Ottawa's spending is making the Bank of Canada's job harder: John Manley
Synopsis by National Post Jan 30 23
Former Finance Minister is the latest Liberal to voice concerns over Trudeau ...Read full article 
Financial Post: Ottawa's spending is making the Bank of Canada's job harder: John Manley
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| Last Updated | Jan 30 23 |
| Total Articles | 2 |
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Quick Glance: IMF upgrades global growth forecast despite risks
- The International Monetary Fund slightly raised its global growth forecast on Tuesday, noting that the economy had proven 'surprisingly resilient' despite inflationary pressures and monetary policy shifts.
- IMF's chief economist, Pierre-Olivier Gourinchas, indicated that the global economy is heading for a 'soft landing,' with risks to the outlook now broadly balanced.
- While advanced economies are expected to lead the growth, dim prospects in China and other major emerging markets could impact global trade partners, according to the report.
- Despite Tuesday's brighter outlook, global growth remains low compared to historical standards, partly due to weak productivity growth and increasing geopolitical fragmentation.
Macklem Sees Little Impact of Canada Budget on Fiscal Track: Bank of Canada Governor Tiff Macklem said Prime Minister Justin Trudeau’s recent budget did not ...
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Paid articlePaidQuick Glance: Macklem Sees Limited Impact of Canada Budget on Fiscal Direction
- Bank of Canada Governor Tiff Macklem suggested Prime Minister Justin Trudeau’s recent budget, which balanced increased spending with a capital gains tax hike and improved revenue forecasts, did not significantly contribute to inflationary pressures.
- Macklem informed reporters on Friday that the budget did not alter the government's fiscal trajectory significantly compared to the November fiscal update. It was highlighted that Finance Minister Chrystia Freeland upheld her commitment regarding deficit maintenance and shortfall reduction goals for the future.
- The Governor emphasized the continued adherence of the budget to these guidelines, which was deemed beneficial. He refrained from delving into specific details of budget measures, emphasizing the responsibility of lawmakers to deliberate on the government's fiscal plan.
- Macklem expressed that the latest three inflation indicators showed a sustained downward trend, with the bank awaiting confirmation that this trend will persist to ensure the progress towards price stability is maintained.
Brazil seeks to weaken fiscal targets it set only a year ago: Leftist administration of Luiz Inácio Lula da Silva wants greater flexibility on budget surplus ...
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Quick Glance: Brazil Moves to Relax Fiscal Targets Set a Year Ago
- The leftist administration of Luiz Inácio Lula da Silva wants more flexibility on budget surplus goals
- Brazilian President Luiz Inácio Lula da Silva’s government is seeking to loosen its own budget targets as investor concerns rise about the risk of fiscal slippage in Latin America’s largest economy
- Ministers intend to balance the budget next year, replacing the previous goal for income to exceed outgoings by 0.5 per cent of gross domestic product
- Analysts warn that the current deficit targets are unrealistic and likely to be tweaked, prompting investors to express concerns about Brazil’s economic approach under Lula
UK inflation falls as crumpet and meat prices drop: New official figures show that inflation, the rate at which prices rise over time, fell again in March.
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Quick Glance: Powell Warns of Lack of Progress on Inflation
- Federal Reserve Chair Jerome Powell emphasized that the U.S. economy, while otherwise strong, has not seen a return of inflation to the central bank's target.
- Powell mentioned that the current policy should remain in place as inflation has not declined quickly enough and there has been no further progress towards the 2% goal.
- Since July 2023, the Fed has maintained its benchmark interest rate in a target range between 5.25% and 5.5%, the result of 11 consecutive rate hikes.
- Financial markets have had to adjust their expectations for rate cuts this year as inflation has been higher than expected, and the Fed's policy continues to be dependent on data.
US deficit poses ‘significant risks’ to global economy, warns IMF: Fund also cites concerns over fiscal ‘imbalances’ in UK, China and Italy
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Quick Glance: IMF Warns of Fiscal Deficits in US and China
- The IMF has warned the US that its massive fiscal deficits have stoked inflation and pose “significant risks” for the global economy.
- Concerns were also raised about Chinese government debt, with the country projected to have a deficit of 7.6 per cent in 2025, more than double the average for other emerging markets.
