Federal Reserve Vice Chair for Supervision Michelle Bowman said Monday she would support lowering interest rates as soon as next month provided that inflationary pressures remain "contained." Last week, the central bank's Federal Open Market Committee kept its benchmark lending rate unchanged at 4.25% to 4.50% for a fourth straight meeting.
Fed Vice Chair for Supervision Michelle Bowman said that a July rate cut could be considered given an expected slowing in labor market data and the possibility that the inflation impact from tariffs could be a one-time event and of a smaller size than previously expected. Chicago Fed President Austan Goolsbee said tariff impacts to this point have been more modest than expected.
US existing home sales unexpectedly rebounded in May even as prices reached a record high for the month, according to data released Monday by the National Association of Realtors. Sales edged up 0.8% sequentially to a seasonally adjusted annual rate of 4.03 million units last month, following a 0.5% decline in April.
Deutsche Bank said it expects Brazil's central bank to pause at least until year-end -- with a possible fine-tuning of 25bps. The revenue rather than the spending route this government has favored pushed the market closer to pricing a final 25bp hike, but other than rounding the Selic to 15%, Deutsche Bank sees no discernible gain from such a hike.
US private-sector output growth decelerated in June amid falling exports, according to S&P Global's (SPGI) flash purchasing managers' index released Monday. The composite output index slipped to a two-month low of 52.8 from 53 in May. The consensus in a survey compiled by Bloomberg indicated a 52.1 reading.
Scotiabank said most economists expect Colombia's central bank to hold its overnight rate at 9.25% on Friday. Scotiabank is in the minority that is expecting a 25bps cut.
Canada refreshes the consumer price index for May on Tuesday at 8:30 a.m. ET and it's one of two inflation readings before the next Bank of Canada policy decision on July 30, said Scotiabank.
If conditions are appropriate, the Federal Open Market Committee could consider reducing interest rates as soon as its next meeting in July, Federal Reserve Vice Chair for Supervision Michelle Bowman said Monday at a research conference sponsored by the International Journal of Central Banking and the Czech National Bank.
RBC said it expects Friday's Canadian gross domestic product data for April to show slowing growth following a jump in Q1 that was largely driven by front-running tariffs. GDP is expected to have eked out a 0.1% month-over-month increase in April, matching Statistics Canada's preliminary estimate from a month ago, noted the bank.
Month-over-month. Year-over-year. Existing-home sales rose in May, according to the National Association of Realtors?. Sales elevated in the Northeast, Midwest and South, but retreated in the West. ?The relatively subdued sales are largely due to persistently high mortgage rates.
The pace of US existing home sales rose by 0.8% to a 4.03 million seasonally adjusted annual rate in May from 4.00 million in April, compared with an expected decrease to a 3.95 million rate in a survey compiled by Bloomberg as of 7:35 am ET, data from the National Association of Realtors released Monday showed. Total sales were down 0.7% from a year earlier.
RBC said it expects Canadian consumer price index growth to edge up 1.8% year over year in May from April's 1.7%, with the excluding food and energy price growth holding steady at 2.6% year over year. Canada will publish May's CPI on Tuesday at 8:30 a.m. ET.
The US dollar rose against its major trading partners early Monday, with testimony by Federal Reserve Chairman Jerome Powell, home sales data, the final estimate of Q1 gross domestic product and personal income, sales and price data for May the focus for this week after the military action taken by the US against Iranian nuclear facilities Saturday.
Last week offered a robust set of geopolitical events and data for investors to digest, with top of the agenda the G7 meeting in Alberta, said TD. There were a few takeaways for Canada, including a commitment of $4 billion in funding for Ukraine and steps to enhance trade with the United Kingdom, noted the bank.
The latest developments in the Middle East will understandably dictate price action in financial markets at the start of this week, said MUFG. It follows a heavy schedule of central bank updates last week, wrote the bank in a note to clients.
US equity investors will focus on the impact of the bombing of Iran's nuclear facilities and Federal Reserve Chair Jerome Powell's testimony before the Congress ahead of the central bank's preferred inflation data this week. * President Donald Trump warned Iran of a far greater US response if it retaliates, Bloomberg reported.
The Federal Reserve held interest rates steady at 4.25%-4.50% during Wednesday?s June meeting, with Chair Jerome Powell signaling no urgency to cut rates as officials monitor potential tariff-driven inflation impacts.
