising inequality and economic hardships.
Ghana has failed to meet the November 1 deadline for receiving the second tranche of its $3 billion IMF bailout package as negotiations with external creditors for debt relief are delayed, hindering the unlocking of the $600 million disbursement.
Mark Spitznagel, founder of Universa Investments, warns that the Federal Reserve's policies and the current debt bubble may lead to a disastrous future, emphasizing that Treasuries offer limited protection and diversification can do more harm than good for investors.
The COVID-19 pandemic led to a significant increase in Americans moving across state or county lines in 2022, resulting in a redistribution of taxable income that affects the economies of both the areas people leave and the areas they move to. Cities like Manhattan experienced substantial outflows of funds, while states like Florida gained significant taxable income. Factors influencing these moves include pandemic policies, tax burdens, increasing crime rates, expensive housing markets, and quality-of-life concerns. Decision-makers need to recognize the consequences of their policies on migration and local economies.
Warren Buffett's Berkshire Hathaway, seen as a microcosm of the US economy, reported weakness in several divisions in its recent third-quarter earnings, suggesting a potential economic slump or recession.
The term premium, which reflects the extra yield investors demand for longer-term debt compared to shorter-term securities, is a powerful force in the market, but its measurement and impact on monetary policy remain uncertain.
High interest rates are expected to persist, causing economists to reevaluate their outlook, Israel's economy may survive short-term conflict, but long-term war will be costly, and Jilly Cooper releases a new book.
Wage growth has slowed and inflation is cooling, which may allow the Fed to hold off on aggressive rate hikes; however, workers may still be catching up to inflation.
China's economic growth forecast for next year has been downgraded by the World Bank after consumer prices fell more than expected, renewing concerns about the strength of the country's economy.
Foreign investors are removing more money from China than they are putting in, reflecting disillusionment with China's economic prospects and policy making, as well as an interest rate gap that incentivizes multinational companies to move their funds offshore and unwind loans to subsidiaries. However, China's currency, the yuan, is gaining popularity internationally, with more foreign firms issuing yuan-denominated bonds and government-owned lenders increasing their lending in yuan to low- and middle-income countries.
The productivity of the manufacturing sector in the United States has been declining since 2011, contradicting the belief that manufacturing drives technological progress and economic growth. Various factors, such as the lack of technological adoption and the exhaustion of low-hanging fruit, contribute to this trend. It remains uncertain whether current subsidies and potential technological breakthroughs can reverse the decline.
The global manufacturing industry is being affected by China's economic slowdown, with manufacturing profits falling for the fourth consecutive quarter.
Saudi Arabia's energy minister blames speculators for the recent drop in crude oil prices, stating that oil demand is healthy and the decline is a ploy.