Obsessed with Starbucks’ bacon and Gruyère egg bites? Now you can make them at home!
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(Bloomberg) -- New Zealand’s government has proposed adding house prices to the central bank’s remit to rein in an overheating property market, prompting investors to reduce bets on lower interest rates. The local dollar jumped.Finance Minister Grant Robertson said Tuesday he has written to Reserve Bank Governor Adrian Orr, asking him to consider amending the bank’s remit to include stability in house prices as a factor for monetary policy. He said the government wants to make the changes soon, “so I would request that you gave it your earliest possible consideration.”“With an extended period of low interest rates, and some time before housing supply can catch up with demand, now is the time to consider how the Reserve Bank may contribute to a stable housing market,” Robertson said. “I want to be clear I am not proposing any changes to the mandate or the independence of the Reserve Bank.”New Zealand house prices, which only months ago were expected to drop during the coronavirus pandemic, have soared as the RBNZ has aggressively cut interest rates to spur the economy out of recession. It’s a dynamic that’s emerging in other countries with similar housing markets. But while many central banks are required to have consideration for financial stability in addition to their inflation targets, an explicit requirement to ensure stable house prices would be unusual.“We looked to see if there were any mandates that explicitly look at house prices, and we couldn’t find one,” said Jarrod Kerr, chief economist at Kiwibank in Auckland. “There was obviously a lot of political pressure on the government to at least acknowledge the concerns people had about affordability and inequality.”The New Zealand dollar jumped as much as half a U.S. cent on Robertson’s statement, to its highest since 2018, as traders saw less chance of further RBNZ easing. It bought 69.70 cents at 5 p.m. in Wellington. Bond yields and swap rates rose.Orr RespondsIn a letter to Robertson later Tuesday, Orr said the RBNZ will review his request. But he added that the Monetary Policy Committee already takes house prices into consideration when setting policy to achieve its inflation and employment mandates.“I can assure you that the MPC, in making its decisions, gives consideration to the potential impact of monetary policy on asset prices, including house prices,” Orr wrote. “These are important transmission channels that affect employment and inflation.”The RBNZ has cut its official cash rate to 0.25% and embarked on quantitative easing to drive down interest rates. Next month it will begin offering cheap loans to banks to reduce borrowing costs further, and it hasn’t ruled out taking its cash rate into negative territory next year.“If the market moves to further reduce the odds of a negative OCR, I think that would probably be a rational and reasonable response,” said Sharon Zollner, chief New Zealand economist at ANZ Bank in Auckland. “We’re in an unprecedented situation which no one would have foreseen -- a house price boom in a recession. It is an awkward situation in terms of the trade-offs between monetary and financial stability policy.”The average house price rose an annual 8% in October to NZ$753,000 ($525,000), the fastest gain in more than three years, while sales soared 25% from a year earlier in the busiest month since 2016.Robertson’s LetterIn his letter to Orr, Robertson said house price instability “is harmful to our aims of reduced inequality and poverty.” The alternative policy tools the RBNZ is using were not envisaged when its remit was first published in 2019, he said.“I believe it is right that we consider how these tools might be impacting on the housing market, with particular regard to housing price inflation,” Robertson wrote.Specifically, he proposed adding “house prices” to a clause in the remit so that it asks the RBNZ’s Monetary Policy Committee to “seek to avoid unnecessary instability in output, interest rates, the exchange rate, and house prices.”Orr is due to speak at a press conference tomorrow from 11 a.m. in Wellington after the RBNZ releases its semi-annual Financial Stability Report.The central bank has already said it will reinstate the mortgage lending restrictions it removed earlier this year after highly-leveraged investors stormed back into the housing market.Nick Tuffley, chief economist at ASB Bank in Auckland, said a house-price clause in the RBNZ’s remit would suggest a need for higher interest rates, which could potentially clash with its inflation and employment mandates.“That’s going to be quite a balancing act,” he said.(Updates with RBNZ governor’s comments from seventh paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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It only took almost three weeks, but the Biden-Harris transition has officially begun. On Monday, the General Services Administration gave the green light for the Biden-Harris team to transition from political campaign to government administration, allowing the team to receive government resources like office space, but also classified briefings and secure computers. Transitioning is an obscure part of the law that's rarely discussed, in large part because outgoing governments and incoming administrations largely get on and try to maintain continuity of government through a peaceful transition of power.