LightSolver, inventors of a new laser-based HPC computing paradigm, today announced that it has been named a 2025 Technology Pioneer by the World Economic Forum. Now in its 25th year, the WEF Technology Pioneers program honors 100 early-stage technology companies that exemplify the entrepreneurial spirit and transformative potential needed to shape a more equitable, sustainable future.
In an era of inflation shocks, shifting alliances, and economic volatility, one thing hasn't changed: central banks are doubling down on gold. While investors may debate crypto, equities, or cash, the institutions managing national reserves are quietly ? and consistently ? boosting their gold holdings.
US equities closed mixed in choppy trading Friday as investors kept tabs on developments in the Middle East while digesting comments by a Federal Reserve governor. The Nasdaq Composite fell 0.5% to 19,447.41, while the S&P 500 lost 0.2% to 5,967.84. The Dow Jones Industrial Average gained 0.1% to 42,206.82. Communication services led decliners among sectors, while energy saw the biggest gain.
US equity indexes ended mixed this week after President Donald Trump unveiled a deadline to reach a nuclear deal with Tehran, and the Federal Reserve left the possibility of two interest-rate cuts on the table in the remaining four monetary policy meetings in the second half. * The S&P 500 closed at 5,967.84 on Friday versus 5,970.55 a week ago.
US benchmark equity indexes closed mixed on Friday, as markets weigh ongoing developments in the Israel-Iran conflict and a potential rate cut by the Federal Reserve in July.
US benchmark equity indexes ended lower Friday as traders monitored the latest developments in the Middle East and comments by a Federal Reserve governor. * US President Donald Trump will allow two weeks for diplomacy before deciding whether to launch a strike against Iran amid its ongoing conflict with Israel, news outlets reported.
A surge in demand for weight-loss and diabetes medications, paired with fears of incoming tariffs, has propelled Ireland to the center of a pharmaceutical trade boom with the U.S., dramatically widening the bilateral trade imbalance.
Investor caution dominated Wall Street this week, as escalating tensions between Israel and Iran fueled fears of potential U.S. involvement. The Federal Reserve kept interest rates steady at 4.25%-4.5% for the fourth consecutive meeting, reaffirming its cautious stance. Overall economic uncertainty has ?diminished? since March, but the Fed warns that risks remain elevated.
Richmond Fed President Tom Barkin told Reuters in an interview that the FOMC should not hurry to cut interest rates due to the possibility that tariffs could lift inflation and the current resilience of the US job market.
US benchmark equity indexes were mixed intraday as traders monitored the latest developments in the Middle East and comments by a Federal Reserve governor.
The National Association of Realtors' measure of US existing-home sales is expected to slow to a 3.95 million annual rate in May, based on a survey compiled by Bloomberg, after falling by 0.4% to a 4.0 million rate in April. Existing-home sales were at a 4.06 million rate in May 2024, so the year-over-year change would be negative. The data are scheduled to be released at 10:00 am ET Monday.
The Philadelphia Federal Reserve's manufacturing reading remained at minus 4 in June, still indicating modest contraction in the sector after a sharp decline in the New York Fed's Empire State reading earlier in the week. The Conference Board's Leading Economic Index fell by 0.1% in May after a 1.4% drop in April. MT Newswires does not provide investment advice.
The European Central Bank released its latest Economic Bulletin on Friday. U.S.-based multinational companies play a significant role in the euro area economy. The Bulletin noted that ongoing trade tensions ? such as tariff increases or policy uncertainty ? could impact their business. These tensions might raise costs, disrupt internal company trade, or force changes in how companies handle taxes.
CIBC's Ali Jaffery and Katherine Judge noted all eyes will be on the CPI report Tuesday to see if core measures show a sufficient enough moderation in the monthly pace to allow the Bank of Canada to cut in July. According to the same duo, the GDP data for April next Friday is likely to show no growth.
Manufacturing activity in the US Mid-Atlantic region remained in contraction territory in June, while the employment gauge reached its lowest level since May 2020, a survey from the Federal Reserve Bank of Philadelphia showed Friday.
The S&P 500 and Nasdaq were up, while the Dow Jones Industrial Average was down in late-morning trading Friday after Federal Reserve Governor Christopher Waller told CNBC the central bank could rates as early as July. In company news, GMS confirmed Thursday it received an unsolicited proposal from QXO to acquire the company for $95.20 per share.
