March/April consumer spending hard to forecast
There are two special factors to keep in mind for consumer spending in March and April. The two roll around at this time every year but are particularly acute in 2025.The first is the timing [...]
March 2025
Last Week: Key Global Events
The EconomyMonetary policy The Bank of Japan's nine-member board voted unanimously to maintain the target for overnight interest rate at 0.5%, as widely expected, after voting 8 to 1 to raise the policy rate by another [...]
Recap of FOMC plans to reduce the size of reserve holdings
In May 2022, the FOMC announced a program to reduce the size of its holdings of US treasuries and agency mortgage-backed securities which had ballooned to just over $8.5 trillion in May 2022 at the [...]
Governor Bowman Named Next Fed Vice Chair for Supervision
The Trump administration on Monday nominated Fed Governor Michelle Bowman as the next Federal Reserve vice chair for Supervision. Her nomination is likely to proceed with speed and her confirmation is virtually assured. Governor Michael [...]
Last Week: Key Global Events
The EconomyMonetary policy The Bank of Canada, as expected in the Econoday consensus forecast, again cut its target interest rate by 25 basis points from 3.0 percent to 2.75 percent, as the central bank shifts its [...]
Last Week: Key Global Events
Edited by Simisola Fagbola, Econoday EconomistThe EconomyMonetary policy The European Central Bank has delivered another interest rate cut in 2025, lowering all three key rates by 25 basis points. The decision reflects confidence in the disinflation [...]
Tax refunds start to arrive. Will consumers spend or save?
The 2025 tax filing season for tax year 2024 opened on January 27 and will run through April 15. This is the normal length of a tax season of about 11-12 weeks. The IRS filing [...]
February 2025
Last Week: Key Global Events
Edited by Simisola Fagbola, Econoday EconomistThe EconomyMonetary policy The Bank of Korea lowered its main policy rate by 25 basis points from 3.00 percent to 2.75 percent at its policy meeting, in line with the consensus [...]
Last Week: Key Global Events
Edited by Simisola Fagbola, Econoday EconomistThe EconomyMonetary policy The Reserve Bank of Australia lowered its main policy rate, the cash rate, by 25 basis points from 4.35 percent to 4.10 percent at its meeting today, in [...]
High points for economic data scheduled for February 24 week
The economic data calendar in February presents some challenges in interpreting the scheduled reports. Data for December and January will not encompass more recent developments. Moreover, the January numbers could be affected by the severe [...]