News from May 2023

Federal Reserve report reveals declining financial well-being amidst rising prices in 2022

In its "Economic Well-Being of U.S. Households in 2022” report, the Federal Reserve Board is shining a light on the impact of higher prices on American households, peeling back the covers on economic challenges faced in American households.

Cleveland Federal Reserve's Mester: Government policies must be 'focused on spurring productive investments'

Loretta Mester, president and CEO of the Federal Reserve Bank of Cleveland, highlighted the factors that shape the long-term outlook for the economy during remarks she recently at the Central Banking Series in Dublin.

Treasury Secretary Janet Yellen tells McCarthy: 'Congress has prevented default 78 times,' seeks debt ceiling hike

Treasury Secretary Janet Yellen wrote a letter to Congressional leaders on May 22, imploring legislators to raise the federal debt ceiling to avoid putting the U.S. into default on its obligations.

U.S. Treasury secretary Yellen: 'Today, I spoke at the Independent Community Bankers of America 2023 Capital Summit'

U.S. Treasury Secretary Janet Yellen recently addressed her speaking arrangement at the Independent Community Bankers of America (ICBA) 2023 Capital Summit in a tweet.

IMF first deputy managing director Gopinath: 'Fighting inflation remains the priority of central banks around the globe'

International Money Fund (IMF) First Deputy Managing Director Gita Gopinath spoke on the importance of fighting inflation at the Annual Conference of the Central Bank of Brazil/Banco Central Do Brasil (BCB), according to an article.

GCC World Bank regional director Abousleiman: 'There is an opportunity to do much more to minimize NCDs and their costs in the future'

The economies of the Gulf Cooperation Council (GCC) are expected to grow at a slower rate in 2023 than in 2022, according to a press release.

Former Coinbase CTO Burns $1M to Highlight Looming 'Fiat Crisis'

In a move that has created ripples across financial circles, former Coinbase Chief Technology Officer, Balaji Srinivasan, has taken a million-dollar step to draw attention to what he believes is a looming financial crisis.

International Monetary Fund report finds growth resilient in Middle East, North Africa

The International Monetary Fund (IMF) has released its May 2023 Regional Economic Outlook for the Middle East and North Africa (MENA) region and finds a resilient economy in the regions.

Bank of England increases bank rate to 4.5% amid inflationary pressures

The Bank of England (BoE) has raised its bank rate by 0.25 percentage points to 4.5%, in a move to mitigate persistent inflationary pressures, according to the Monetary Policy Committee's (MPC) report published on May 10, 2023.

Understanding the underlying dynamics of April's Consumer Price Index rise

The April Consumer Price Index (CPI) report, released by the U.S. Bureau of Labor Statistics, reveals a 0.4% monthly increase and a 4.9% yearly rise in the cost of goods and services for all urban consumers.

U.S. inflation rises 0.4% in April, annual rate at 4.9%

The U.S. Bureau of Labor Statistics (BLS) reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent in April on a seasonally adjusted basis, following a 0.1 percent increase in March.

Reserve Bank of Australia Governor: 'High inflation makes life difficult for people and damages the functioning of the economy'

The Reserve Bank of Australia (RBA) has announced a 25 basis points increase in the cash rate target to 3.85%, citing high inflation as a key concern.

Powell: 'We are committed to learning the right lessons from this episode'

Federal Reserve Chair, Jerome Powell, declared on May 3 that the central bank has increased its policy interest rate by 0.25% to address escalating inflation and promote economic stability.

US Treasury Announces Increased Marketable Borrowing Estimates for Q2 and Q3 2023

The US Department of the Treasury has revealed its current estimates for privately-held net marketable borrowing for Q2 (April-June) and Q3 (July-September) 2023.

Treasury Department Report: US Economy Faces Risks, Prompt Action Needed

The US Treasury Department has outlined key risks to the American economy that need to be addressed to maintain resilience.

Report: US Economy Grows Amid Labor Market Improvements and Inflation Concerns

According to the US Treasury Department's economic statement on May 1, 2023, the American economy demonstrated continued resilience in the first quarter of 2023.

US Treasury Faces Early June Financial Crunch as Tax Receipts Fall Short, CBO Warns

The Congressional Budget Office (CBO) has expressed concern over a significantly greater risk of the US Treasury running out of funds in early June due to lower-than-expected tax receipts through April.

76.4% of Recent Grads Employed, BLS Finds

A new report from the U.S. Bureau of Labor Statistics (BLS) shows that 62.0% of high school graduates aged 16 to 24 were enrolled in colleges or universities in October 2022, similar to the rate in the previous year.

Ireland's deputy governor of Consumer and Investor Protection: 'We are acutely aware of the challenges and pressures borrowers are facing'

Ireland's Central Bank has released new data on how rising interest rates coupled with high inflation are impacting families.

ECB hikes interest rates amid inflation concerns, targets 2%

The European Central Bank (ECB) has announced a 25 basis point increase in its three key interest rates, bringing the rates on the main refinancing operations, marginal lending facility, and deposit facility to 3.75%, 4.00%, and 3.25%, respectively.