The federal budget mess – NH Business Review
The federal budget recently passed has a trillion deficit, which is the same amount as the entire federal national debt 30 years ago.
interest rates
Solana drops 9.25%, Hitting biweekly low. Celestia & Injective Rival poised for success
The fact described in the text is that Solana (SOL) experienced a significant decline in its price, hitting its lowest recorded price point in two weeks, but has since regained its balance and is trading above the 0 mark.
Euro tumbles on firm ECB rate cut bets for June
The EURUSD fell to a near five-month low around 1.0660 due to speculation that the European Central Bank will begin reducing interest rates from the June meeting.
Euro remains vulnerable after ECB keeps rates steady
The European Central Bank (ECB) decided to hold its Main Refinancing Operations Rate steady at 4.5% to maintain downward pressure on consumer price inflation. ECB President Christine Lagarde warned of a weak economy with risks to growth tilted to the downside. The strong US Dollar is also contributing to the weakness in the EURUSD pair. The Dollar Index (DXY) is near a four-month high, and market expectations for Federal Reserve rate cuts have been pushed back due to strong US consumer price inflation and core Producer Price Index data.
World faces persistent low growth in absence of productivity reforms, IMF says
Global economic growth is projected to reach just 2.8% by 2030, a full percentage point below the historical average, unless major reforms are made to boost productivity and leverage technologies like artificial intelligence, according to the IMF.
Rate cut in Q3, after hot US CPI, says deVere boss
The CEO of deVere Group predicts that the Federal Reserve will only cut rates once this year, with the next cut not expected until January 2025.
US consumer prices rise more than expected in March
U.S. consumer prices rose more than expected in March due to higher gasoline and shelter costs, with the consumer price index increasing by 0.4%. Gasoline and shelter expenses made up over half of the CPI increase. In the 12 months leading to March, the CPI went up by 3.5%, surpassing the Federal Reserve’s 2% inflation target. Economists had predicted a 0.3% monthly increase and a 3.4% year-on-year increase. Despite a decrease from a peak of 9.1% in June 2022, the trend of disinflation has slowed recently. Some economists have postponed expectations for a rate cut to July, while others still believe the Fed may move in June. Fed Chair Jerome Powell has emphasized that there is no urgency to lower borrowing costs. The FedWatch Tool showed a 56.0% likelihood of a rate cut at the June 11-12 meeting. The core CPI, which excludes food and energy components, also rose by 0.4% in March and 3.8% over the 12 months ending in March.
Cyprus real estate sector steaming ahead
The Cyprus real estate market had a strong performance in 2023, with 25,400 transactions worth €5.6 billion. Residential transactions were the main driver, representing 61% of the total market value. Limassol led in district-level performance, while Larnaca saw a remarkable 28% increase in sales value. Industry professionals expect minimal changes in the real estate landscape in 2024, with apartments remaining the preferred investment choice. George Martides from Deloitte Cyprus emphasized the sector’s resilience and the need to address future challenges such as sustainable development and affordable housing through collaboration between the public and private sectors.
PEO calls for wage increases amidst economic growth
The General Secretary of PEO emphasized that the organization’s priority is to seek increases in Collective Employment Agreements to improve real wages, particularly focusing on starting salaries. She criticized the government for not taxing windfall profits and called for deeper social policy measures in response to ongoing inflation and new green taxes. She proposed revisions to income criteria for allowances, extension of parental leave, creation of care infrastructure, expansion of all-day schools, multiplication of housing programs, increase in Minimum Guaranteed Income, and resolution of pension issues.
Euro zone banks lower bar on mortgages but demand keeps falling , – ECB
Euro zone banks lowered the bar on mortgage approvals last quarter for the first time in over two years, but demand for credit kept falling amid high borrowing costs and a stagnant economy.