The Judo Bank is now forecasting the Reserve Bank will raise interest rates three times in 2024. This would see borrowers paying the highest rates in almost 16 years.
Judo Bank now predicts the Reserve Bank will raise interest rates three times in 2024 to levels not seen in 16 years - increasing the average mortgage repayment by $300 a month.The bank's chief economic adviser, Warren Hogan, forecast the key interest rate will rise to 5.1 percent by Christmas, from a 12-year high of 4.35 percent. Rate hikes in August, September and November this year would see the Reserve Bank of Australia's key interest rate reach levels last seen in December 2008 during the...
As the Fed's policy-setting committee gathers for a two-day meeting
The People's Bank of China (PBoC) announced on Monday it will keep its one-year loan prime rate (LPR) unchanged at 3.45%. Additionally, the bank's five-year loan prime rate remained at 3.95%,
For America’s biggest banks, deposit costs are exceeding interest income. That’s the first time that’s happened since the Federal Reserve began increasing rates two years ago, the Financial Times noted in a report Sunday (April 28) on the phenomenon. Among the lenders in question is Wells Fargo, which paid almost $594 million more in fees to depositors […]
Ever since mortgage interest rates jumped in 2022, some Californians have had a strategy: Buy now and, once rates drop, refinance to save hundreds of dollars each month. The idea — pushed by some real estate agents — was supposed to be a trade-off. The buyer could pick up a home in a slower market, and though interest costs would be high, they wouldn’t stay that way. The strategy may still work, but so far, high borrowing costs are here to stay. In recent weeks, rates have climbed higher,...
The path for the Bank of England to cut interest rate cuts looks increasingly uncertain, particularly as the US Federal Reserve looks set to wait a while longer before loosening policy.
The ECB has become "the central bank to be followed," one central bank governor said.
Since the start of the year, central bankers' best hopes to take pressure
Compared to the Japanese yen, the dollar has strengthened by almost 16% this year. Japan and South Korea aren’t happy about the currency gap.
Most of this week has been dominated by discussions about when the Bank of England will start cutting interest rates.
The benchmark rates of most advanced economies soared in recent years, as central banks aimed to tame inflation following the Covid-19 pandemic.