US inflation sharply cooled last month, offering fresh hope that the Federal Reserve can soon wrap up the most aggressive interest-rate hikes in decades.
— Read on www.bloomberg.com/news/articles/2023-07-12/us-inflation-cools-to-3-and-core-cpi-rises-less-than-forecast
Bank of England warns of more mortgage pain to come for homeowners
The central bank said that the amount of household debt remains “some way below” the historic peak reached in 2007.
— Read on www.cnbc.com/2023/07/12/bank-of-england-warns-of-more-mortgage-pain-to-come-for-homeowners.html
U.S. 30-year mortgage rate tops 7% for first time since last fall
The average contract rate on a 30-year fixed-rate mortgage jumped 22 basis points to 7.07% in the week ended July 7, the Mortgage Bankers Association said.
— Read on www.cnbc.com/2023/07/12/us-30-year-mortgage-rate-tops-7percent-for-first-time-since-last-fall.html
‘Bond King’ Bill Gross predicts American consumers will run out of cash later this year, paving the way for a recession
Bill Gross has joined the likes of “The Big Short” investor Michael Burry and Jamie Dimon in predicting consumer spending will eventually falter.
— Read on ca.finance.yahoo.com/news/bond-king-bill-gross-predicts-180838886.html
Canada inflation: higher interest rates worry Canadians debt, savings | CTV News
More than half of Canadians say they are $200 away or less from not being able to pay all of their bills at the end of the month, a report by insolvency firm MNP Ltd. said, as higher interest rates and a rising cost of living have stretched budgets.
Canadian banks raise prime rate to 6.95% after Bank of Canada hike
Big banks follow suit after surprise quarter-point hike
— Read on ca.finance.yahoo.com/news/rbc-td-raise-prime-rate-185922691.html
What the interest rate hike means for mortgage holders, home hunters
TORONTO — The Bank of Canada hiked its key interest rate Wednesday by a quarter percentage point, bringing the rate to 4.75 per cent — the highest it’s been since April 2001. The hike is aimed at quelling inflation, which has proved stubborn, not moving down quickly enough toward the central bank’s target of two per cent. However, the hike is also bound to weigh on those hunting for homes or holding mortgages. What does the interest rate have to do with my mortgage? Mortgage rates tend to move i
— Read on ca.finance.yahoo.com/news/interest-rate-hike-means-mortgage-162818361.html
Ray Dalio Says US at Beginning of ‘Late, Big-Cycle Debt Crisis’
(Bloomberg) — Billionaire Ray Dalio, founder of Bridgewater Associates, said the US is seeing stubbornly high inflation along with elevated real interest rates. Most Read from BloombergThese Are the World’s 20 Most Expensive Cities for Expats in 2023Tech Stocks Sputter as Traders Consider July Hike: Markets WrapGeorge Santos Loses Bid to Shield the People Who Guaranteed His $500,000 BailDam Destroyed in the Dead of Night Upstages Ukraine’s CounteroffensiveFlights to LaGuardia Airport Grounded a
— Read on ca.finance.yahoo.com/news/ray-dalio-says-us-beginning-191417803.html
Canada’s Surprise Hike Exposes Global Struggle to Find Endpoint for Rates
(Bloomberg) — The Bank of Canada’s decision to resume raising interest rates shook global bond markets and underscored the difficult task faced by central banks as they try to slow economic activity and tamp down inflation.Most Read from BloombergThese Are the World’s 20 Most Expensive Cities for Expats in 2023Tech Stocks Sputter as Traders Consider July Hike: Markets WrapGeorge Santos Loses Bid to Shield the People Who Guaranteed His $500,000 BailDam Destroyed in the Dead of Night Upstages Ukr
— Read on ca.finance.yahoo.com/news/canada-surprise-hike-exposes-global-201512866.html
Bank of Canada hikes another 25 basis points, bringing rate to 4.75%
The increase brings the central bank’s policy rate to the highest level in more than two decades.
— Read on ca.finance.yahoo.com/news/bank-of-canada-hikes-another-25-basis-points-bringing-key-rate-475-140919284.html