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 1, 2020
Bloomberg News
,U.S. Treasury Secretary Steven Mnuchin said only homeowners who have lost their jobs because of the coronavirus crisis will qualify for new government programs that let borrowers put off mortgage payments.
“If people don’t have jobs and people have hardships, they can forbear,” Mnuchin said in a CNBC television interview on Wednesday. “If people do have jobs, we expect those people to continue paying mortgages.”
The US$2.2 trillion stimulus package signed into law last week lets homeowners and businesses hurt by the pandemic seek temporary relief from monthly mortgage payments. The legislation doesn’t specify how consumers will be required to prove hardship. Mortgage servicers aren’t allowed to demand documentation from homeowners. Those borrowers will simply have to attest that they’re struggling, according to the text of the legislation.
Regulators including the Federal Housing Finance Agency and Department of Housing and Urban Development also have called for forbearance to be offered. FHFA Director Mark Calabria has said that the new rules are not meant to be a “mortgage holiday,” but are put in place only for borrowers who really need it.