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☆ NZ central bank sees cash rate on hold until 2025
▼ + stars: | 2023-08-16 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

Summary Rates on hold for longer to meet inflation targetNZ dollar jumps 0.2%WELLINGTON, Aug 16 (Reuters) - New Zealand's central bank held the cash rate steady at 5.5% on Wednesday but slightly pushed out when it expects to start cutting the cash rate to 2025, which provided some support for the New Zealand dollar. The decision was in line with expectations from 29 economists in a Reuters poll all forecasting the Reserve Bank of New Zealand (RBNZ) would leave the cash rate at a 14-year high for the second consecutive meeting. "The committee agreed that the OCR (official cash rate) needs to stay at restrictive levels for the foreseeable future to ensure annual consumer price inflation returns to the 1% to 3% target range," the statement said. It said conditional on its central economic outlook, the cash rate would need to remain at around its current level for slightly longer than was assumed in its May statement to meet its inflation and employment objectives. The rate hikes have sharply slowed the economy, now in a technical recession following two quarters of negative growth.

Persons: Lucy Craymer, Sonali Paul Organizations: WELLINGTON, New Zealand, Reserve Bank of New Zealand, New, Thomson Locations: New Zealand

☆ 8 US states offer free lunch for students. Here's how they pay for it, from a 4% millionaire's tax to a $0.03 property tax rate increase.
▼ + stars: | 2023-08-14 | by ( Chris Panella | ) www.businessinsider.com time to read: +6 min

Massachusetts is the latest state to expand free school lunch since a COVID-era program ended. Here's how eight states pay for free lunch for public school students. And Vermont's free meals program, which was allowed through in June 2023 by Gov. And while only a few US states now offer free lunch, some say the momentum for future programs across the nation is growing. "The availability of universal free meals during the pandemic absolutely changed that momentum."

Persons: Maura Healey, Erin McAleer, Joe Biden's, Phil Scott, Susan Caswell, WPBN, There's, Erika Edwards, EducationWeek Organizations: Service, Gov, CBS News, Massachusetts, Associated Press, Portland Press Herald, AP, MPR, Comstock Elementary School, Jefferson County Locations: Massachusetts, Wall, Silicon, California , Colorado , Maine , Michigan, Minnesota, New Mexico, Vermont, Colorado, California, . Maine, Mexico, Michigan, Southwest Michigan, Jefferson

☆ Fact Check-Drag performer did not expose genitals to children in 2019 Minnesota event
▼ + stars: | 2023-06-14 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

A 2019 photo of a drag performer has recirculated with the false impression that they flashed their genitals to children at a library, but unedited photos show the performer was clothed. The original photo shows a drag performer who goes by the name Sasha Sota during an event called Stories Together with Drag Performers at Ridgedale Library, part of the Hennepin County Libraries, in Minnetonka, Minnesota. The event drew criticism by conservative outlets at the time (here), (here), (here). Stories Together with Drag Performers was a program by Hennepin County Libraries that partnered with drag performers to read aloud to children, as covered by local news outlet MPR News (here). The drag performer pictured did not flash their genitals to children at a library event.

Persons: Sasha Sota, Joshua Yetman, Yetman, Read Organizations: Ridgedale, Hennepin County Libraries, Twitter, Reuters Locations: Hennepin, Minnetonka , Minnesota, Hennepin County

☆ Bank of England set for 12th straight interest rate hike, but the outlook remains murky
▼ + stars: | 2023-05-10 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

People walk outside the Bank of England in the City of London financial district, in London, Britain, January 26, 2023. "All this, and updated projections, should be consistent with our call for a final 25bp hike at the June meeting to a terminal rate of 4.75%." Updated forecasts Alongside the rate decision, the MPC will update its forecasts on Thursday. "Thus, while our base case remains for a final hike in June, we see risks that they skip this meeting and deliver the final hike in August," Ardagno's team said. Deutsche Bank Senior Economist Sanjay Raja echoed the projections for a 7-2 split in favor of a 25 basis point hike on Thursday, followed by another quarter-point in June.

