May 24, 2023 According to England’s Office of National Statistics (ONS) the Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 7.8% as at April 2023 while the Consumer Prices Index (CPI) rose by 8.7%. CPIH & CPI in March 2023 were 8.9% & 10.1%, respectively. On a monthly basis, CPIH rose by
May 24, 2023 United States: US Mortgage Rates Rise to Highest Since March, Slowing Demand US mortgage rates rose to a more than two-month high, reducing home purchase and refinance activity. The contract rate on a 30-year fixed mortgage increased 12 basis points to 6.69%, according to Mortgage Bankers Association data out Wednesday. The
May 22, 2023 United States: Fed’s Bullard Sees Two More Interest-Rate Hikes Needed in 2023 to Cool Prices Federal Reserve Bank of St. Louis President James Bullard said he expects the central bank will need to raise interest rates twice more this year to quell inflation. “I think we’re going to have to grind higher
May 19, 2023 According to the statistical office of the European Union (Eurostat), in April 2023, the Euro area annual inflation rate was 7.0%, up from 6.9% reported in March 2023. The prior year’s rate was 7.4%. Annual inflation in the European Union was 8.1% in April 2023, down from 8.3% in March 2023. A
May 19, 2023 United States: US Economy Headed for Downturn in Second Half of 2023, Forecasters Say Forecasters see the US economy continuing to cool in the current quarter before a further slowdown in consumer spending and pullback in business investment cause the economy to shrink in the second half of the year. Gross domestic
May 18, 2023 United States: Fed Poised for Big Upgrade to Outlook Despite Swirling Risks Federal Reserve officials are likely to deliver their biggest upward revision to the US economic outlook since 2021 next month, as stress in the banking sector and a looming debt default belie the underlying strength of the economy. That’s likely
May 17, 2023 United States: US Housing Starts Rise in Sign Home Construction Is Stabilizing US housing starts increased in April, adding to evidence that residential real estate is gradually recovering after a yearlong slump. Beginning home construction rose 2.2% to a 1.4 million annualized rate, according to government data released Wednesday. Single-family homebuilding increased
May 16, 2023 United States: US Retail Sales Increase in Sign of Steady Consumer Spending US retail sales increased in April, suggesting consumer spending is holding up in the face of economic headwinds including inflation and high borrowing costs. The value of retail purchases rose 0.4% after an upwardly revised 0.7% decrease in March, Commerce
May 15, 2023 United States: Debt-Limit Default Risk Is Higher Than Ever. How Can You Safeguard Your Wealth? The risk of a US debt default is greater than it’s ever been, threatening to tip global markets into a brand-new world of pain. For investors, there are few places to hide other than the oldest hedge
May 12, 2023 United States: Fed Needs More Hikes If Inflation, Labor Stay Hot, Bowman Says The Federal Reserve will likely need to raise interest rates further and hold them higher for some time if US price pressures don’t cool off and the jobs market shows no sign of slowing, Governor Michelle Bowman said. “Should
