The Bank of England's MPC voted 5-4 to keep Bank Rate at 4% at its November 5 meeting, in line with expectations. Four members favored a 25 bps cut to 3.75%, reflecting growing support for easing. Policymakers noted that CPI inflation has peaked and underlying disinflation is developing, aided by still-restrictive policy, lower wage growth, and easing services inflation. A sluggish economy and increasing labor market slack are also strengthening disinflation. The MPC said the risks to achieving the 2% target are now more balanced: inflation persistence has become less of a concern, while...
Federal Reserve Chair Jerome Powell said on Wednesday that Fed policy makers expect inflation in goods prices to go up over the course of the summer as the impact of President Donald Trump's tariffs work their way to U.S. consumers. "We've had goods inflation just moving up a bit," Powell told a news conference after the Fed held rates unchanged. "We do expect to see more of that over the course of the summer." Powell said it takes time for tariffs to work through the goods chain of distribution, noting many goods being sold by retailers were imported months before tariffs were...
The Bank of Canada Governor Tiff Macklem said on Wednesday that the prospect of a new Canada-U.S. trade deal offers hope that tariffs will be removed, but cautioned that inflation could rise if tariffs stayed in place. U.S. President Donald Trump and Canada's Prime Minister Mark Carney this week agreed to reach a trade deal between the two countries in 30 days that could possibly resolve a trade conflict triggered by U.S. tariffs and the subsequent Canadian counter duties. "Restoring open trade between our countries is critical to jobs and growth in Canada," said Macklem in a speech in the...
The number of Americans filing for unemployment benefits fell to 245,000 in the week ended June 15, 2025. The figure was lower than the 246,000 estimate and the previous weekly revised 250,000, the Labor Department said Thursday. Source: Newsmaker23
British inflation slowed as expected in May, pulled down by air fares which leapt in April and the correction of a tax data error, although food prices shot up at the fastest rate in more than a year. Consumer prices rose in annual terms by 3.4% in May, the Office for National Statistics said on Wednesday, just as a Reuters poll of economists and the Bank of England had predicted. Services price inflation - a crucial metric for the BoE - cooled to 4.7% from 5.4% in April, matching the BoE's forecast for May. The Reuters poll had pointed to a reading of 4.8%. Earlier this month the ONS...
The UK's (UK) annual Consumer Price Index (CPI) rose by 3.4% in May after rising 3.5% in April, data released by the Office for National Statistics (ONS) showed on Wednesday. Markets had expected a 3.4% growth in the reported period. The reading was still short of the Bank of England's (BoE) target of 2%. Core CPI (excluding volatile food and energy) rose 3.5% year-on-year (YoY) in the same period, compared with a 3.8% acceleration in April, but missed the anticipated 3.6%.(alg) Source: FXstreet
Asia-Pacific markets traded higher, tracking Wall Street gains overnight.
Japan's benchmark Nikkei 225 rose 0.41% after hitting a fresh record high on Thursday, while the Topix added 0.61%. South...
Both the STOXX 50 and STOXX 600 hovered around the flatline on Friday, as investors adopted a cautious stance ahead of further developments in trade talks between US President Trump and Chinese...
The U.S. Supreme Court's tough questioning of President Donald Trump's global tariffs has fueled growing speculation that they will be overturned, but it also raises the potential for further...