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UN Lowers Growth Forecasts as Middle East Conflict Extends
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- The United Nations lowered its 2026 global economic growth forecast to 2.5% from 2.7% due to the Middle East conflict.
- The U.N. also raised its estimate for global inflation this year to 3.9% from 3.1%, driven by developing economies.
- The conflict could push an additional 45 million people into acute food insecurity, bringing the total to 363 million.
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U.K. Inflation Slowed in April
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- U.K. consumer prices rose 2.8% annually in April, cooling more than anticipated due to government energy bill measures.
- The 2.8% annual rise in April was below the 3.3% increase in March and a 3.0% consensus forecast.
- Inflation is expected to pick up again due to rising oil and gas prices linked to the conflict in Iran.
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Bank Indonesia Delivers First Rate Hike in Years as Rupiah Flounders, Risks Rise
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- Bank Indonesia raised its benchmark seven-day reverse repo rate by 50 basis points to 5.25%, its first hike since April 2024.
- The central bank also raised its overnight deposit facility rate by 50 basis points to 4.25% and its lending facility rate to 6.0%.
- Gov. Perry Warjiyo said the move aims to stabilize the rupiah amid the Middle East crisis and keep inflation within target.
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Canada Inflation Heats Up to 2.8% in April
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- Canadian annual inflation accelerated to 2.8% in April, the highest since May 2024, driven by rising energy prices.
- Core inflation measures, preferred by the Bank of Canada, averaged 2.05% annually, the slowest pace since January 2021.
- Consumers saw a 19.2% jump in energy prices year-over-year, while travel tour prices declined 11% in April.
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U.S. Pending Home Sales Rose in April Despite Economic Uncertainty
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- The U.S. pending home sales index rose 1.4% on month to 74.8 in April, surpassing economists’ forecast for a 1% increase.
- Nationwide, pending home sales rose 3.2% on year; sales increased in the Midwest, South, and West, but decreased in the Northeast year-over-year.
- NAR Chief Economist Dr. Lawrence Yun noted buyer optimism despite economic uncertainty and rising mortgage rates, urging increased housing supply.
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Flurry of Suspicious Oil Trades Worth $800 Million Triggers Regulatory Probe
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- The Commodity Futures Trading Commission is scrutinizing a surge in oil futures trading that occurred moments before President Trump postponed strikes on Tehran in March.
- The CFTC is interested in at least three firms as part of its inquiry, according to documents viewed by The Wall Street Journal and a person familiar with the matter.
- Some firms attributed their trades to a news headline 15 minutes before Trump’s post.
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Trump Order Would Push Banks to Check Clients’ Citizenship Status
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- President Trump issued an executive order pushing banks to collect more customer immigration status information.
- The order makes immigration status an explicit part of a bank’s money-laundering risk assessment, requiring regulators to propose changes within 90 days.
- The White House cited Chinese money-laundering networks and Mexican cartels as the basis for the rule rewrite.
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About Us
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WSJ Pro Central Banking brings you news and analysis from a global team of reporters and editors at The Wall Street Journal and Dow Jones Newswires. Send your tips, suggestions and feedback to service@dowjones.com. An artificial-intelligence tool created these summaries, which are based on the text of the article and checked by an editor. Read more about how we use artificial intelligence in our journalism.
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