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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
Fed rate hikes will be “gradual and cautious” – William Dudley
The New York Federal Reserve (Fed) President, William Dudley, a permanent voter on rates, expressed confidence that US inflation will rise to the target rate of 2.0% in the next few years. He acknowledged that labour market conditions had “significantly improved”, the housing sector was recovering and banks were healthier. However, he also added that the Fed will remain cautious with future interest rate hikes as headwinds to growth from the financial crisis have not fully abated.
US housing market index remained flat in April
In the US, the housing market index remained steady at 58.00 in April. Market anticipation was for the housing market index to climb to a level of 59.00.
Canadian investors turned net buyers of foreign securities in the previous month
Canadian investors turned net buyers of C$4.37 billion worth of foreign securities in February, from being net sellers of a revised C$14.68 billion worth of foreign securities in the prior month.
Foreign investors remained net buyers of Canadian securities in the previous month
Foreign investors remained net buyers of C$15.94 billion worth of Canadian securities in February, from being net buyers of a revised C$11.41 billion worth of Canadian securities in the prior month.
Chinese house price index registered a rise in March
On an annual basis, the house price index recorded a rise of 4.90% in March, in China. The house price index had risen 3.60% in the previous month.
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