Wednesday, 28 Feb 2024

Lowe Says RBA Closer To Pause Interest Rate Hike

One man dies in overnight Denver shooting on East 65th Avenue

A man shot overnight in Denver died on Tuesday, police confirmed.

The shooting happened in the 18700 block of East 65th Avenue, according to a police posting shortly before midnight Monday on Twitter. Police investigators were “working to develop” information identifying a suspect.

No other information was released. Denver officials in the Office of the Medical Examiners will identify the victim and cause of death, police said.

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Anto, Korean Fine Dining, to Open in the East 50s

Pizza from Breads Bakery and Wylie Dufresne, a restaurant and bar in the new Moxy hotel in Williamsburg, Brooklyn, and more restaurant news.

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By Florence Fabricant

Gold Futures Settle Modestly Lower

Gold prices drifted lower on Tuesday as the dollar rebounded a bit from recent losses.

The dollar index, which rose to 104.05 in the Asian session, dropped to a low of 103.50 after the inflation data, but recovered some lost ground subsequently. It was last seen hovering around 103.65, up marginally from the previous close.

Gold futures for April ended lower by $5.60 at $1,910.90 an ounce.

Silver futures for May ended up $0.122 at $21.970 an ounce, while Copper futures for May settled at $4.0030 per pound, down $0.0505 from the previous close.

Gold prices rose to a six-week high on Monday amid worries over the fallout from the collapse of Silicon Valley Bank and Signature Bank.

Data from the Labor Department this morning showed consumer price index rose by 0.4% in February after climbing by 0.5% in January.

Core consumer prices, which exclude food and energy prices, increased by 0.5% in February after rising by 0.4% in the previous month. Economists had expected core prices to rise by 0.4%.

The report also showed the annual rate of consumer price growth slowed to 6% in February from 6.4% in January.

The slowdown in year-over-year price growth may help offset recent concerns about the outlook for interest rates ahead of next week’s Federal Reserve meeting.

Tiny Love Stories: ‘The Deceptively Sunny Day’

Modern Love in miniature, featuring reader-submitted stories of no more than 100 words.

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Martin Lewis tip gets woman £7,800 in council tax back payments

Brenda and her daughter Deborah appeared on Mr Lewis’ ITV show to share their story after Brenda was left with aphasia after suffering a major stroke in 2015. They watched a previous episode of the show and realised they could get a council tax exemption from their local authority.

They filled in the form on the council website and provided evidence that Brenda was receiving disability benefits and a note from their doctors.

Deborah said they found the process “really easy” and six weeks later they received a council tax rebate to 2015, for around £7,800.

Brenda said it was a “great surprise” to get the council tax back payments. A person who lives on their own can get up to 100 percent off their council tax bill.

More to follow…

Lennar Corp. Reveals Advance In Q1 Bottom Line, Beats estimates

Lennar Corp. (LEN.B) reported earnings for its first quarter that increased from last year and beat the Street estimates.

The company’s bottom line totaled $596.53 million, or $2.06 per share. This compares with $503.58 million, or $1.69 per share, in last year’s first quarter.

Analysts on average had expected the company to earn $1.55 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 4.7% to $6.49 billion from $6.20 billion last year.

Lennar Corp. earnings at a glance (GAAP) :

-Earnings (Q1): $596.53 Mln. vs. $503.58 Mln. last year.
-EPS (Q1): $2.06 vs. $1.69 last year.
-Analyst Estimate: $1.55
-Revenue (Q1): $6.49 Bln vs. $6.20 Bln last year.

Lowe Says RBA Closer To Pause Interest Rate Hike

Reserve Bank of Australia Governor Philip Lowe said the bank is closer to pause interest rate increases to assess the effects of the past rate hikes.

“With monetary policy now in restrictive territory, we are closer to the point where it will be appropriate to pause interest rate increases to allow more time to assess the state of the economy,” the governor said at the keynote address to the Financial Review Business Summit, on Wednesday.

At what point it will be appropriate to pause interest rate will be determined by the data as well as the assessment of the outlook, Lowe added.

On March 7, the RBA had raised its key interest rate by a quarter-point to a more than 10-year high and signaled more tightening to combat high inflation.

The RBA has lifted its monetary policy by a cumulative 350 basis points since May 2022.

Lowe said the board discussed the effects of the past cumulative rate hikes and the difficulties faced by households due to higher interest rates.

Nonetheless, the governor said further tightening of policy is likely to be required to bring inflation back to the target within a reasonable timeframe. Inflation remains too high and while it looks to be on a declining path, it is likely to remain higher than target for a few years, he noted.

“If we don’t get inflation down fairly soon, the end result will be even higher interest rates and more unemployment,” said Lowe.

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