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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
Fed hikes interest rate for the first time since 2018
The US Fed, in its latest monetary policy decision, raised its benchmark interest rate by 0.25% to a range of 0.25%-0.50%, as widely expected. Further, the central bank projected six more rate hikes this year as inflation reached a 40-year high. However, officials indicated that the rate increases would come with slower economic growth this year. Further, policymakers forecasted four additional hikes in 2023, boosting its benchmark rate to 2.8%. Also, they expect inflation to remain elevated and to end 2022 at 4.3%.
US advance retail sales rose less than expected in February
In the US, advance retail sales climbed 0.30% on a MoM basis in February, compared to a revised rise of 4.90% in the prior month. Markets were expecting retail sales to record a rise of 0.4%.
US mortgage applications dropped in the week ended 11 March 2022
In the US, the number of mortgage applications slid 1.20% on a weekly basis in the week ended 11 March 2022, compared to a rise of 8.50% in the previous week.
Australian unemployment rate dropped in February
In Australia, the seasonally adjusted unemployment rate fell to 4.00% in February, compared to 4.20% in the previous month. Markets were expecting the unemployment rate to drop to 4.10%.
Australian new home sales dropped in February
In Australia, new home sales slid 7.00% on a MoM basis in February, compared to a drop of 8.30% in the previous month.
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