The Biden camp seems to be operating under the delusion that it can somehow rehabilitate the phrase “Bidenomics”—hurled as a perjorative at the White House by those of us on the Right—to serve as a buzz phrase in support of the president’s 2024 reelection campaign. It’s a risky—some would say, foolish—notion, but certainly not the first…
What’s Not to Like About ‘Bidenomics’? Plenty
July 6, 2023
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Dollar Gives Up Fed Gains; Yen and Pound Strengthen
LONDON—The dollar turned lower on Thursday as investors looked ahead to pivotal U.S. labor market data following minutes from the Federal Reserve’s June meeting, while a broad risk-off mood lent support to the Japanese yen. Minutes from the Fed’s meeting released on Wednesday showed that the vast majority of policymakers expect further tightening in U.S….
Stocks Slide as Rising Borrowing Costs Strike Again
July 6, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—World stocks fell for a third straight day on Thursday, after Federal Reserve meeting minutes bolstered bets on another U.S. rate hike this month and tit-for-tat trade salvos between China and the United States also dampened sentiment. Traders watched the traditional driver of global borrowing costs, the 10-year U.S. Treasury yield, climb to a fresh…
EXPLAINER: Who Will Receive the One-Time Grocery Rebate?
Over 11 million low and middle-income Canadians will begin receiving a one-time grocery rebate beginning July 4, with Deputy Prime Minister Chrystia Freeland saying the measure will allow ” some important breathing space” for families struggling with the cost-of-living crisis. “This grocery rebate will make a real difference to Canadians who really need help right…
Signs of Wage Growth Cooling Encouraging Amid Inflation Fight: Economists
Early signs of wage growth slowing are an indicator the Bank of Canada’s fight against inflation is slowly gaining ground, economists said, but it’s too soon to tell whether Canadians will regain the purchasing power they lost amid sustained price growth. “If wage growth is going to cool, then we better see inflation come down…
Dollar Steady Before Fed Minutes; Yen Hovers Near 145-Mark
LONDON—The U.S. dollar held steady against other major currencies on Wednesday as traders waited for minutes from the Federal Reserve’s last policy meeting that could offer clues to the outlook for interest rates. Australia’s dollar fell in line with the Chinese yuan after data showed China’s services activity expanded at the slowest pace for five…
Shares Slip on China Growth Jitters as Fed Minutes Loom
July 5, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON/SYDNEY—Global shares fell on Wednesday as fresh signs of China’s faltering economic recovery emerged, with traders awaiting U.S. Federal Reserve minutes and a key U.S. jobs report later in the week for clues to the central bank’s rate outlook. In quiet trade following the Independence Day holiday on Wall Street on Tuesday, European stocks slipped…
More Interest-free Loans to Support Vulnerable Australian Motorists Buy Vehicles
The Australian government has extended support for a trial program helping low-income families obtain vehicles following a surge in demand. According to the Department of Social Services, the No Interest Loans Scheme for Vehicles program delivered by charity Good Shepherd Australia will receive $500,000 (US$334,000) in extra federal funding to support vulnerable families until June…
Homeowners Cutting Back on Spending, Plan to Look for Second Job: Bank of Canada Survey
Homeowners with variable-rate mortgages are cutting back on household spending and planning to look for a second job, according to a survey by the Bank of Canada (BoC). The central bank said on June 30 that higher interest rates have weighed heavily on the finances of Canadians, with the impact “more acute” for homeowners with…
Union Fights Signal Danger Ahead for Bidenomics
Commentary Just a few hours before President Biden tied his political fate to the economy, embracing the term “Bidenomics” in a Chicago speech Wednesday, June 28, he was still trying to dispel worries about a looming recession. A reporter asked Biden, before he boarded Marine One, whether he believed the worst of inflation was over….
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