(Bloomberg) -- The European Central Bank and the Bank of England must keep raising interest rates to ward off the risk of causing “stagflation,” the prominent economist Nouriel Roubini warned.Most Read from BloombergMGM Resorts Hackers Broke In After Tricking IT Service DeskHow Auto Executives Misread the UAW Ahead of Historic StrikeEurope Is Better Prepared If Trump Wins Again, Germany’s Baerbock SaysUS, Chinese Officials Meet in Malta in Bid to Keep Channels OpenThe World Is Struggling to Make
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MONTREAL — BMO Financial Group plans to close its retail auto finance business in order to reroute resources, as borrowers dig deep to stay on top of recent interest rate hikes. The decision will also trigger an unspecified number of layoffs in Canada and the U.S., the Bank of Montreal said. It comes after the company's bad debt provisions more than tripled to $492 million in the quarter ended July 31 compared to a year earlier.
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Roubini Says BOE and ECB Must Raise Rates to Avoid ‘Stagflation’The European Central Bank and the Bank of England must keep raising interest rates to ward off the risk of causing “stagflation,” the prominent economist Nouriel Roubini warned.
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Czech Central Bank Head Says Don’t Expect Rate Cut Any Time SoonCzech central bankers must avoid easing monetary conditions any time soon because inflation remains “extremely high” and underlying price pressures are still elevated, according to Governor Ales Michl.
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Bank of England readies what may be its final rate hikeEconomists predict BoE will raise Bank Rate to 5.5% from 5.25%, which would mark its highest level since 2007
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Japan's yen in spotlight ahead of 'live' BOJ meetingThe U.S. dollar and most major currencies were flatlining in early trades on Monday, barring a blip in sterling, as a Japanese holiday and a bunch of upcoming central bank meetings sucked the air out of markets. The Bank of Japan's policy meeting on Friday is the highlight of the week in Asia, after Governor Kazuo Ueda stoked speculation of an imminent move away from ultra-loose policy. In a week packed with central bank meetings, decisions are also due from the U.S. Federal Reserve on Wednesday and Bank of England on Thursday.
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BMO to shutter retail auto finance business as bad debt mountsMONTREAL — BMO Financial Group says it will close its retail auto finance business in order to reroute resources following a rise in bad debt. The Bank of Montreal also says the decision will trigger an unspecified number of layoffs in Canada and the U.S. It comes after the company's bad debt provisions more than tripled to $492 million in the quarter ended July 31 compared to a year earlier. In its retail line, the bank's provisions for credit losses rose 800 per cent to $81 million last quarte
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'Everybody should just shut up': Bank of Canada's independence under pressure from political commentsSome experts are fretting about central bank's independence when it comes to monetary policy
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