Cheap Loans to Banks Discussed at ECB Meeting, Economic Risk Assessed as “Fragile”
The minutes of the ECB Governing Council Meeting held on December 12-13 2018 were released today, with a number of the main points highlighted below.
Gold Price Ticks Upward as Chinese Inflation Data Misses Expectations
Chinese inflation data came in lower than expected in the wake of the end of three days of trade negotiations between the US and China, negatively impacting the Asian markets and signaling an economic slowdown overall in China.
Interest Rate Drop Prompts 23.5% Spike in Mortgage Applications
Mortgage rates have increased significantly thanks to a drop in interest rates last week with a 23.5% increase in applications for the week ending January 4 according to the Mortgage Bankers Association.
Price of Gold Ticks Upward as U.S. Service Sector Hits 5-Month Low
The latest data from the ISM lends credence to recent speculation of a global economic slowdown that is decelerating faster than predicted. With concerning developments in the Eurozone as well as an international trade war still at play, the U.S. service sector hitting a 5-month low in activity does not bode well to many who are worried about the near economic future.
Fed Chairman Jerome Powell Promises Patience With Rate Hikes, Would Not Resign if Asked
FOMC Chairman Jerome Powell stated that the Fed would be patient with rate hikes in 2019, perhaps contributing to a subsequent recovery in the embattled stock market. Powell did not mince words, stating that stating that he would not resign if President Trump asked him to.
Gold Prices Fall Following Strong U.S. Jobs Report
Job growth in nonfarm payrolls surged in December by 312,000 positions, nearly doubling expectations of surveyed economists. The surprising growth may have contributed to a dip in gold prices this morning, tempering recent growth. Meanwhile, unemployment rose by 0.2%.
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