- In addition to the US and China, the fund named two more countries that “critically need to take policy action to address fundamental imbalances between spending and revenues”.
- The IMF noted that “large and sudden increases” in US borrowing costs typically lead to surges in government bond yields globally and exchange rate turbulence in emerging markets and developing economies.
JPMorgan warns of need for ‘reality check’ on phasing out fossil fuels: US bank says higher interest rates, inflation and global conflict have dented outlook for ...
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Quick Glance: JPMorgan warns of Need for 'Reality Check' on Phasing out Fossil Fuels
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- Investment in renewable energy currently offers subpar returns, potentially leading to social unrest.
- JPMorgan forecasts increasing demand for oil and gas until 2030, highlighting challenges in transitioning to renewable energy.
- Wood Mackenzie warns of the impact of higher interest rates on transitioning to a global net-zero economy, especially for renewables and nuclear power.
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Quick Glance: Record: Germans Hold 7716 Billion Euros in Wealth
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- Cash and bank deposits remain the largest component of wealth.
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Justin Trudeau is beset by a divided party and an angry electorate: After almost a decade in power, Canada’s prime minister looks beleaguered
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Is Japan finally becoming a ‘normal’ economy? : Prices are rising, workers are demanding higher pay and the stock market is booming. But the country still has to ...
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Quick Glance: Record Audience at NCAA Women's Championship
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- Trudeau announced that his government will allocate new infrastructure funds of C$5 billion ($3.7 billion) to the provinces, provided they sign an agreement by January 1, 2025, to implement specific reforms for increased housing supply.
- Additionally, Trudeau revealed that federal transit funds will be linked to municipal regulations, including the removal of minimum parking requirements near mass transit lines and the approval of high-density housing near transit and post-secondary institutions.
- To access the federal funds, provinces must agree to 'key measures', such as approving four units without further delay, implementing a three-year freeze on the increase in development costs in larger cities, and introducing changes to the national building code to support more housing options.
Resurgent inflation looms over Joe Biden’s White House bid: Consumer prices are rising quickly at just the wrong time for the US president
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Mortgage rates top 7 percent for first time in 2024: Mortgage rates topped 7 percent for the first time this year, according to data released Friday by Freddie ...
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Quick Glance: Mortgage Rates Surge Above 7% in 2024, Posing Major Dilemma for Homebuyers
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- The rise in mortgage rates impacts monthly costs, limiting purchasing power.
- Uncertainty surrounding rate trends poses a decision dilemma for potential homebuyers.
- Experts anticipate a moderate easing of mortgage rates later in the year.
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China tried to meddle but Canadians decided the last two elections, says PM Trudeau
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Quick Glance: Alleged Chinese Interference in Canadian Elections: Trudeau Confirms Independence
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- Under pressure from opposition lawmakers dissatisfied with media reports on China's potential involvement in the elections, Trudeau established the commission.
- Erin O'Toole, who led the main opposition Conservative party during the 2021 campaign, estimated that Chinese interventions may have cost his party up to nine seats but did not alter the election's course. Trudeau's Liberal Party emerged victorious in both instances.
- Canada's domestic intelligence agency informed the commission of China's 'clandestine and deceptive' interference in both elections, marking the most substantial evidence thus far of suspected Chinese meddling in Canadian politics.
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Canada to lease government land in plan to add millions of homes: Canada plans to ease a housing shortage by leasing public land to developers for construction ...
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Quick Glance: Canada's Ambitious Housing Plan to Address Crisis
- Canada plans to build nearly 3.9 million houses by 2031 under a new federal initiative to tackle the housing crisis.
- The plan, falling short by almost a third compared to projections, is expected to dominate the upcoming federal budget.
- With no direct role in construction, Ottawa must rely on policy measures and funding to ensure partners respond to the housing shortage.
- The measures include proposals to extend low-cost loans, utilize federal land for rapid house construction, and combat mortgage fraud inflating housing costs.
Biden's new take on inflation: Trump would be worse: Biden's team knows there's not a lot it can do to lower it before the Nov. 5 election.
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Quick Glance: Biden's New Perspective on Inflation: Trump Would Be Worse
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- March's inflation increase surpassed expectations, undermining Biden's claim of lowering prices.
- Rising oil prices due to geopolitical tensions could lead to higher gas prices, a concern for the White House.
