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Which Cities are the Most and Least Affordable?

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Share Save Previous: The Mortgage Industry’s Biggest Challenges in 2018 Next: Coastal Home Insurance and a Hurricane Forecast If you make $35,000 a year, your best bet for an affordable place to live is Ohio; your worst is California. That’s according to the Realtor.com and National Association of Realtors’ Affordability Distribution Curve and Score report for June. Ohio and California were also the bookends last month for people who earn $75,000. In the overall breakdowns, Ohio placed four of the five most affordable markets in the country—Youngstown, Dayton,  Toledo, and Akron. The lone non-Ohio city in the top five was Syracuse, but that city was replaced by Cleveland when looking at the best markets for people earning $35,000 a year.For those earning $75,000, the same Ohio towns made up the top four places; the fifth was Scranton.At the other end of the country, California claimed all five top spots for the lowest affordability—Los Angeles, San Diego, San Jose, Oxnard, and San Francisco. These same cities were, in slightly mixed order, the five least affordable cities for those earning $75,000. In the $35,000 range, all cities but San Diego made the top five; it was replaced by Austin.However, Austin was one of a handful of cities that actually became more affordable overall in June, along with Honolulu, Portland, Sacramento, and Nashville.Metro markets with the biggest gains in affordability over the last year were the generally pricier areas in the West. All the California cities listed as the least affordable also became less affordable in June. So did Boise, Spokane, Indianapolis, and Columbia, S.C.These numbers are, of course, a snapshot, though they do mirror recent trends.“Affordability conditions aren’t static and change as incomes in a market change or as home inventory increases or decreases at certain price points,” the report stated.According to the report, areas that became less affordable are “markets seeing spillover demand from hot West coast tech markets or increasing second home and retiree interest. In addition, some historically more affordable markets in the Midwest and South saw a decrease in the percentage of inventory available to lower and middle-incomes decreasing at a faster rate than the country overall. in Daily Dose, Featured, Market Studies, News The Best Markets For Residential Property Investors 2 days ago Affordability Affordable Markets Cities Homes HOUSING NAR Realtor.com 2018-07-11 Radhika Ojha July 11, 2018 1,832 Views Which Cities are the Most and Least Affordable? Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Tagged with: Affordability Affordable Markets Cities Homes HOUSING NAR Realtor.com About Author: Scott Morgan Servicers Navigate the Post-Pandemic World 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Which Cities are the Most and Least Affordable? Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Sign up for DS News Daily Demand Propels Home Prices Upward 2 days agolast_img read more

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‘We’ve Said This Before, Public Streets Should Not Be Blocked’: Supreme Court On Noida Resident’s Plea That Travel To Delhi Takes 2 Hours

first_imgTop Stories’We’ve Said This Before, Public Streets Should Not Be Blocked’: Supreme Court On Noida Resident’s Plea That Travel To Delhi Takes 2 Hours Radhika Roy9 April 2021 1:38 AMShare This – x The Supreme Court on Friday allowed the impleadment of States of Uttar Pradesh and Haryana in a writ petition filed a resident of Noida who alleged that her commute from Noida to Delhi was taking her two hours instead of the usual 20 minutes due to road blockades A Bench of Justices SK Kaul and Hemant Gupta dictated in their Order that “public streets should not be blocked”…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?Login The Supreme Court on Friday allowed the impleadment of States of Uttar Pradesh and Haryana in a writ petition filed a resident of Noida who alleged that her commute from Noida to Delhi was taking her two hours instead of the usual 20 minutes due to road blockades A Bench of Justices SK Kaul and Hemant Gupta dictated in their Order that “public streets should not be blocked” and that this was an aspect that had been emphasized repeatedly in previous orders of the Supreme Court. In today’s hearing, Solicitor-General Tushar Mehta submitted to the Court that he was appearing on behalf of the Delhi Government, to which Justice Kaul responded that Delhi Government had said that the SG was appearing for Haryana and the UP Governments. Justice Kaul further observed, “We are not concerned with how you resolve this issue, whether politically, administratively or judicially. But, we have said this before, roads should not be blocked. This is a single mother who has to face many issues because of blocked roads”. Accordingly, the SG requested for the impleadment of the States of Haryana and UP, which was allowed by the Court with notice waived to both the States. The matter will now be heard on 19th April. On 29th March, 2021, the Supreme Court had issued notice to the Central Government and the Delhi Police Commissioner to ensure that the road area was kept clear so that the passage from one place to the other was not affected. The Petitioner, Monicca Agarwaal, who appeared in person, submitted to the Court that she stayed in Noida and had to commute to Delhi in connection with her marketing job. It was contended that despite various directions passed by the Court to keep the roads clear, the same had not happened. Further, being a single mother with medical issues, it had become a nightmare for her to travel to Delhi. Case Name: Monicca Agarwaal v. Union of India & Anr. Next Storylast_img read more