☆ -Bank of Canada rate hike reflected labor tightness, stronger-than-expected growth
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +3 min

On Jan 25 the Bank of Canada hiked its key interest rate to 4.5%, the highest level in 15 years, and became the first major central bank to say it would likely hold off on further increases for now. On Tuesday, Governor Tiff Macklem said no further rate hikes would be needed if, as expected, the economy stalled and inflation fell. "Council wanted to convey that the bar for additional rate increases was now higher" and to "give a clear sense that they would need an accumulation of evidence to determine whether further rate increases would be required" to return inflation to target. The Bank of Canada had stood out from its peers, including the U.S. Federal Reserve, the Bank of England and the European Central Bank, in not providing some form of record of their meetings. (Reporting by Steve Scherer, editing by David Ljunggren)((Reuters Ottawa bureau; david.ljunggren@tr.com))Keywords: CANADA CENBANK/UPDATE 1Our Standards: The Thomson Reuters Trust Principles.

[1/2] A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto January 23, 2015. "We are turning the corner on inflation," Bank of Canada Governor Tiff Macklem told reporters. If the economy evolves as forecast, the bank "expects to hold the policy rate at its current level while it assesses the impact of the cumulative interest rate increases," the statement announcing the rate hike said. "Governing Council is prepared to increase the policy rate further if needed to return inflation to the 2% target," the statement said. "The Bank of Canada is back to using forward guidance," said Royce Mendes, director and head of macro strategy at Desjardins.

☆ Chile's central bank maintains interest rate at 11.25%
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

SANTIAGO, Dec 6 (Reuters) - Chile's central bank maintained its benchmark interest rate at 11.25% on Tuesday, as the bank said the country had reached its peak in the current hiking cycle, which began in July 2021. The decision to maintain the rate was unanimous, the central bank noted and was expected by analysts and traders as the world's top copper producing nation struggles to rein in inflation. In a statement, the central bank said that monetary policy has made a "significant adjustment" and is helping imbalances in the economy. "The Council will maintain the MPR at 11.25% until the state of the macroeconomy indicates that said process has been consolidated." On Wednesday, the central bank will publish updated macroeconomic projections for 2022 and 2023.

☆ Sterling ticks up as UK inflation hits 41-year high
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 16 Reuters) - Sterling rose against the U.S. dollar on Wednesday following UK inflation data that topped expectations and raised the chances of yet more interest rate hikes by the Bank of England (BoE). Despite sterling ticking up, the currency had traded flat in the hours after the inflation data was published, suggesting a muted reaction from traders. Earlier this week, data showed Britain's unemployment rate rose to 3.6% in the three months to September, above expectations for 3.5%. Quarterly GDP figures last week showed Britain's economy shrank by a less severe than-expected 0.2% in the three months to September. October retail sales data due on Friday will give further insight into consumer spending, which is a major pillar of the UK economy.

☆ Bank of England set for biggest rate hike in 33 years, but economists expect dovish tilt
▼ + stars: | 2022-11-02 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

New Prime Minister Rishi Sunak has scrapped the controversial tax cuts at the heart of predecessor Liz Truss' fiscal policy agenda, meaning fiscal and monetary policy are no longer pulling in opposite directions. Deutsche Bank also expects a split vote on Thursday in favor of a 75-basis-point hike, taking the key interest rate to 3%. Deutsche Bank now expects the Bank Rate to reach 4.5% by May next year, down from its previous projection of 4.75%, on account of retreating fiscal stimulus and a push toward fiscal consolidation. watch nowBank of England Deputy Governor for Monetary Policy Ben Broadbent said in a recent speech that GDP would take a "pretty material" hit from such aggressive policy tightening. The Bank's August growth forecasts, which already pointed to a five-quarter recession, were based on a much lower Bank Rate of around 3%.

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