Rising mortgage rates and a lack of affordability are prompting a steep drop-off in demand for housing. At the same time inventory for sale is on the rise. A combination of falling transactions and prices will intensify the recessionary forces the US economy is facing. The stimulus-fueled surge in prices looks to be over: House prices nationally have ...
Federal Reserve Bank of Atlanta President Raphael Bostic said he backs raising rates by a further 1.25 percentage points by the end of this year to counter inflation that has been worse than he expected. “The lack of progress thus far has me thinking much more now that we have to get to a moderately restrictive stance,” he told reporters Wednesday via a ...
As the Governor said in his statement on Monday, the Bank is monitoring developments in financial markets very closely in light of the significant repricing of UK and global financial assets. This repricing has become more significant in the past day – and it is particularly affecting long-dated UK government debt. Were dysfunction in this market to continue or worsen, there would be a material risk to UK financial stability. This would lead to an unwarranted tightening of financing conditions and a reduction of the flow of credit to the real economy. In line with its financial stability objective, the Bank of England stands ready to restore market functioning and reduce any risks from contagion to credit conditions for UK households and businesses. To achieve this, the Bank will carry out temporar tweet at 6:12am: BoE TLDR via @Newsquawk https://t.co/7VtGCejIcwBank of England delays bond sales, launches temporary purchase program after market turmoil The Bank of England will suspend the planned start of its gilt selling next week and begin temporarily buying long-dated bonds in order to calm the market chaos unleashed by the new government’s so-called “mini-budget.” U.K. gilt yields are on course for their sharpest monthly rise since at least 1957 as investors flee British fixed income markets following the new fiscal policy announcements. The measures included large swathes of unfunded tax cuts that have drawn global criticism, including from the IMF. In a statement Wednesday, the central bank said it was monitoring the “significant repricing” of U.K. and global assets in recent days, which has hit long-dated U.K. government debt particularly hard.
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ECB President Lagarde Speaks
LME Copper Inventories
Goods Trade Balance
Prelim Wholesale Inventories m/m
Pending Home Sales m/m
Fed Chair Powell Speaks
Industrial Production y/y