Global markets: US Fed cuts interest rate forecast

By Commodity News Service Canada

WINNIPEG, March 17 – The following is a glance at the news moving markets globally.

US FEDERAL RESERVE CUTS BACK ON RATE HIKES
The US Federal Reserve scaled back on the number interest rate increases it will be introducing over the next nine months.

The Fed cut the rate forecast from four increases to two, citing global risks.

The news sent the US dollar lower in early activity on Thursday.

US JOBLESS CLAIMS UP
US jobless claims for the week ended March 12 increased by a seasonally adjusted 7,000 to sit at 265,000, according to data from the country’s Labor Department.

A government analyst said there were no special factors influencing the increase.

Jobless claims for the prior week were revised downward by 1,000.

CANADA’S WHOLESALE SALES STEADY
Canada’s wholesale sales were unchanged at C$57 billion in January as gains in the machinery, equipment and supplies subsector were offset by lower sales in the motor vehicle and parts subsector, Statistics Canada said in a report on Thursday.

According to StatsCan, in volume terms, wholesale sales decreased 0.2 per cent in January.

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