How Low Will Australia's Central Bank Go On Rates?
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The Reserve Bank of Australia this week cut rates by 25 basis points, for the second time this year, while pulling off a post-Covid economic crisis soft landing for the local economy that few central banks have been able to execute.
This week on the podcast, Rebecca Jones speaks to Bloomberg Economics' James McIntyre about the outlook for interest rates, how that could be affected by Trump's tariff war, and what it all means for the housing market.
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Hamilton Spectator
an hour ago
- Hamilton Spectator
Tariffs, wildfires and AI on the agenda as Canada hosts world leaders at G7
OTTAWA - Prime Minister Mark Carney has tried to pare down Canada's priorities as the G7 summit host, but there's still a lengthy list of global issues for leaders to discuss over the coming days. 'Leaders (will) meet at a moment of enormous flux globally, when tensions among G7 members are especially pronounced,' Carney's foreign policy adviser David Angell told a panel this week. He did not directly reference U.S. President Donald Trump, who famously walked out of the last G7 summit Canada hosted in 2018. Here's a look at what's on the agenda in Kananaskis, Alta., and what to expect. Economics On the formal agenda, the first discussion is about the 'global economic outlook,' followed by a working lunch on economic security and supply chains. Angell said this will include a discussion on 'anti-market practices by large, non-G7 economies.' China is among those countries accused of anti-market practices. 'There's no doubt that important discussion of President Trump's tariff strategy will take place,' he added. John Kirton, head of the G7 Research Group at the University of Toronto, said the discussion will likely set the tone on how countries balance fiscal stimulus through tax cuts or possibly more defence spending along with cutting back deficits. He said leaders will need to navigate the difficult reality that Trump's tariffs are hurting economic growth and likely caused the downgrading of Washington's credit ratings. Leaders are set to discuss critical minerals, and Kirton said this might involve setting labour and environmental transparency standards for minerals acquired in fragile countries such as the Democratic Republic of Congo. Sen. Peter Boehm, who played a central role in many G7 summits, said he expects Canada to raise the dysfunction of the World Trade Organization, though this might happen in an informal setting instead of part of the structured G7 meetings. The WTO's appeal body is the main global enforcer of resolutions in trade disputes, and it has been effectively stalled for years as the U.S. blocks the appointment of panel members, following frustration of how the WTO has ruled against Washington. In 2018, Canada launched the Ottawa Group, a committee urging WTO reform made up of more than a dozen economies ranging from Kenya to Norway, but it has had limited success. Wildfires and foreign interference The second session taking place Monday will involve safety, particularly wildfires, foreign interference and transnational crime. Canada is set to release a Kananaskis Wildfire Charter, spanning mitigation, response and recovery. Kirton said discussion around the document will focus on 'equipment interoperability' to allow G7 members to support each other during emergencies, as well as the use of satellite imagery to fight wildfires. He said the topic has become 'a burning issue' in part because wildfires in places like Los Angeles and across the Prairies show how the threat is relevant to Washington and its G7 peers. Leaders might try to raise climate change, but Kirton doubts that phrase will appear in any closing statements, with Trump pushing back on the topic. A brief circulated among G7 planners from various countries originally included the term 'countering migrant smuggling and drug trafficking' but Kirton noted that the term did not appear in later drafts. Kirton said he expects leaders to discuss tighter co-operation in combating the drug trade, given that the U.S. concern over opioids matches concerns other countries have about heroin trafficking. 'Making the world secure' The topic title of the Monday working dinner is broad. While such a session would normally involve conflicts in Israel and the Palestinian territories, North Korea and Sudan, analysts expect that recent strikes between Israel and Iran will dominate this discussion. Ukrainian sovereignty Tuesday's working breakfast will come after G7 leaders have a chance to meet with Ukrainian President Volodymyr Zelenskyy, and amid concerns from other G7 members that the U.S. might sign a deal from Russia that only encourages further invasion of European countries. After that, G7 leaders have a larger meeting with the invited guests, which so far includes leaders of Australia, Brazil, India, Mexico, South Africa, South Korea, Ukraine, NATO, the United Nations and the World Bank. It's unclear whether Canada's bid to raise issues of foreign interference will come up in talks with Indian Prime Minister Narendra Modi, whose government the RCMP has linked to extortion, coercion and homicide cases. In January, the foreign interference inquiry's final report said 'India is the second most active' threat actor, which is 'clandestinely providing illicit financial support to various Canadian politicians in an attempt to secure the election of pro-India candidates or gain influence.' Energy security Tuesday afternoon's discussion is set to include making energy affordable and creating the infrastructure needed to diversify of energy sources. Angell said 'a number of key leaders' visiting the summit as guests will be part of the talks. Carney's office has said Canada is seeking coalitions with reliable partners to open new markets, and generate large infrastructure investments. AI and quantum tech Carney's office says G7 leaders will discuss 'using artificial intelligence and quantum to unleash economic growth,' though it's not clear where in the schedule this will take place. Experts say quantum computing could rapidly speed up processing times and allow for more accurate or efficient tasks. But they say cryptography might be needed to prevent powerful quantum computers from breaking power grids and banking systems. Kirton said the discussion will likely include discussion on how to include developing countries in the gains of AI and how it can boost the efficiency of government bureaucracies and business of all sizes. Something useful — and Canadian While federal officials have warned that the summit will unlikely end with a lengthy communiqué that has been part of almost every other G7 summit, Boehm has faith Canada will still deliver points of consensus that liberal democracies can act on. Last month, finance ministers and central bankers agreed on action around cyber threats to the financial sector and the need to assess the possibilities and risks posed by artificial intelligence. In March, foreign ministers pledged to focus on maritime security, a topic that affects all G7 countries who also happen to share three oceans with Canada, giving grounds to look at everything from unregistered vessels undermining sanctions to illegal fishing and threats to undersea fibre-optic cables. These were largely seen as ways to bridge the growing gap between Europe and the U.S. and focus on shared goals. It's a skill G7 allies turn to Canada for, sometimes literally, in the middle of the night. 'There's often come a time, usually at three in the morning or something, where someone will look at me, or whoever is in the Canadian chair and say … 'it's time for the great Canadian initiative to compromise, and get this thing done.' So we do add value,' Boehm said. This report by The Canadian Press was first published June 15, 2025.
