PRAGUE—The Czech National Bank (CNB) raised its main rate by 75 basis points on Thursday, surprising markets with its biggest hike since 1997 and sending a signal it would not allow inflationary expectations to grow further amid a price spike. The Czech economy, like others around the world, is facing rising costs as it grapples…
Czech Central Bank Delivers Biggest Rate Hike in 24 Years to Battle Inflation Spike
Bostic: US Near Full Employment Next Year, Rate Liftoff in 2022, Three Hikes in 2023
WASHINGTON—Ongoing economic growth will push the U.S. to near full employment by the end of 2022, with interest rates beginning to rise that year and “no impediment” to a faster pace of rate hikes after that, Atlanta Federal Reserve bank president Raphael Bostic said Thursday. “I have the economy operating very strong … and nearing…
Taiwan, on Chip Information Request, Says Respects US Laws
September 30, 2021
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TAIPEI—Taiwan respects U.S. commercial law and rules but will help Taiwanese companies if they receive any “unreasonable requests”, the government said on Thursday after the United States pressed firms to provide information on the semiconductor crisis. The White House asked automakers, chip companies and others last week to provide information on the chip shortage that…
Wall Street Rises, but Tracks Steep Monthly Losses
September 30, 2021
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Wall Street’s main indexes rose on Thursday at the end of a bruising month as investors kept a close watch on funding negotiations in Washington to prevent a government shutdown. The benchmark S&P 500 was still on course to snap its seven-month winning streak, due to worries about inflation, fallout from China Evergrande’s potential default…
Jobless Claims Rise Above Expectations, Sapping Confidence in Labor Market Recovery
The number of U.S. workers who filed for unemployment rose above expectations last week, hitting the highest level in over a month and casting doubt on the strength of the labor market recovery. First-time filings for unemployment insurance—a proxy for layoffs—came in at 362,000 for the week ending on Sept. 25, an increase of 11,000 from…
Mortgage Application Rates Down as Interest Rates Rise to Highest Levels Since July
September 30, 2021
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Mortgage application rates in the United States fell by 1.1 percent last week driven by higher interest rate, according to the Mortgage Bankers Association (MBA) Composite Index. The previous week ending Sept. 10 saw applications increase by 0.3 percent in contrast to the week ending Sept. 24. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan…
Inflation Levels in France Hit a Near 10-year High Driven by Soaring Service and Energy Costs
Inflation levels in France hit a nearly 10-year high in September, according to preliminary data published by the INSEE statistics agency on Sept. 30. French inflation rose 2.7 percent, up from 1.9 percent in August; slightly less than the expected average forecast of 2.8 percent in a Reuters poll of 24 economists’ expectations but still its highest rate since December 2011. INSEE said…
Centeno Says ECB Needs to Keep Monitoring Inflation, Stand Ready to Act
LISBON—Lingering uncertainty about rising inflation requires close monitoring by the European Central Bank, which sees it as a temporary trend, but it must be prepared to act flexibly, ECB Governing Council member Mario Centeno said on Thursday. “Concerning the monetary policy the best answer to uncertainty is to keep close monitoring, a steady hand and…
Irish Consumer Sentiment Steady Near Pandemic High in September
DUBLIN—Irish consumer sentiment remained steady in September just below the two-year high recorded in June, a survey showed on Thursday, as the government prepared to lift almost all pandemic restrictions within weeks. The government has named Oct. 22 as its target date to drop most restrictions, with more than 90 percent of the adult population…
Swiss Propose Liquidity Rules Costing Banks Little or Nothing Extra
ZURICH—Switzerland proposed updated rules to ensure major banks hold enough liquidity to absorb shocks, but the draft changes will cost banks little or nothing in additional capital and liquidity holdings, government documents showed on Thursday. The proposed revisions, which were sent into consultation on Thursday, aim to ensure that systemically important banks (SIBs)—which include Credit…
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