Markets

The Bank of England avoids ‘last resort’ negative rates and warns the UK economy will not recover to pre-pandemic levels until late 2021

Britain’s central bank avoided ‘last resort’ negative interest rates and held its benchmark borrowing rate unchanged at a record low of 0.1% on Thursday. Policymakers said UK economic growth is unlikely to recover to pre-pandemic levels until late 2021, while unemployment could take even longer to decline. The Bank of […]
The Bank of England avoids ‘last resort’ negative rates and warns the UK economy will not recover to pre-pandemic levels until late 2021
Markets

The average credit card interest rate by credit score and card

In the first quarter of 2020, the average credit card interest rate in the US was 15.09%, according to data from the Federal Reserve. The type of credit card you plan to get and your credit score will affect the total amount of interest you could pay if you carry […]
The average credit card interest rate by credit score and card
Markets

The Fed won’t use negative interest rates to counteract the coronavirus recession, chairman Jerome Powell says

The Federal Reserve remains averse to negative interest rates despite the gloomy economic backdrop, Chairman Jerome Powell said Wednesday. The US economic trajectory is still “highly uncertain and subject to significant downside risks,” and additional aid is likely necessary stage a recovery, Powell added in a videoconference with the Peterson […]
The Fed won’t use negative interest rates to counteract the coronavirus recession, chairman Jerome Powell says
Markets

What is a good interest rate on a credit card?

The interest rate on a credit card is expressed as an Annual Percentage Rate (APR). The APR you get approved for depends on your credit score. A good interest rate on a credit card is on the lower end of the APR range available for the credit card. Visit Business […]
What is a good interest rate on a credit card?
Markets

Traders are overwhelmingly expecting the Fed to slash rates next month

As the economy shows signs of slowing, the market is growing increasingly confident that lower borrowing costs are on the horizon. The probability that the Federal Reserve will cut its benchmark interest rate at a policy meeting in July has jumped to about 79%, according to CME Group’s FedWatch tool […]
Traders are overwhelmingly expecting the Fed to slash rates next month
News

The vast majority of Republicans support Alexandria Ocasio-Cortez and Bernie Sanders’ plan to cap credit-card interest rates at 15%

The vast majority of both Republican and Democratic primary voters support Rep. Alexandria Ocasio-Cortez and Sen. Bernie Sanders’ plan to cap credit-card interest rates. Nearly 70% of Republican primary voters and 73% of Democratic primary voters said they either supported or strongly supported the proposal, according to a new INSIDER […]
The vast majority of Republicans support Alexandria Ocasio-Cortez and Bernie Sanders’ plan to cap credit-card interest rates at 15%
News

Trump blames the Federal Reserve for GM’s layoffs

President Donald Trump laid into the Federal Reserve and Fed Chairman Jerome Powell once again. “So far, I’m not even a little bit happy with my selection of Jay. Not even a little bit,” Trump said, using Powell’s nickname. Trump also blamed the Fed for the layoffs at General Motors […]
Trump blames the Federal Reserve for GM’s layoffs
Markets

Fed leaves rates unchanged, expects to keep hiking them gradually

The Federal Reserve left its benchmark interest rate unchanged at its November meeting, as expected. It released a statement acknowledging the robustness of consumer spending and the recent slowdown in business investment. Traders are almost certain the next interest-rate hike is coming in December – a move that would almost […]
Fed leaves rates unchanged, expects to keep hiking them gradually
Markets

Argentina’s currency plunges after its central bank hikes rates to 60%

The Central Bank of Argentina raised its benchmark interest rate to 60%. On Wednesday, Argentine President Mauricio Macri said he has asked the International Monetary Fund to speed up bailout payments to the country. Watch the Argentine peso in real time here. Argentina’s central bank hiked rates by 15 percentage […]
Argentina’s currency plunges after its central bank hikes rates to 60%
Markets

Trump blasts Fed interest rate hikes after reportedly complaining about Chairman Jerome Powell at a GOP fundraiser in the Hamptons

President Donald Trump continued to criticise the Federal Reserve’s recent monetary policy decision in an interview with Reuters on Monday. The statement comes after a report that Trump complained about Federal Reserve Chair Jerome Powell and the central bank’s recent interest-rate hikes during a fundraiser in Southampton, New York, on […]
Trump blasts Fed interest rate hikes after reportedly complaining about Chairman Jerome Powell at a GOP fundraiser in the Hamptons
Markets

Trump’s stunning comments about the Federal Reserve could actually backfire

President Donald Trump broke a multi-decade tradition by weighing in on the Federal Reserve’s monetary policy. Trump said he is “not thrilled” about the Fed’s recent interest rate hikes. His comments drew concern that Trump was trying to put political pressure on the Fed. But one JPMorgan economists thinks Trump’s […]
Trump’s stunning comments about the Federal Reserve could actually backfire
Markets

China’s currency hits its lowest level in more than a year

The Chinese yuan fell to its lowest level versus the greenback in more than a year Wednesday. The depreciation comes amid a dollar rally and trade tensions between the US and China. Follow the Chinese yuan in real time here. China’s currency fell Wednesday to its lowest level against the […]
China’s currency hits its lowest level in more than a year
Markets

US Fed raises interest rates, expects 2 more hikes this year

The Federal Reserve on Wednesday announced that it raised its benchmark interest rate, as had been widely expected. This will raise borrowing costs for credit cards, auto financing, mortgages, and other loans, but help savers earn more interest on their deposits. In a notable change to its statement, the Fed […]
US Fed raises interest rates, expects 2 more hikes this year
Markets

Gold spikes after the Fed hikes rates

The Federal Reserve’s policymaking committee raised its key interest rate Wednesday from 1.25% to 1.50%. The dollar fell following the decision, and gold spiked. Follow gold in real time here. Gold is rallying Wednesday, up 1.73% at $US1334 an ounce, after the Federal Open Market Committee raised its benchmark interest […]
Gold spikes after the Fed hikes rates
News

UK consumer confidence is now at its lowest point since the Brexit vote

Britain’s consumer confidence sank to 106.6 in October from 109.3 in November. The household finances score fell to its lowest level since January 2014, but consumers remain positive overall. The score was linked to a Bank of England interest rate hike and a housing market slowdown. LONDON – Brits are […]
UK consumer confidence is now at its lowest point since the Brexit vote
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