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‘Exchange’ the way you think about employee benefits

first_imgAssuring your financial institution gets the most ROI out of your employee benefits programs can easily become quite an expensive and challenging endeavor. In fact, Gallagher’s own 2015 National Benchmarking Survey found that 62% of employers surveyed placed “controlling benefit costs” in their top three challenges. With rising, unsustainable healthcare costs, employers are looking for innovative ways to continue to offer benefits. The answer comes in the form of the private exchange.Private exchanges are employer-sponsored online platforms that allow employees to shop for health and welfare benefits. They afford employers the opportunity to offer a broad range of benefits, including medical, ancillary, and voluntary benefits to their employees through an interactive online portal. Private exchanges aim to help employers solve their benefits challenges by locating cost inefficiencies, driving sustained employee engagement, and easing the employer’s administrative burden, and they are accomplishing all of that.According to recent data reported by Gallagher, private exchanges lower the actuarial value of an employer’s benefits plan by an average of 4.3%. Also, Liazon’s 2015 Employer and Employee Survey reports that:70% of employers say that their exchange has helped control costs,96% of employees preferred to choose their own benefits (with 95% still being satisfied with their selections after a year), and67% of employers say their benefits administration has been streamlined.A recent Accenture study revealed that an estimated 6 million employees enrolled in their benefits through an employer-sponsored private exchange in 2015. This same report states that the number of employees enrolled in private exchanges is expected to double in 2016 and to reach 40 million enrollees by 2018. These figures demonstrate that private exchanges are due to become increasingly popular with employers and employees in the coming years.For more information about the positive impact of private exchanges on organizations and their employees, read Gallagher Benefit Services’ report containing data collected on enrollees of their private exchange, Gallagher Marketplace. 151SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Ryan Norman Ryan Norman joined Gallagher Benefit Services, Inc. in July 2012 as Area Vice President and Benefits Consultant. Ryan has led several key initiatives for Gallagher, including the development of Gallagher’… Web: www.ajg.com Detailslast_img read more

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MOL’s LNG tug bunkers fuel at Sakai Senboku Port

first_imgImage courtesy of MOLJapan’s Mitsui O.S.K. Lines (MOL) on Thursday said its LNG-fueled tugboat Ishin completed first liquefied natural gas bunkering operation at the Sakai Senboku Port. LNG fuel was supplied by Osaka Gas using a truck-to-ship LNG bunkering method, MOL said in a statement, noting that the preparations for test operations are drawing to a close.After sea trials with LNG fuel, the Ishin, to be operated by Nihon Tug-Boat, is slated for delivery in late February and will start operation in April as the first LNG-fueled tugboat serving Osaka Bay.MOL developed the LNG supply system for ships in Sakai Senboku Port together with the Osaka Prefecture Port and Harbor Bureau and Osaka Gas.last_img read more

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Francesco Guidolin watches Swansea beat Watford thanks to Ashley Williams goal

