The deliberations of the Bank of Canada's Governing Council have resulted in a fixed announcement date for the monetary policy decision on April 10, 2024. The Council, led by Governor Tiff Macklem, engaged in discussions surrounding the global and Canadian economies, as well as inflation outlooks.In analyzing the international economy, the Council noted projections of stronger growth in the US and gradual improvements in the euro area, while acknowledging challenges faced by China's economy. Governor Macklem and other members highlighted the risk of stronger US GDP growth...
The Reserve Bank of Australia (RBA) has recently released a report focusing on the advantages and obstacles of connecting fast payment systems internationally for cross-border payments. According to the report, linking these systems has the potential to enhance the speed and transparency of cross-border transactions, benefiting both users and service providers.The report emphasizes the significance of well-designed governance, scheme rules, and payment processing capabilities in managing risks and ensuring a smooth cross-border payments experience. However, challenges...
Board Member NOGUCHI delivered a speech in Saga on April 18, 2024, focusing on economic activity, prices, and monetary policy in Japan.In the speech, NOGUCHI stated, "The current economic conditions require careful monitoring and assessment to ensure stability and growth."According to the Bank of Japan, the full text of NOGUCHI's speech is now available for review.
Results from the Market Participants Survey for the first quarter of 2024, conducted from March 7 to 15, 2024, have been released, providing insights into the economic outlook for Canada. The survey, based on questionnaire responses from approximately 30 financial market participants, revealed various forecasts and probabilities regarding GDP growth, inflation, monetary policy, and financial assets.According to the survey, respondents provided their forecasts for real GDP growth in Canada. The median forecast for the end of 2024 is 1.0%, with a 25th percentile forecast of...
The March 2024 Consumer Price Index (CPI) summary released by the U.S. Bureau of Labor Statistics (BLS) highlighted a 22.2% increase in car insurance rates over the past year, marking it as a notable increase within the overall inflationary pressures.
The House Financial Services Committee, under the leadership of Chairman Patrick McHenry, has advanced 13 pieces of legislation to the full House for consideration. Among these measures are Congressional Review Act (CRA) resolutions aimed at addressing regulatory oversteps and promoting financial innovation.One of the bills, H.R. 5535, known as the “Insurance Data Protection Act,” presented by Rep. Scott Fitzgerald, focuses on limiting the ability of certain offices to subpoena data directly from insurance companies. Instead, the bill advocates for collaborative efforts...
The U.S. House of Representatives has passed Representative Young Kim’s (CA-40) H.R. 6323, the Iran Counterterrorism Act of 2023. The bill requires Iran to cease support for acts of international terrorism as a condition for the President to waive secondary sanctions imposed on the regime in Tehran. It also establishes a congressional review process for national security interest waivers of these sanctions if Iran continues its support for global terror.Chairman McHenry (NC-10) expressed his support for the bill, stating, “Hamas’s terrorist strike last October on innocent...
In a recent session, Chairman McHenry delivered remarks at the markup of regulatory oversight legislation by the House Financial Services Committee. The Committee discussed various measures aimed at nullifying regulatory oversteps, promoting innovation, and correcting existing law provisions.Chairman McHenry welcomed participants to the markup, stating, "Good morning, everyone. Welcome back to another Financial Services Committee markup." He emphasized the importance of the day's agenda by mentioning, "Today we will consider several regulatory oversight measures. This...
Nicholas Anthony, a policy analyst at the Center for Monetary and Financial Alternatives of the Cato Institute, stated that "it should not be a surprise that Nigerian citizens have turned to cryptocurrencies" in light of the Nigerian government's provision of an "unreliable store of value." This statement was shared in his April 11 commentary titled "Nigeria’s Government Is Blaming Binance for Its Own Mismanagement," which was published on the Cato Institute's website.