Shares of ANA Holdings Inc fell as much as 4.2% on Tuesday after a report said Japan's biggest airline plans to issue new shares, seeking to raise around $1.9 billion, as early as this week. ANA will hold its first share sale since 2012, Reuters reported on Saturday, citing two sources who declined to be identified as the information was not public. In a statement on Tuesday, the airline said nothing had been decided on a new share sale.
Saks Fifth Avenue revealed its iconic holiday window display and ten-story-tall theatrical light show at its New York flagship with a reimagined, one-of-a-kind event concept titled, Saks Lights Up Fifth Avenue. In lieu of closing down Fifth Avenue for a single large-scale performance, former 14-time All-Star New York Yankee and A-Rod Corp CEO Alex Rodriguez and Saks Fifth Avenue President and CEO Marc Metrick kicked off the first of many intimate, socially-distanced holiday celebrations, which can be enjoyed online by viewers across the globe via livestream.
In a memo distributed to teams, the NFL also outlined increased safety regulations for play-callers and said post-game interactions between players and staff would be limited. Players that failed to comply would be subject to discipline, the league said. The league added that the maximum number of players permitted to travel to road games would be reduced to 62 and access to club facilities would be limited for non-essential personnel.
Who will be in the top four? Where will BYU and Cincinnati end up? How will the Pac-12 fare? In a pandemic-shortened season, the inaugural CFP rankings will actually say a lot.
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The Swimwear Market will grow by USD 1.56 bn during 2020-2024
Thanksgiving is filled with food, food, food, and more food, making the holiday the ideal time to try a new recipe. Sure, you've got traditional Thanksgiving recipes that are never to be messed with (Mom's pumpkin pie, for instance). But every now and then, we love the idea of pushing tradition aside and trying something unexpected. Sides are a great way to do that, because, let's be real, sometimes the boring old mashed potatoes could use an upgrade. From exciting salads to creamy soups and so much more, these recipes will be so good, they might make you forget about the turkey altogether! Ahead, take a look at the best out-of-the-box side-dish ideas to make your Thanksgiving one to remember. - Additional reporting by Lauren Harano Related: The Best Homemade Pie Recipes For Fall and Beyond
Brent crude prices hit their highest levels since March as news of a third promising vaccine candidate spurred hopes of a quick recovery in oil demand, while U.S. President-elect Joe Biden received the go-ahead to begin his presidential transition. Brent crude futures rose 34 cents, or 0.7%, to $46.40 a barrel by 0323 GMT, while U.S. West Texas Intermediate crude added 38 cents, or 0.9%, to $43.43 a barrel. Brent crude oil rose to a session high of $46.56 earlier, the highest level traded since early March before Saudi Arabia initiated a price war with Russia, which sent oil prices crashing.
Illinois reported 8,322 new COVID-19 cases and 76 deaths Monday as testing ramps up across the state.
It's hard to think about Thanksgiving without the Macy's Thanksgiving Day Parade - the floats, marching bands, popular performers, and Broadway performances and, of course, that appearance by Santa. But with the ongoing coronavirus pandemic canceling most major public events and health and safety becoming a top priority, will the parade go on this year?
Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEX: 02318; SSE: 601318) is the subject of a case study published today by the International Institute of Management Development (IMD) in Switzerland for the Group's transformation from a traditional insurer to a technology disrupter.
Bars and restaurant owners in the Philadelphia region are reacting to new restrictions that bring a screeching halt to sales on Thanksgiving eve.
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If the vaccine rollout works like we hope it will, Jim Cramer says, the winning stocks of the post-COVID world include aerospace, retail, restaurants, autos and financials.
Purdue coach Matt Painter is excited about the Boilermakers' potential heading into the season. As Purdue begins its quest for its 25th Big Ten Championship on Wednesday against Liberty at the Space Coast Challenge in Melbourne, Fla., Painter will be looking to bring along a young roster that includes seven scholarship freshmen and sophomores. The lack of experience has Purdue not in the preseason AP Top 25 for the first time since the start of the 2014-15 season.