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US Existing-Home Sales Slid 1.0% in September
Existing-home sales drew back in September, according to the National Association of REALTORS®. Three out of four major U.S. regions registered sales declines while the West experienced a sales bounce. Year-over-year, sales fell in three regions but grew in the West. Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – receded 1.0% from August to a seasonally adjusted annual rate of 3.84 million in September. Year-over-year, sales waned 3.5% (down from 3.98 million in September 2023). “Home sales have been essentially stuck at around a ... (full story)
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- From bankofcanada.ca|Oct 23, 2024
Consumer price index (CPI) inflation has fallen and is now around 2%. The recent decline in inflation reflects both lower energy prices and weaker underlying inflationary pressures. Overall, inflation is near target, but the distribution of inflation rates across CPI components remains wider than usual. Over the projection horizon, inflation is expected to remain close to the 2% target. Core inflation is forecast to decline gradually. There are both upside and downside risks to the Bank of Canada’s outlook for inflation, and the Bank is equally concerned with inflation rising above the target or falling below it. The Canadian economy has evolved broadly as anticipated. Relative to the July forecast, growth in the second quarter was slightly stronger than expected, while the third quarter looks weaker. Gross domestic product (GDP) per person continues to decline. Energy exports are rising, and growth in both business investment and government spending is slowing. The Canadian economy continues to be in e post: BANK OF CANADA GOVERNOR TIFF MACKLEM SAYS DATA AND BANK SURVEYS SUGGEST WE ARE BACK TO LOW INFLATION; THIS IS GOOD NEWS FOR CANADIANS post: MACKLEM: NOW OUR FOCUS IS TO MAINTAIN LOW, STABLE INFLATION; WE NEED TO STICK THE LANDING post: MACKLEM: BANK CUT BY 50 BPS BECAUSE INFLATION IS BACK TO THE 2% TARGET AND WE WANT TO KEEP IT THERE
- From bankofcanada.ca|Oct 23, 2024
The Bank of Canada today reduced its target for the overnight rate to 3¾%, with the Bank Rate at 4% and the deposit rate at 3¾%. The Bank is continuing its policy of balance sheet normalization. The Bank continues to expect the global economy to expand at a rate of about 3% over the next two years. Growth in the United States is now expected to be stronger than previously forecast while the outlook for China remains subdued. Growth in the euro area has been soft but should recover modestly next year. Inflation in advanced economies has declined in recent months, and is now around central bank targets. Global financial conditions have eased since July, in part because of market expectations of lower policy interest rates. Global oil prices are about $10 lower than assumed in the July Monetary Policy Report (MPR). post: BANK OF CANADA LOWERS O/N INTEREST RATE TO 3.75% 23 || BOC SAYS IT EXPECTS INFLATION TO REMAIN CLOSE TO TARGET OVER THE PROJECTION HORIZON, WITH UPWARD AND DOWNWARD PRESSURES ROUGHLY BALANCING OUT BOC: WITH INFLATIONARY PRESSURES NO LONGER BROAD-BASED, BUSINESS AND CONSUMER…Bank of Canada Cuts Interest Rate to 3.75% The Bank of Canada has lowered its policy interest rate by 50 basis points, bringing the target for the overnight rate to 3.75%. The Bank Rate is now at 4%, with the deposit rate also set at 3.75%. This move comes as part of the central bank’s ongoing effort to normalize its balance sheet while managing economic growth and inflation. Key highlights from the announcement include: Global and Domestic Growth: The global economy is expected to grow at approximately 3% over the next two years. While growth forecasts for the United States have improved, expectations for China remain weak, and the euro area shows signs of a modest recovery next year. Meanwhile, Canada’s GDP growth reached about 2% in the first half of the year, with a projected slowdown to 1.75% in the latter half.
- From youtube.com/cnbctelevision|Oct 23, 2024
Rostin Behnam, chairman of the Commodity Futures Trading Commission, speaks Wednesday at DC Fintech Week conference at Fannie Mae's Headquarters in Washington, D.C.
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- From youtube.com/atlanticcouncilus|Oct 23, 2024
AN #ACFRONTPAGE EVENT–European Central Bank President Christine Lagarde discusses Europe’s economic challenges and the path forward during IMF-World Bank Week at the Atlantic ...
- From @LiveSquawk|Oct 23, 2024
post: ECB's Lagarde Says She Is ‘Rather Satisfied’ With Progress On Inflation post: MORE ECB'S LAGARDE: WE BELIEVE INFLATION WILL MOVE BACK ABOVE 2% OVER THE NEXT FEW MONTHS #ecb #europeancentralbank #christinelagarde #inflation #interestrates #monetarypolicy post: MORE ECB'S LAGARDE: DRAGHI REPORT DOESN'T GO DEEP ENOUGH IN IDENTIFYING ACTIONS TO MAKE EUROPE MORE PRODUCTIVE #ecb #europeancentralbank #christinelagarde #inflation #interestrates #monetarypolicy post: MORE ECB'S LAGARDE: WE NEED TO BE CAUTIOUS ABOUT CUTTING RATES #ecb #europeancentralbank #christinelagarde #inflation #interestrates #monetarypolicy
- From bankofcanada.ca|Oct 23, 2024|1 comment
Good morning. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss the October Monetary Policy Report and our policy decision. Today, we lowered the policy interest rate by 50 basis points. This is our fourth consecutive decrease since June and brings our policy rate to 3.75%. We took a bigger step today because inflation is now back to the 2% target and we want to keep it close to the target. In the past few months, inflation has come down significantly from 2.7% in June to 1.6% in September. Recent indicators suggest it will be around 2% in October. Price pressures are no longer broad-based, and both our measures of core inflation are now under 2½%. Our surveys also find that business and consumer expectations of inflation have shifted down and are nearing normal. All this suggests we are back to low inflation. This is good news for Canadians. Now our focus is to maintain low, stable inflation. We need to stick the landing. That means the upward and downward forces on inflation need to balance out. Household spending and business investment have picked up this year, but remain soft. This softness has helped take the remaining steam out of inflation. But with inflation back to 2%, we want to see growth strengthen. Today’s interest rate decision should contribute to a pickup in demand. post: BOC'S GOV. MACKLEM: WE FOCUSED ON INFLATION WHEN CONSIDERING THIS CUT, CORE INFLATION IS EASING AS EXPECTED. post: BOC'S GOV. MACKLEM: SHELTER PRICE INFLATION HAS STARTED TO COME OFF, INCREASING OUR CONFIDENCE THAT IT WILL GRADUALLY CONTINUE TO EASE. post: <CAD=>:
*BOC's Macklem: Focus is Keeping CPI Close to 2% Target
*BOC's Macklem: We Need Growth to Strengthen to Absorb Spare Capacity
*BOC's Macklem: Clear Consensus For 50 Basis-Point Cut post:
*BOC's Macklem: 'It's Been a Long Fight Against Inflation But It Has Worked'
*BOC's Macklem: Not Going to Handicap Next Move, But 'Been Clear' on Direction
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- Posted: Oct 23, 2024 10:05am
- Submitted by:Category: Low Impact Breaking NewsComments: 0 / Views: 4,152
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