National Bank of Canada resumed coverage of Keyera (KEYUF) with a sector-perform rating on the company's shares while raising its price target to $45.00 from $43.00 after the oil and gas processing and infrastructure company agreed to acquire the Canadian assets of Plains All American Pipeline for $5.15 billion and closed an offering of subscription receipts.
The St. Petersburg International Economic Forum 2025, held in Russia from June 18 to 21, began with a high-level session titled *"Shaping a New Platform for Global Growth." The session marked the presentation of the final report from the International Open Dialogue of the Russia National Centre and featured expert insights into global economic and geopolitical shifts.
Brazil's central bank unexpectedly raised the policy rate by 25bps to 15.0% on Wednesday, noted Societe Generale. The BCB also signaled a pause in its tightening cycle to evaluate the cumulative impact of past hikes, but warned it is prepared to raise rates further if necessary, wrote the bank in a note to clients.
The US dollar was mixed against its major trading partners early Friday -- up versus the yen and Canadian dollar, down versus the euro and pound -- following Thursday's holiday. The Philadelphia Federal Reserve's manufacturing reading for June is due to be released at 8:30 am ET, followed by leading indicators data at 10:00 am ET.
The Bank of England on Thursday decided to leave the Bank Rate unchanged at 4.25%, as expected, said UBS. The decision was supported by six Monetary Policy Committee members, with three voting for a 25bps rate cut. Following Thursday's pause, UBS expects the BoE to resume cutting on Aug. 7, followed by another 25bps rate reduction on Nov. 6, bringing Bank Rate to 3.75% by end 2025.
The Swiss central bank cut its key policy rate by 25bps on Thursday, noted MUFG. The market was priced for some risk that the SNB could cut by a larger 50bps but the SNB kept to a more cautious path despite the fact that the SNB has by some distance under-estimated the speed in which inflation has fallen, wrote the bank in a note to clients.
Societe Generale in its early Friday economic news summary pointed out: -- Oil prices, US dollar retreat after President Trump gives Iran two weeks to negotiate end to the conflict with Israel. -- Japan May headline consumer price index dips to 3.5% year over year from 3.6% in April. -- U.K. retail sales plummet 2.7% month over month in May, the decline is first in five months.
The CNN Money Fear and Greed index was in the ?Neutral? zone on Wednesday. U.S. stocks settled mixed on Wednesday, with the Dow Jones index falling around 0.1% during the session as traders weighed geopolitical uncertainty and awaited the Federal Reserve?s June policy decision. The US Federal Reserve left interest rates unchanged at its recent meeting.
Gold traded lower mid-afternoon on Thursday, a day after the Federal Reserve left U.S. interest rates unchanged but said cuts are likely coming this year.
Canada's real gross domestic product grew by a stronger-than-expected 2.2% in Q1, as firms increased exports and inventories in anticipation of new United States tariffs, said the Parliamentary Budget Officer on Thursday. The PBO, which provides independent advice to parliament, expects that Canada's real GDP will be flat in Q2.
National Bank of Canada maintained its sector-perform rating on the shares of Lithium Americas (LAC) and its $5.50 price target. National Bank said it continues to view Lithium Americas (LAC)' Thacker Pass project in Nevada as a strategically significant lithium asset with long-term value potential.
The Swiss National Bank cut its benchmark interest rate by 25 basis points to 0% on Thursday, marking the lowest level since 2022 and amplifying the gap between U.S. and Swiss rates to record highs. The move pushes the gap between the U.S. federal funds rate upper bound and Switzerland's rate to 4.5 percentage points?the largest differential on record.
The Bank of England left rates unchanged on Thursday, as expected, sai MUFG. The six-to-three vote split was in line with the bank's expectations but more dovish than the consensus.
The central bank of Botswana on Thursday said its Monetary Policy Committee decided to maintain the Monetary Policy Rate at 1.90%. MT Newswires does not provide investment advice.
Turkey's central bank on Thursday said its Monetary Policy Committee kept the policy one-week repo auction rate at 46.0%, as expected. The MPC has also maintained the Central Bank overnight lending rate and the overnight borrowing rate at 49.0% and 44.5%, respectively, noted CBT.
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.
Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.
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