first_img Guidolin’s appointment was confirmed before kick-off and the former Parma, Palermo and Udinese coach took his place in the stand as Swansea sought to escape the bottom three. The 60-year-old, who has brought in the former Chelsea midfielder Gabriele Ambrosetti to assist, will work alongside interim manager Alan Curtis, though the Italian will have the final say on team selection. Guidolin witnessed a pretty drab opening with Jack Cork’s wayward effort the only shot in the first 20 minutes. Watford barely mustered an attack in the first half but might have been awarded a penalty after 21 minutes when Kyle Naughton handled right on the edge of the area. Odion Ighalo failed to direct his header goalwards under pressure from Federico Fernandez but, as Jose Manuel Jurado kept the move going, Naughton appeared to move his arm towards the ball. Watford appeals were conspicuous by their absence, however, and the Hornets were soon behind after Andre Ayew had tested Hornets goalkeeper Heurelho Gomes for the first time. Ki Sung-yueng retrieved a loose ball down the right and his cross was met by Williams, who took advantage of Miguel Britos misjudging the flight by directing his header goalwards for the first goal from any Swansea defender since March 2014. It was only the fifth time Swansea had scored the first goal in 22 Premier League matches this term but it prompted a surge in confidence with the Watford defence at full stretch not to concede a second. Jurado tried to spark Watford into life either side of the break with attempts from distance and Britos went close when he sent Ben Watson’s delicious free-kick on to the roof of the net. Cork volleyed over for Swansea but there was an anxiety about their play which reflected the importance of the situation. With main striker Ayew dropping ever deeper to influence matters, there was no central figure to hold the ball up and the lively Jurado fired wide as Watford pushed for an equaliser. But Swansea saw their own penalty shout ignored when Watson leaned into Neil Taylor’s shot with referee Michael Oliver adjudging the contact was more shoulder than arm. Watford came within inches of equalising late on when Juardo almost punished Taylor’s error but Swansea substitute Bafetimbi Gomis struck a post in stoppage time as they held on to move a point above Newcastle into 17th place. TWEET OF THE MATCH ” Incredible – a #Swans defender scores a goal for the first time in 22 months. Ki cross, Williams rises to nod home from eight yards 1-0 27m” – South Wales Evening Post reporter Gareth Vincent registers his surprise at source of Swansea’s winner. PLAYER RATINGS Swansea Lukasz Fabianski 6 (out of 10) Kyle Naughton: 6 Federico Fernandez: 7 Ashley Williams: 8 Neil Taylor: 7 Leon Britton: 7 Jack Cork: 7 Ki Sung-yueng: 5 Wayne Routledge: 6 Gylfi Sigurdsson: 7 Andre Ayew: 7 Substitutes Modou Barrow (on for Routledge 66mins): 6 Bafetimbi Gomis (on for Ayew 82mins): 6 Jordi Amat (on for Ki 87mins): 6 Watford Heurelho Gomes: 6 Allan Nyom: 6 Miguel Britos: 5 Craig Cathcart: 6 Nathan Ake: 5 Ben Watson: 7 Etienne Capoue: 5 Jose Manuel Jurado: 7 Valon Behrami: 6 Troy Deeney: 6 Odion Ighalo: 5 Substitutes Juan Carlos Paredes (on for Nyom 74mins): 6 Obbi Oulare (on for Behrami 88mins): 6 STAR MAN ASHLEY WILLIAMS: Grabbed the all-important Swansea winner with his first goal for nearly two years and his first in the Premier League at the Liberty Stadium. But the captain was just as important at the other end as he dealt with a succession of crosses which came his way and kept a cool head when the pressure was really on. MOMENT OF THE MATCH Tempting to say the final whistle as the relief which poured out from Swansea supporters shook the Liberty Stadium to its foundations. But Williams’ well-directed header was the stand-out moment, as much for as its rarity value as bagging three precious points to take the hosts out of the bottom three. VIEW FROM THE BENCH Interim manager Alan Curtis was taking charge of the team for the last time with new head coach Francesco Guidolin sat in the stand and set to pick the team from now on. Curtis must have been delighted with the effort from his players who gave him a second win in seven league matches. But it’s now four straight defeats for Watford and manager Quique Sanchez Flores must be concerned by the Hornets’ slump with the Igahlo/Deeney partnership suddenly firing blanks. MOAN OF THE MATCH The lack of quality. It is probably true to say standards are going to suffer when so much at stake and Swansea’s renowned passing game has certainly disappeared during their current relegation strife. But for much of this contest possession was frittered away too cheaply and the quality was not becoming of the “greatest league in the world”. WHO’S UP NEXT? Watford v Newcastle (Premier League, January 23) Everton v Swansea (Premier League, January 24) Swansea skipper and match-winner Williams was delighted to secure a vital three points for his side and take them out of the bottom three. “It’s massive, I think all the games are big for us now. We need points as quick as possible and try to move up the table to get out of this situation,” he told Sky Sports 1. The 31-year-old centre-half also revealed the playing staff knew Francesco Guidolin was going to be appointed Swansea head coach last night. Williams admitted that a new boss on the horizon may have been a factor behind an improved performance, but also paid tribute to caretaker boss Alan Curtis and said the players wanted to end his spell in style. “We heard the news last night and obviously everyone got on to Google and did their research and tried to find out as much as they can about him,” he added. “It looks like he’s got a good record. He’ll have been watching tonight so I think it gave everyone at the club a bit of a lift to go out and try and show what you can do, but also for Curt (Alan Curtis) as well who has done an amazing job.” Curtis thought his side were well worth the points, saying: “I thought so. In the first half especially I thought we controlled the game and it was one of our better performances of the season I’d say, but obviously we were a bit more tentative second half but I think that’s just the way it is at the moment.” When asked about Guidolin he added: “For the new manager looking in he can sort of assess what he’s seen, but I would have thought he would be more than pleasantly surprised with what he saw.” Watford boss Quique Sanchez Flores was disappointed with his side’s first-half display and the result, but pointed out that they were much improved after the break. “I was disappointed in the first half that we lost a bit of balance,” he said. “But I’m really happy with the performance in the second half. They had pressure with the ball they had.” A rare Ashley Williams goal, headed home from inside the six-yard box after 27 minutes, was enough to give Swansea only a third win in 18 league attempts and lift them out of the bottom three at the expense of Newcastle. It was far from pretty at times but that will not worry a Swansea side who inflicted a fourth straight league defeat on a Watford side suffering their worst run of the season. New Swansea head coach Francesco Guidolin saw his side ease their Barclays Premier League relegation worries with a hard-fought 1-0 win over Watford. Press Associationlast_img read more

