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Macklem tries to stay out of the fray as MPs do their best to use him to score points
Bank of Canada governor Tiff Macklem navigates a political minefield every time he testifies before the House of Commons finance committee. Four times a year, members of Parliament get the chance to question the governor on monetary policy. At a time when inflation and interest rates are both high, MPs - particularly Opposition ones - are eager to ask him about politically charged issues. Is the federal government spending too much? How much is carbon pricing pushing up prices? Would eliminating it bring interest rates down? Mindful of the weight his words carry, the governor keeps his responses focused on the ... (full story)
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Swiss lawmakers published an open letter criticizing the Swiss National Bank for having excluded activists from its annual shareholder meeting. At the April 26 gathering, the ...
USDJPY has rebounded from its 0.786 retracement at 151.75. The strength indicator RSI is still showing positive sentiment with no divergence. That is a strong suggesting USDJPY is ...
post: BIDEN AND NETANYAHU TO SPEAK ABOUT RAFAH LATER TODAY - AXIOS.
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The Federal Reserve Bank of New York today released results from its 2024 SCE Housing Survey, which is part of the broader Survey of Consumer Expectations (SCE) and provides information on consumers’ housing-related experiences and expectations. The results show that the pace at which households expect home prices to rise in the next year has reaccelerated after falling last year, with average one-year ahead expectations now reaching their second highest reading in the survey’s history. In contrast, home price growth expectations for the next five years declined slightly. Expectations about the change in the cost of rent were considerably higher than home price expectations but followed a similar pattern, as rental price growth expectations increased for one-year-ahead and were essentially flat for five-years ahead. Homeowners’ expectations about the likelihood of refinancing their mortgages over the next 12 months rebounded slightly after falling last year, but remain well below pre-pandemic levels. Renters’ views on the ease of obtaining a mortgage deteriorated substantially, with 74.2% stating that obtaining a mortgage is somewhat or very difficult. In fact, renters’ self-assessed probability of ever owning a home decreased to a new series low. The New York Fed also issued an accompanying Liberty Street Economics blog post that estimates the extent to which mortgage rate lock-in is suppressing U.S. household’s post: New York Fed: February Year-Ahead Home Price Rise at 5.1% vs 2.6% in Feb. of 2023 NY Fed: Feb. Five-Year-Ahead Expected Home Price Rise 2.7% vs. Feb. 2023’s 2.8% NY Fed: Feb. Year-Ahead Expected Rent Rise at 9.7% vs. Feb. 2023’s 8.2%Renters’ hopes of being able to buy a home have fallen to a record low, New York Fed survey shows The dream of home ownership has gotten even further away for renters, with higher housing costs and elevated interest rates standing in the way of the American housing dream, according to a New York Federal Reserve survey released Monday. The share of renters as of February who possess hopes of “residential mobility,” or the belief from renters that they one day will be able to afford a home, fell to a record low 13.4% in the central bank’s annual housing survey for 2024. That’s down from 15% in 2023 and well off the 20.8% series high back in 2014. Pessimism about future prospects comes amid a confluence of factors conspiring against the likelihood of renters being able to transition to home ownership. For one, some 74.2% of renters viewed obtaining a mortgage as somewhat or very difficult, which the New York Fed said has “deteriorated substantially” from the 66.5% level in 2023 and 63.1% in 2022. Moreover, mortgage rates have remained high by historical standards. A 30-year fixed-rate mortgage now carries an average 7.22% borrowing rate, the highest since late-November 2023, according to Freddie Mac. Housing affordability has improved little, with the median price in February at $388,700, the highest since November, according to the National Association of Realtors. The NAR’s housing affordability index was at 103 in February, down slightly from January
Ahead of tomorrow’s rate decision by the Reserve Bank of Australia, the dollar from down under has been getting stronger. Of course it was aided a bit last Friday by some weakness ...
The European Central Bank is growing more confident about cutting interest rates as euro zone inflation continues to ease, three ECB policymakers said on Monday. ECB policymakers ...
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- Posted: May 6, 2024 11:00am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 1,704