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.
Jul 20, 2021
Bloomberg News
,U.S. housing starts increased in June by more than forecast, suggesting residential construction is stabilizing despite lingering supply-chain constraints and labor shortages.
Initial home construction rose 6.3 per cent last month to a 1.64 million annualized rate, a three-month high, according to government data released Tuesday. The median estimate in a Bloomberg survey called for a 1.59 million pace.
Applications to build, a proxy for future construction, fell to an annualized 1.6 million units in June.
Exorbitant materials costs, combined with shortages of land and labor, have thwarted developers seeking to ramp up construction. Supply concerns and a slowdown in sales pushed builder confidence down to an 11-month low in July, a survey from the National Association of Home Builders showed Monday.
An inventory crunch that followed solid demand last year has sent prices soaring, tempering buyer interest. A record 71 per cent of consumers said higher prices were a reason why buying conditions have deteriorated, according to July data from the University of Michigan.
The government’s report showed the number of single-family homes started increased 6.3 per cent in June to a 1.16 million pace, the fastest since March. Beginning multifamily home construction climbed 6.2 per cent to the highest since July 2020.
The number of one-family homes authorized for construction but not yet started -- a measure of backlogs -- rose to 144,000 in June, the highest since October 2006 and suggesting a robust pipeline for builders.