Washington D.C., Apr 16 2024 - Today, on the House floor, Chairman of the House Financial Services Committee, Patrick McHenry, advocated for H.R. 6323, the Iran Counterterrorism Act of 2023. McHenry expressed concern over Iran's recent aggression towards Israel, stating, "Mr Speaker, over the weekend, we witnessed Iran’s unprecedented attack on our greatest middle eastern ally and the lone democracy in the region—Israel."Highlighting the seriousness of the situation, McHenry pointed out, "Tehran struck our friends in Israel with a swarm of missiles and drone attacks...
Representative Andy Barr (KY-06) led the House Financial Services Subcommittee on Financial Institutions and Monetary Policy in a hearing to review the financial reporting and transparency of the Consumer Financial Protection Bureau (CFPB).During the hearing, Chairman Barr expressed concerns about the lack of transparency and accountability within the CFPB, stating, “The CFPB is increasingly out of control and lacks transparency because there are virtually no checks on the agency’s power.” He also highlighted the agency's refusal to provide a witness for the hearing,...
The U.S. House of Representatives recently passed a series of bipartisan financial services bills aimed at holding Iran accountable for its acts of international aggression and financing of terrorism. The legislation includes four key bills sponsored by various representatives.One of the bills, H.R. 5923, the "Iran-China Energy Sanctions Act of 2023," sponsored by Rep. Mike Lawler (NY-17), expands the secondary sanctions regime involving Iran to include transactions between Chinese financial institutions and sanctioned Iranian banks handling the purchase of petroleum and...
The House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions, led by Subcommittee Vice Chair Young Kim, convened a hearing titled “Held for Ransom: How Ransomware Endangers Our Financial System” on April 16, 2024.During the hearing, Vice Chair Young Kim expressed gratitude to the witnesses and colleagues present, stating, "I would like to begin by thanking our witnesses for taking the time to be here today. I am delighted to sit right next to my friend and colleague, Representative Beatty. Additionally, I would...
Representative Young Kim (CA-40) testified before the House Committee on Rules in support of her bill, H.R. 6323, the Iran Counterterrorism Act of 2023. The bill aims to address Iran's support for international terrorism and the need for greater congressional oversight on U.S. sanctions waivers for Tehran.Kim emphasized the urgency of the situation, stating, "Israel is confronting a critical moment as it fights for its right to exist. Iran and its proxies continue to attack our greatest ally in the middle east and the lone democracy in the region." She highlighted Iran's...
The Governing Council of the European Central Bank (ECB) has decided to maintain the three key ECB interest rates. This decision was based on data that "broadly" confirms a continuing decline in the medium-term inflation outlook, aligning with a previous assessment suggested to the council.
The April 2024 euro area bank lending survey (BLS) conducted by the European Central Bank (ECB) reveals that euro area banks are persistently tightening their credit standards for enterprises. However, the quarterly survey also suggests a slight easing in progress for consumers.
Today, the Chairman of the House Financial Services Committee, Patrick McHenry, revealed a list of measures slated for a full committee markup. The Chairman disclosed that the markup would cover a range of legislative items, stating, "Full Committee Markup of H.R. 5535, H.R. 802, H.R. 7437, H.R. 7440, H.R. 7428, H.R. 4206, H.R. 4116, H.J. Res. 127, H.J. Res. 122, H.J. Res. 120, H.J. Res. 125, H.J. Res. 126, H.J. Res. 124."The markup is scheduled to take place at 10:00 AM ET on Wednesday, April 17, 2024, at the 2128 Rayburn House Office Building. Additional information...
The European Central Bank (ECB) has released the 30th round of the Survey on the Access to Finance of Enterprises (SAFE), indicating a further tightening in euro area firms' financing conditions in Q1 2024. However, this tightening was less severe than that reported in Q4 2023.
The Federal Open Market Committee (FOMC) recently conducted a joint meeting with the Board of Governors of the Federal Reserve System. This was the second of eight scheduled meetings for this year, during which members evaluated U.S. financial conditions and the nation's economic situation.
The Center for Microeconomic Data at the Federal Reserve Bank of New York has released its March 2024 Survey of Consumer Expectations, which suggests that U.S. consumers hold mixed expectations regarding inflation and the job market. The survey also indicates an increase in the number of Americans who anticipate being unable to meet debt payments.