Boston Globe
an hour ago
- Boston Globe
Logan Airport is starting to see decline in Canadian travelers
The drop in April marked the first year-over-year decline in Canadian visitors at the airport in 2025; the total is still up slightly for the year so far, when compared to the first four months of 2024. (May passenger traffic numbers are not yet public.) Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up 'That's obviously incredibly disappointing [but] with one month of data, I'm not ready to press the panic button,' Davey said in an interview earlier this month, after Massport published the April numbers. Advertisement National statistics released by the Canadian government last week indicate the trend most likely continued at Logan through May. Plane trips by Canadian residents from the US fell 24 percent in May, year over year, while Canadian vehicular trips from the US fell 38 percent. The backlash in Canada started early this year. Then-Prime Minister Justin Trudeau urged Canadians to vacation in their home country instead of going to the US, as President Trump imposed new tariffs on goods imported from Canada and talked repeatedly about the benefits of Canada becoming the '51st state.' Advertisement Current prime minister Mark Carney has strongly rebuffed the 51st state idea, though he indicated several days ago that he's hopeful about progress with the Trump administration on trade issues. In an attempt to counteract some of the Trump administration's hostility, Governor Maura Healey on Monday will be hosting in Boston several Canadian premiers and governors from Northeast states to talk about ways to maintain strong economic relations among the states and provinces. Much is at stake: Visiting Canadians spent an estimated $20 billion in the US last year. Amid the pushback in Canada to US leisure travel, JetBlue decided to cancel a new flight from Boston to Halifax it had planned, and Porter Airlines cut one of its Boston flights to Ottawa. Travel research firm Tourism Economics is predicting much bigger drops ahead for Greater Boston, with 657,000 Canadian visits expected to the region in 2025, a 20 percent decline from 2024, and a 24 percent drop from what was originally projected for 2025. David O'Donnell, a vice president with the Meet Boston tourism bureau, said his organization hasn't yet heard from local hotels about Canadian travel, but it expects a decline in international travelers to pick up in the summer. Many visitors who booked in the first half of the year would have faced cancellation fees if they opted not to come, but in the second half of the year, many of the bookings will reflect decisions made since Trump took office. Concerns about Canadian tourism prompted state Senator John Keenan of Quincy to file a budget amendment last month requiring the Massachusetts Office of Travel and Tourism to report to the Legislature the feasibility of promoting Massachusetts as a destination for residents of countries showing a decline in travel to this state in 2025. The Senate adopted the language as part of its state budget proposal, but its fate now remains tied to House-Senate budget negotiations. Advertisement 'Clearly our Canadian numbers, like those at a lot of other [US] airports, are going in the wrong direction,' Davey said. 'I hope it's not a canary in the coal mine for us, but we're going to keep a close eye on it.' Jon Chesto can be reached at
Yahoo
an hour ago
- Yahoo
Best high-yield savings interest rates today, June 15, 2025 (best accounts offering 4.3% APY)
Find out how much you could earn with today's savings rates. The Federal Reserve cut its target rate three times in late 2024, which means savings interest rates are falling from their historic highs. It's important to be sure you're getting the best rate possible when shopping around for a savings account. The following is a breakdown of savings interest rates today and where to find the best offers. The national average savings account rate stands at 0.42%, according to the FDIC. This might not seem like much, but consider that three years ago, it was just 0.06%, reflecting a sharp rise in a short period of time. As of today, the highest savings account rate available from our partners is 4.3% APY. This rate is offered by EverBank and Openbank. However, Openbank has a minimum $500 opening deposit, while EverBank requires no minimum opening deposit. Since these rates may not be around much longer, consider opening a high-yield savings account now to take advantage of today's high rates. Here is a look at some of the best savings rates available today from our verified partners: This embedded content is not available in your region. The amount of interest you can earn from a savings account depends on the annual percentage rate (APY). This is a measure of your total earnings after one year when considering the base interest rate and how often interest compounds (savings account interest typically compounds daily). Say you put $1,000 in a savings account at the average interest rate of 0.42% with daily compounding. At the end of one year, your balance would grow to $1,004.12 — your initial $1,000 deposit, plus just $4.12 in interest. Now let's say you choose a high-yield savings account that offers 4% APY instead. In this case, your balance would grow to $1,040.81 over the same period, which includes $40.81 in interest. The more you deposit in a savings account, the more you stand to earn. If we took our same example of a high-yield savings account at 4% APY, but deposit $10,000, your total balance after one year would be $10,408.08, meaning you'd earn $408.08 in interest. Read more: What is a good savings account rate?
