Despite the Federal Reserve's efforts to lower interest rates and potentially make homes more affordable, mortgage costs continue to rise, reports the Wall Street Journal. This unexpected outcome is driven by several factors, including rising long-term Treasury yields and stubborn inflation.
Average 30-year mortgage rates have climbed to
The US economy grew at a faster pace in the third quarter than previously estimated, fueled by stronger consumer spending and exports, reports Bloomberg.
Gross domestic product (GDP) increased at an annualized rate of 3.1% in the July-to-September period, according to the Bureau of Economic Analysis' third estimate
The Japanese government is "alarmed" by recent sharp moves in the currency market and stands ready to intervene if speculative activity becomes excessive, top finance officials said on Friday, reports Reuters. This strong statement comes as the yen continues its rapid decline against the dollar.
The dollar reached
Singapore's Monetary Authority of Singapore (MAS) may hold off on easing monetary policy at its January review, despite slowing inflation, as the central bank seeks to assess the impact of incoming U.S. President Donald Trump's policies, analysts told Reuters.
This comes as data next week,
Malaysia expects inflation to moderate towards the lower end of its target range in 2025, driven by a phased rollback of fuel subsidies, according to Economy Minister Rafizi Ramli, as reported by the Wall Street Journal. Ramli outlined a "surgical approach" to removing fuel subsidies, focusing on higher-income
The Bank of Russia surprised economists by keeping its key interest rate at a record high of 21%, defying expectations of another significant hike to combat persistent inflation, reports Bloomberg.
The central bank's decision, announced Friday, comes despite inflation accelerating to 8.9% in November, more than double
British retail sales grew at a weaker-than-expected 0.2% in November, according to official data released on Friday by the Office for National Statistics, reports Reuters. This follows a 0.7% drop in October, leading up to Chancellor Rachel Reeves' first budget.
Economists had anticipated a 0.5% monthly
China has lifted a four-year ban on Australian rock lobster imports, marking a significant step in the ongoing stabilization of relations between the two countries, reports the Wall Street Journal.
Australian Prime Minister Anthony Albanese announced Friday that China had notified Australia of the immediate resumption of live rock lobster
The Federal Reserve's "hawkish" quarter-point rate cut, the third of 2024, signals a shift towards a more cautious approach to monetary policy, and President-elect Donald Trump's proposed policies could further limit the central bank's ability to lower rates in 2025, according to
President-elect Donald Trump has warned the European Union that it must significantly increase purchases of US oil and gas or face tariffs on a wide range of exports, including cars and machinery, reports Reuters.
Trump, who takes office on January 20, 2025, issued the ultimatum in a post on Truth
US consumer spending increased in November, signaling continued strength in the economy despite rising interest rates, reports Reuters. This resilience comes as the Federal Reserve this week projected fewer interest rate cuts in 2025 than previously anticipated.
The Commerce Department reported Friday that consumer spending rose 0.4% last month,
New Zealand's economy has fallen into recession, contracting far more sharply than anticipated in the third quarter, according to data released on Thursday by Stats NZ, as reported by Reuters. This dire outcome, exceeding even the Reserve Bank of New Zealand's (RBNZ) own pessimistic forecasts, is
The Republican-led House of Representatives rejected a temporary funding plan backed by President-elect Donald Trump on Thursday, with just over 24 hours to spare before a US government shutdown, reports Bloomberg. The move capped an extraordinary two days in Washington that tested the incoming president's power.
Trump and
British inflation surged to an eight-month high in November, reaching 2.6%, as reported by Reuters. However, the rise in services prices, a key indicator of underlying inflationary pressures closely watched by the Bank of England (BoE), remained steady at 5.0%, offering some respite to the central bank.
The
Australia's government will face larger budget deficits in the coming years, driven by increased spending on healthcare, cost-of-living support, and veterans' care, reports Reuters. Despite trimming this year's deficit forecast, the Labor government is prioritizing public spending to navigate a slowing economy and upcoming elections.
Australia's consumer confidence dipped in December, reversing some of the gains made earlier in the year, as persistent inflation, elevated interest rates, and global economic uncertainty continue to weigh on household sentiment, reports Bloomberg.
The Westpac Banking Corp. consumer sentiment index fell 2% to 92.8 points in
Despite the end of a crippling strike at Boeing, the US manufacturing sector showed only a modest rebound in November, according to data released by the Federal Reserve on Tuesday, reports Reuters. Factory output rose by just 0.2% last month, falling short of economist predictions for a 0.5%
Argentina's economy expanded for the first time in four quarters during the July to September period, signaling a potential turnaround after a prolonged period of contraction, reports Reuters. However, the economy still contracted on a yearly basis.
Gross domestic product (GDP) grew by 3.9% in the third