Slowing Inflation Primes G-7 Central Banks for June
Inflation-related releases across the Group of Seven will prime central bankers for crucial June interest-rate decisions, just as they meet in Italy to discuss the state of the world economy.
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Inflation-related releases across the Group of Seven will prime central bankers for crucial June interest-rate decisions, just as they meet in Italy to discuss the state of the world economy.
Big US bond investors have been aggressively shifting money into long-dated notes, betting that the unloved asset class will be one of the winners from eventual interest rate cuts.
A measure of underlying US inflation cooled in April for the first time in six months, a small step in the right direction for Federal Reserve officials looking to start cutting interest rates this year.
Emerging-market currencies dipped Friday on dwindling optimism over Federal Reserve rate cuts, paring their fourth-straight week of gains.
The owner of a historic office building in Manhattan’s Financial District has filed bankruptcy to sell the property, which has been subject to foreclosure and suffered from a lack of tenants due to the Covid-19 pandemic.
Apr 12, 2021
BNN Bloomberg
,One Liberal MP argues that a housing correction may not be the silver bullet solution needed to fix Canada’s mounting housing affordability crisis.
“When people tell you they want to cut housing prices by 10 per cent… there is no magic switch in the Finance Department or the Bank of Canada where you just go to it and reset everybody’s home equity rates and housing prices across the country,” Spadina-Fort York MP Adam Vaughan, whose portfolio covers housing issues as parliamentary secretary for the Liberal government, said in an interview.
“Nor can you compel people to sell for less than the house is worth.”
Vaughan added that a home price correction would also have adverse impact on many of the recent homebuyers.
“You’ve got to look at it from the perspective of the homeowner: people who own a single home to live in with their household, their families… you can’t just go around sort of targeting their equity as the solution,” Vaughan said.
“It’s not fair to those individuals who just bought a house to suddenly find themselves below water with a mortgage…”
The goal for the Liberal government is to bring housing affordability within reach for Canadians, Vaughan explained.
“If you own 10 condominiums, I’m not here to guarantee your investment any more than I can guarantee your stock investment, nor should I. Nor should the government,” Vaughan said. He added the government’s aim is to pull speculation out of home price inflation.
“A single-family home is being purchased, not as an investment primarily, but as a place to live. We have to be careful about how we move in the space and how we deal with people’s equity,” he said.
Vaughan said he hopes to see measures that would curtail foreign and institutional speculation when Ottawa tables the fiscal budget next week.
“If we have to curtail or limit or regulate that more closely, you’ll find my voice being front of the line saying that’s what we should be looking at,” Vaughan said.