- Biden emphasizes fighting inflation as top priority while experts debate the impact of his economic stimulus packages.
Trudeau Pushes 3D-Printed, Prefabricated Homes to Solve Supply Crunch: Prime Minister Justin Trudeau announced measures aimed at making it easier and cheaper to ...
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Quick Glance: Decline in Food Prices in Industrialized Countries
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- Food inflation across rich nations has dropped to its lowest level since before Russia’s full-scale invasion of Ukraine, alleviating pressure on households affected by cost increases.
- The OECD is expected to address food prices as part of its comprehensive inflation update.
- The decrease in food price inflation was widespread in industrialized countries in February, with the latest OECD reading halved or almost halved from recent peaks.
Joe Biden’s approval rating on the economy is rising among US voters: FT-Michigan Ross poll finds president’s gains could be derailed by persistent fears over ...
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Trudeau, Poilievre trade attacks over the federal budget: Prime Minister and Conservative Leader accuse each other of supporting the wealthy at Canadians’ ...
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Paid articlePaid US and India stoke hopes of global growth in 2024 : FT-Brookings Tiger index shows ‘positive omens’ for modest pick-up compared with last year
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Consumer Prices Rose 3.5% in March From Year Earlier: Annual inflation ticked up and underlying price pressures remained strong last month. .
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Trudeau government urged to walk the talk on Canada's climate policies: Canada's federal budget on Tuesday unveiled few emissions-cutting policies ...
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Quick Glance: Inflation down in German states, signaling national decline
- Inflation fell in six economically essential German states in March, indicating that national inflation will continue its downward trend.
- Economists will closely monitor national inflation data as Germany releases its figures a day before the Eurozone inflation data on Wednesday.
- German companies expected the lowest prices in three years in March, with forecasts of inflation falling below the European Central Bank's target in the upcoming months.
- An increasing number of ECB policymakers have backed rate cuts, with a June meeting appearing as the most probable time for action, although a meeting is also scheduled for this month.
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Quick Glance: Escalating Middle East Tensions Shake World Markets
- Reports of an Israeli attack on Iranian soil potentially dragging the Middle East into a deeper conflict have rattled world markets with geopolitical risks.
- Stocks fell, oil briefly rose over $3 per barrel, and safe-haven government bonds rallied.
- The heightened tensions bring fresh uncertainty and fuel concerns that high oil prices and potential supply disruptions will keep inflation high.
- Energy stocks benefit from higher oil prices, while demand for safe-havens like US or German bonds rises amid renewed inflation risks from rising oil.
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foxbusiness.com/economy/small-business-optimism-hits-lowest-level-since-2012-nfib
US employers added a surprisingly robust 303,000 jobs in March in a sign of economic strength
apnews.com/article/jobs-hiring-unemployment-economy-inflation-federal-reserve-1e456b8df0e11b218ed50f1ead6f6797
Quick Glance: US economy adds impressive 303,000 jobs last month
- Employers added 303,000 jobs in March, bringing the unemployment rate down to 3.8%.
- US stock futures rose slightly on Friday morning, but markets have had a rough week.
- The S&P 500 companies are expected to report positive first-quarter earnings, fueling optimism in the market.
- Investors are hopeful for a strong earnings season to continue the stock rally amidst concerns about inflation and interest rates.
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Trudeau Says He Won’t Raise Taxes on Middle Class in Budget: Prime Minister Justin Trudeau said Canada’s upcoming budget won’t include new taxes on the middle ...
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Canada spies found China interfered in last two elections, probe hears: OTTAWA (Reuters) -- Canada's domestic spy agency concluded that China interfered in ...
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Liberals set goal to of narrow polling gap by five points come July : The federal budget is part of an incremental strategy to regain support from younger voters ...
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Paid articlePaid Xi Jinping says China’s exports are helping ease global inflation: Chinese president warns German Chancellor Olaf Scholz against ‘rise of protectionism’
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Jamie Dimon warns rates could stay high as market mood shifts: JPMorgan chief says inflation could be ‘stickier’ than markets expect in annual letter to ...
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Quick Glance: Jamie Dimon warns of potentially prolonged high rates
- JPMorgan chief Jamie Dimon warns in his annual letter to investors of potentially prolonged higher inflation and interest rates due to high government spending.
