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20 October 2023,00:19
Weekly Outlook
20 October 2023, 00:19
In September, Canada’s annual Consumer Price Index (CPI) showed a decline in inflation from 4% in August to 3.8%. The Bank of Canada’s upcoming rate decision will be crucial, as it previously held the benchmark rate at 5% in September but indicated potential further hikes if inflation pressures continue.
Despite the ECB’s recent record-high key interest rate increase to 4.0%, there are concerns about an economic slowdown, and the possibility of a recession. Some ECB council members believe that current borrowing costs are sufficiently high, indicating no immediate need for another rate hike.
The GDP rose at an unrevised 2.1% annualised rate last quarter. The U.S. economy showed steady growth in Q2. Some economists see potential for the Federal Reserve to raise interest rates in November, given the resilient economy and high inflation. However, others think economic challenges might deter further tightening.
The latest US Core PCE Price Index registered at 0.1%, falling short of the anticipated 0.2%. While the PCE index is one of the indicators the Fed considers for measuring inflation, and since the September meeting, Fed officials have indicated their expectation of maintaining elevated interest rates for an extended duration. However, markets believe the Fed has completed its rate hikes.
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