Western Australian company FIRM Construction has fallen under administration, yet another blow to the embattled construction industry. CEO Mark O’Gorman said the company has done everything it can to avoid the financial challenges of 2022. The industry is facing major problems, from a sharp rise in costs to labor and material shortages that have reduced … Read more
The Bank of Canada and the federal government could have taken their foot off the gas earlier in stimulating the economy during the COVID-19 pandemic, Governor Tiff Macklem said Wednesday, but he added that the knowledge is only now clear with the benefit of hindsight. Macklem and Senior Deputy Governor Carolyn Rogers spoke to the … Read more
Senior Federal Reserve officials expect smaller rate hikes to be “appropriate soon” as the threat of a recession deepens. While the Fed still expects rates to rise higher than previously forecast, senior officials aren’t sure how much further they will go. Slower rate hikes, they say, would give them more time to evaluate the “lagging” … Read more
Federal Reserve officials agreed earlier this month that smaller rate hikes should happen once they evaluate the policy’s impact on the economy, the minutes published Wednesday show. Reflecting statements made by multiple officials in recent weeks, the meeting summary pointed to small interest rate hikes coming up. Markets are widely expecting the Federal Open Market … Read more
London CNN affairs — Last year, Auckland’s largest property company was unable to sell properties fast enough to meet demand in New Zealand’s largest city. Houses were flying out the door,” said Grant Sykes, manager at real estate firm Barfoot & Thompson. “There were chin-dropping moments when agents stood in the room and were stunned … Read more
The Governor of the Reserve Bank has warned that life will continue to be difficult for central bankers – and probably most households and businesses as well. Most important points: RBA Governor Philip Lowe says globalization has helped central banks keep price increases low and stable over the past three decades Increasing trade restrictions and … Read more
US Treasury yields fell Monday as investors looked to comments from Federal Reserve speakers for hints about future interest rate policy and the central bank’s view on the state of the US economy. At around 4:05 a.m. ET, the return on the benchmark 10 year treasury fell three basis points to 3.7969%. The 2 years … Read more
Cleveland Federal Reserve President Loretta Mester said Monday that inflation will have to show more signs of progress before it is ready to stop calling for rate hikes. While acknowledging recent data was encouraging, the central bank official told CNBC that progress is just the beginning. “We’re going to have more work to do because … Read more
US Treasury yields rose Monday as investors awaited further guidance on the Federal Reserve’s monetary policy plans from central bank speakers and worried about the inflation outlook. The return on the benchmark 10 year treasury was trading up 3.84% by 4:40 AM ET, after up about 1.5 basis points. The 2 years treasury the yield … Read more
Ever since the resurgence of global inflation in 2021 first started rising above central bank targets, Australians in the developed world have been able to look around and say “at least ours isn’t as bad as (fill in the country here) in)”. While this remains the case in terms of the contrast between Australia and … Read more