Why the Federal Reserve won’t rush to relax its fight against inflation

Jerome Powell, Chairman of the US Federal Reserve, speaks during a Fed Listens event in Washington, DC, USA, on Friday, September 23, 2022. This week, Federal Reserve officials gave their signal clearest so far that they are willing to tolerate a recession as the necessary trade-off to regain control of inflation. To Drago | Mayor … Read more

Toronto and Vancouver saw fewer home sales and price declines in September after a short-lived summer rally.

A for sale sign stands in front of a home in Vancouver.Jonathan Hayward/The Canadian Press The Toronto and Vancouver housing markets fell in September, with home prices and sales falling in both cities as interest rates continue to dampen demand and mortgages remain hard to come by. In the Toronto region, existing home sales fell … Read more

The US begins the fiscal year with a record debt of 31 trillion dollars

WASHINGTON — The nation’s gross national debt has topped $31 trillion, according to a US Treasury report released Tuesday that tracks daily US finances. Approaching the legal ceiling of roughly $31.4 trillion, an artificial limit Congress placed on the US government’s borrowing capacity, the debt figures hit an already fragile economy facing high inflation, rising … Read more

Home Prices May Fall but Not Collapse: What to Know

(NerdWallet) – Some would-be homebuyers are cheering for an outright housing market crash because prices have soared far beyond the point of affordability. Please “collapse faster so I can own my own place one day,” one Twitter user pleaded. Another user tweeted: “Hopefully there will be a housing market crash so people have a chance … Read more

‘The Fed is breaking things’: Here’s what has Wall Street on edge as risks mount around the world

Jerome Powell, Chairman of the US Federal Reserve, during a Fed Listens event in Washington, DC, USA, on Friday, September 23, 2022. To Drago | Mayor Bloomberg | fake images As the Federal Reserve ramps up efforts to rein in inflation, sending the dollar higher and bonds and stocks plummeting, concerns are mounting that the … Read more

Stocks close September down 9.3%, the worst month since March 2020

NEW YORK — Wall Street closed out a miserable Friday in September with the SThe worst monthly slide for the &P 500 since March 2020, when the coronavirus pandemic collapsed global markets. The benchmark index ended the month with a loss of 9.3% and recorded its third consecutive losing quarter. It is now at its … Read more

Resilient US consumers spend a little more in August

WASHINGTON — Consumers spent slightly more in August than the previous month, a sign the economy is holding up even as inflation drives up prices for food, rent and other essentials. Americans increased their spending on stores and services such as haircuts by 0.4% in August, after they fell 0.2% in July, the Commerce Department … Read more

Consumer prices, a key gauge of inflation, higher than expected in August

A key gauge of inflation showed stronger-than-expected gains in core prices in August, adding further pressure on the Federal Reserve to act despite the risk of a deeper recession. Consumer prices rose 6.2% in August compared with the same month a year ago, according to the Commerce Department’s personal consumption expenditures index, the Fed’s preferred … Read more

3 charts showing the collapse of the UK market

The so-called “mini-budget” of the new UK government on Friday triggered level market volatility not seen in the country since the Covid collapse or the Great Financial Crisis. A package of tax cuts expected to total £45bn over the next few years, combined with a massive increase in spending to help households and businesses deal … Read more

It now costs nearly $600 more to rent an apartment in Toronto than it did a year ago

Renting a place to call home in the Greater Toronto Area (GTA) isn’t a cheap prospect, and it’s getting more and more expensive to live in the most populous urban area in the country. Bullpen Research & Consulting and TorontoRentals Toronto GTA Rent Report for August highlight an alarming increase in rental prices in the … Read more