Describing inflation risks as “balanced” within the 17-nation Eurozone, the European Central Bank left the region’s benchmark lending rate at 1 percent. For January, Eurozone inflation rose well above the target 2 percent to 2.4 percent but the bank’s statement noted it expected inflation to moderate to just above 2 percent by the end of the year.
Source: BBC News
Canada’s inflation rate for October jumped to an annualized rate of 2.4 percent prompting some to suggest the Bank of Canada could resume interest rate hikes sooner than expected. A closer look however, shows that higher gasoline and energy prices were largely responsible for the increase and when these volatile items are removed from the calculation, the core rate falls to 1.8 percent.
Source: Reuters
The US Commerce Department announced today that the US Gross Domestic Product (GDP) fell to an annualized rate of 2.4 percent in the second quarter, compared to 3.7 percent in the first quarter. The result is the latest in mounting evidence suggesting that the US economy is slowing.
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