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May 20, 2025
Moody's downgraded the long-term ratings of top American lenders such as JPMorgan Chase, Bank of America, and Wells Fargo, after pushing the U.S. out of the top triple-A rating club over its burgeoning $36 trillion debt. It also downgraded the long-term deposit ratings of Bank of America, JPMorgan, and Wells Fargo to Aa2 from Aa1. In addition, it cut the long-term counterparty risk ratings of certain rated subsidiaries and branches of BNY and State Street to Aa2 from Aa1. 5/19/2025 – 12:46 PM (Reuters)
Australia's central bank lowered its benchmark rate by a quarter-point for the second time this year as risks to inflation became more balanced, while uncertainties regarding the economic outlook increased due to trade protectionism measures. The policy board of the Reserve Bank of Australia, governed by Michele Bullock, decided to cut the cash rate target to 3.85% from 4.10%. The current rate was the lowest in two years. Previously, the bank reduced the rate by 25 basis points in February, which was the first cut since 2020. The board judged that the risks of inflation became more balanced. They also observed that inflation reached the target band, and upside risks appear to have diminished as international developments are set to weigh on the economy.
Further, policymakers observed that the monetary policy is well placed to respond decisively to international developments if they were to have material implications for activity and inflation. Headline inflation is forecast to rise over the coming year as temporary factors unwind, and underlying inflation is projected to be around the midpoint of the 2-3% range throughout the forecasted period. 05/20/2025 - 03:56:00 (RTTNews)
Hong Kong's unemployment rate increased from February to April, labor force statistics from the Census and Statistics Department showed. The seasonally adjusted unemployment rate rose to 3.4% from February to April, up from 3.2% from January to March. The data showed that the underemployment rate climbed to 1.3% from 1.1%. On an unadjusted basis, the unemployment rate also rose to 3.4% from 3.2%. The number of unemployed people was 129,400, compared to 122,800 from January to March. 05/20/2025 - 08:54:00 (RTTNews)
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