Australia’s interest rates to remain at record-low

Published

4 years ago

July 6, 2021

Australia’s official interest rate will remain on hold at the historic low level of 0.10 percent

The country’s top economists of the Reserve Bank of Australia met this afternoon, deciding to hold rates steady for the month of July.

The Australian central bank slashed interest rates to 0.10 percent in November 2020 as a way of easing the potential economic pain brought on by the coronavirus pandemic.

In February 2020, Australia’s official cash rate was sitting at 0.75 percent

According to the Australian Bureau of Statistics, Australia’s economy is officially above pre-pandemic levels.

It comes as surging levels of construction and business investment lift the nation’s bottom line.

Over the past 12 months, Australia’s economic activity has recovered to be above pre-pandemic levels and has grown 1.1 percent.

The nation’s unemployment is at just 5.1 percent and job advertisements are growing.

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US stocks surge as banks report record profits

US stocks rise as banks report near-record profits; CPI slows, fueling hopes for continued Federal Reserve rate cuts.

Published

3 hours ago

January 16, 2025

ticker NEWS

US stocks rise as banks report near-record profits; CPI slows, fueling hopes for continued Federal Reserve rate cuts.

US stocks rose sharply following strong earnings reports from four major banks: JPMorgan, Goldman Sachs, Citigroup, and Wells Fargo.

The banks reported their second-most profitable year ever.

JPMorgan achieved a historic milestone by becoming the first US bank to exceed $50 billion in annual profit.

Goldman Sachs saw record revenue from its equities trading division.

Citigroup reported record revenue in three of its five key segments: wealth management, US personal banking, and services.

Wells Fargo, while having the smallest presence on Wall Street, recorded a 62 per cent increase in annual revenue from investment banking.

Bank of America and Morgan Stanley are set to announce their results on Friday AEDT.

In other news, the core Consumer Price Index (CPI) for December rose at a slower rate than anticipated, indicating a potential easing of inflation.

This development has strengthened expectations that Federal Reserve policymakers may have room to continue cutting rates.

Consequently, the yield on the US 10-year bond dropped by 14 basis points to 4.66 per cent.

Similarly, UK yields fell by 16 basis points to 4.73 per cent after services inflation in the UK decreased to 4.4 per cent in December, down from 5 per cent in November, a more significant decline than the 4.8 per cent economists had predicted.

Money

Bitcoin rises 2% as market awaits inflation report

Published

18 hours ago

January 15, 2025

ticker NEWS

As of January 15, 2025, Bitcoin (BTC) is trading at approximately $97,198, reflecting a 2.17% increase over the past 24 hours. The cryptocurrency’s market capitalisation stands at around $1.93 trillion, with a 24-hour trading volume of about $54.23 billion.

This recent uptick comes as investors anticipate the upcoming U.S. inflation report, which could influence the Federal Reserve’s monetary policy decisions.

Money

Recovery on the horizon: investing in growth

Published

3 days ago

January 13, 2025

ticker NEWS

The ‘gloom to soon’ signal points to shares and property gains

Money Minute features finance expert Dr. Steve Enticott from CIA Tax, guiding audiences through practical advice and innovative strategies for financial freedom.