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Fed Chair Powell: Inflation remains too high, lending rates may be increased

Inflation in the U.S. economy remains too high and lending rates may need to move higher, U.S. Federal Reserve Chair Jerome Powell said in a highly anticipated speech on Friday.

U S mortgage applications plummet to near-30-year low

Mortgage applications crater as lending rates hit the highest level since 2021

With the rate on a 30-year, fixed-rate mortgage topping 7%, the number of applications for a loan toward a home purchase dropped nearly 1% week-on-week, the Mortgage Bankers Association reported Wednesday.

Vietnam central bank requests more lending rate cuts

The State Bank of Vietnam (SBV) has asked banks in the country, both domestic and foreign, to further lower lending rates by expected 1.5-2 percentage points per annum to better support the country’s economic growth.

These banks have increased loan interest rates in August 2023

Loan interest rates: In August, top banks in India, such as HDFC Bank, and ICICI Bank, Bank of Baroda increased their marginal cost of funds-based lending rate (MCLR) across various tenors.

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