- Dimon mentioned that the economy is being fueled by government deficit spending and past stimuli, which could lead to potentially stickier inflation and higher rates.
- Financial markets have significantly reduced their expectations for the number of expected rate cuts by the US Federal Reserve, with only two quarter-point cuts planned in 2024.
- Dimon also warns of the risks of the private credit market boom and emphasizes that regulations may increasingly focus on this market, warning of geopolitical risks due to events like Russia's invasion of Ukraine.
Is it the right time to buy gold or wait as prices continue to soar: Is it the right time to buy gold as prices spiral?
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Business defaults soar as Australian house prices outpace the globe: Australian house prices are out-performing most of the world, even after inflation ...
smh.com.au/politics/federal/business-defaults-soar-as-australian-house-prices-outpace-the-globe-20240416-p5fk42.html
Basic tax-free allowance: 244,000 pensioners do not have to pay taxes: The basic tax-free allowance was increased at the turn of the year to compensate for ...
zdf.de/nachrichten/wirtschaft/rentner-deutschland-steuern-grundfreibetrag-100.html
Petrol and diesel back to nearly €2 a litre as drivers hit by biggest price rise this year
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5 worries keeping Biden, Democrats up at night: President Biden’s campaign is feeling good about where it is in its battle for reelection ...
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Quick Glance: RFK Jr.'s Environmental Colleagues Urge Him to End Presidential Bid
- Nearly 50 leaders and activists who worked with Mr. Kennedy at an environmental nonprofit group will run ads calling on him to “Honor our planet, drop out.”
- As an independent candidate for the White House, Robert F. Kennedy Jr., claims he would be the “best environment president in American history,” drawing on his past as a crusading lawyer who went after polluters in New York.
- But dozens of Mr. Kennedy’s former colleagues at the Natural Resources Defense Council are calling on him to withdraw from the race, in full-page advertisements sponsored by the group’s political arm that are expected to appear in newspapers in six swing states on Sunday.
- Separately, a dozen other national environmental organizations have issued an open letter calling Mr. Kennedy “ a “dangerous conspiracy theorist and a science denier” who promotes “toxic beliefs” on vaccines and on climate change.
Trudeau government gets an angry reception as it promotes federal budget: Indigenous leaders, disability groups, doctors, real estate investors, business groups ...
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Paid articlePaid Biden administration raises costs to drill on public lands: The Interior Department finalized a rule Friday making it more expensive for oil and gas producers to ...
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Quick Glance: Biden Raises Drilling Costs on Federal Lands, Trump Courts Oil Donors
- The Biden administration has finalized a new rule requiring oil companies to pay at least ten times more for drilling on federal lands to generate more revenue for taxpayers.
- While Trump discusses easing drilling regulations with energy executives, the US is historically pumping a lot of crude oil, complicating regulations for Trump and Biden's climate agenda.
- The rule mandates higher bonds and royalties for fossil fuels on federal lands to better compensate taxpayers and cover the costs of cleaning up abandoned wells.
- In addition to reshaping fossil fuel production on federal lands, the administration has advanced renewable energy development on these tracts and significantly reduced rents and fees for clean energy projects.
The Forever Stamp is forever rising in price. How does the U.S. cost compare globally?
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Mortgage rates hit highest level since November after hot inflation report: Mortgage rates jumped to their highest reading since November as the timeline for ...
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Canada pledges to spend more on defense; US applauds move: Canada, under pressure from the United States to ramp up defense spending, on Monday pledged billions ...
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California restaurant will up wages to compete with $20 fast-food pay: "Why wash dishes for $15 or $17 if I can go get $20 flipping burgers at McDonald's ...
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Quick Glance: California eateries adjust wages to meet competition with $20 fast-food pay
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- Legislation is expected to drive up wages in various sectors as they strive to attract and retain employees.
- The increased minimum wages worsen the existing challenges faced by independent restaurants in California.
- Implementing price changes, cost-cutting strategies, and reduced operating hours could be potential measures to streamline operations.
International Monetary Fund: Germany in last place among industrialized nations (again)
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What to know about Biden's latest attempt at student loan cancellation: President Biden is taking another shot at student loan cancellation, hoping to deliver on ...
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U.S. Mortgage Rates Jump Above 7% for the First Time This Year: Rates on 30-year mortgages — the most common kind among U.S. homeowners — surpassed the 7 percent ...
nytimes.com/2024/04/18/business/mortgage-rates.html
Markets Insight: The myth of long-term high prices: High inflation will soon be history. Longer-term factors should ensure a moderate price trend in the future ...
handelsblatt.com/finanzen/anlagestrategie/kolumnen/maerkte-insight-der-mythos-langfristig-hoher-preise/100026419.html
Iran-Israel tensions: Can Iran's economy handle a war?: Iran is suffering from inflation, currency depreciation and the impact of international sanctions ...
dw.com/en/iran-israel-tensions-can-irans-economy-handle-a-war/a-68862368
Quick Glance: Israel and Iran Step Back
- Iran and Israel pull back after attacks, avoiding direct escalation
- Both Iran and Israel have shown limited responses so far to prevent full-scale war
- Region remains tense, conflict between Israel and Iran remains precarious and unpredictable
- While both sides aim to avoid all-out war, the situation remains volatile and dangerous
Wall St Week Ahead Surging US energy shares reflect robust growth, inflation worries
reuters.com/markets/us/wall-st-week-ahead-surging-us-energy-shares-reflect-robust-growth-inflation-2024-04-12/
LeBlanc says he plans to run in next election, under Trudeau's leadership: Cabinet minister Dominic LeBlanc says he plans to run in the next election as a ...
ctvnews.ca/politics/leblanc-says-he-plans-to-run-in-next-election-under-trudeau-s-leadership-1.6852780
Politics Briefing: Premiers warn Ottawa against ‘overreaching’ and setting conditions on funding
theglobeandmail.com/politics/article-politics-briefing-premiers-warn-ottawa-against-overreaching-and/
Paid articlePaid Justin Trudeau is beset by a divided party and an angry electorate: After almost a decade in power, Canada’s prime minister looks beleaguered
economist.com/the-americas/2024/04/04/justin-trudeau-is-beset-by-a-divided-party-and-an-angry-electorate
Quick Glance: Trudeau Grapples with Divided Party and Angry Electorate
- Trudeau survives no-confidence vote ahead of CO2 tax increase
- Canadians unhappy with rising housing costs and government policies
- Young Canadians unhappy due to lack of affordable housing
- Trudeau faces internal party divisions and international conflicts
Why are auto insurance premiums so high? Blame inflation and a few other factors: Wednesday's inflation report showed consumer price growth continues to drift ...
nbcnews.com/business/consumer/auto-insurance-premiums-costs-high-prices-inflation-explainer-rcna147204
US inflation jumps as fuel and housing costs rise: Inflation was 3.5% in March, a sign that cooling has stalled and interest rate cuts may be delayed.
bbc.com/news/business-68781482
Ontario to See Smaller Cut From Canada’s Foreign Student Cap: Ontario, Canada’s most popular province for international students, will see a smaller decline in ...
bloomberg.com/news/articles/2024-04-05/ontario-to-see-smaller-cut-from-canada-s-foreign-student-cap
Paid articlePaid Auto insurance premiums are skyrocketing. What's to blame?: Inflation accelerated more than expected in March, and an unsuspecting culprit may be to blame: auto ...
foxbusiness.com/economy/auto-insurance-premiums-are-skyrocketing-whats-blame
What the key interest rates mean for savers: Inflation is falling - the ECB is heading for a possible first interest rate cut. Consumers could already be feeling ...
zdf.de/nachrichten/wirtschaft/ezb-leitzinsen-banken-sparer-kredite-100.html
Did your car insurance rate go up a lot even though you don’t drive much?: Drivers nationwide are facing the biggest car insurance rate increases since 1976.
cnn.com/2024/04/12/business/car-insurance-rate-go-up/
How California fast food restaurants raised menu prices in response to $20 minimum wage
nypost.com/2024/04/16/business/california-fast-food-restaurants-raised-prices-due-to-minimum-wage/
Stock market today: Stocks slide for the 5th straight session: The S&P 500 hit its worst losing streak since last October as investors recalibrate amid forecasts ...
markets.businessinsider.com/news/stocks/stock-market-news-fifth-loss-fed-speakers-rate-cuts-delay-2024-4
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