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Women of Troy compete at Allstate Sugar Bowl

first_imgThe USC women’s golf team, seeking its first tournament win of the year, extended its lead to four strokes after two days of play in the 2012 Allstate Sugar Bowl Intercollegiate Golf Championship.The tournament, held at the English Turn Golf and Country Club in New Orleans, is hosted by Tulane University and features 15 teams, including Pac-12 rivals Oregon and Colorado. The Women of Troy are the defending champions of the event, having won by four strokes over top-seeded Alabama in 2011.Leading the field · Sophomore Sophia Popov is tied for 10th place at the Allstate Sugar Bowl Golf Championship at three over par. The Women of Troy currently lead the tournament by four strokes. – Photo courtesy of Sports InformationThe Women of Troy have received strong performances from senior Lisa McCloskey and freshman Doris Chen, both of whom are in the running for the individual lead. McCloskey is currently second at 2-under 142, striking 1-under 71 in each round, while Chen is third at 1-under 143. McCloskey buried three birdies in the first five holes and finished with four overall, while Chen notched three birdies.Sophomore Sophia Popov overcame a rough start to birdie five of the final 10 holes, coming in tied for 10th at 3-over 147. Senior Inah Park is tied for 43rd at 9-over 153, while sophomore Rachel Morris is tied for 60th at 14-over 158.The Trojans opened the spring season with a resounding second-place finish at the Northrop Challenge, finishing at 30-over 882, behind only UCLA.The competition, which marked the team’s highest finish this year, also featured a strong performance by Popov, whose fall season was cut short after a wrist injury during the Stanford Intercollegiate Tournament in late October. Popov rebounded to finish second overall at 1-over 214, including an impressive final round in which she notched seven birdies and a score of 4-under 67.The tournament featured a consistent effort from all golfers. Chen, a highly touted recruit and former U.S. Junior Champion, recorded her best standing, finishing 10th at 8-over 221 to overcome a rough final round. Park recorded her third top 20 finish, coming in tied for 16th at 9-over 222.McCloskey finished tied for 23rd at 12-over 225 after remaining in top-10 contention the first two days. Morris finished at 18-over 231, tied for 46th. Though rain and gloomy conditions hindered performance and created considerable struggle on the final day, the Women of Troy maintained their second place standing from the previous two rounds, largely because of Popov’s stellar work.The Women of Troy have been working hard to replicate the success of their 2010-2011 campaign, in which they captured their fifth Top-5 NCAA finish in the last seven seasons. Even more impressive, they won four tournaments, including the 2011 Pac-10 championship and 2011 NCAA West Regional. Victories have been hard to come by, but the Women of Troy are maintaining confidence.“Our main goal is to win the event as a team and just try to play a solid tournament individually,” said Popov. “We just need to try to keep the momentum going.”Following the tournament, the Women of Troy will have three weeks off before continuing their season with the Battle at Rancho Bernardo March 18-20.last_img read more

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A look forward to Syracuse’s 1st-ever NCAA tournament appearance

first_img Published on November 28, 2018 at 11:56 pm Contact Eric: [email protected] Comments Sunday night, Syracuse crowded into a film room in the back of Manley Field House to watch itself qualify for the NCAA Division I women’s volleyball tournament for the first time in program history. Senior Amber Witherspoon jumped out of her chair while most other players threw their hands up in celebrations. Many whipped out their phones to take pictures of Syracuse in the bracket on the screen. But Monday, the fun stopped.“It’s a business trip,” senior and All-ACC second team member Witherspoon said. “Ultimately it’s a great memory and it’s great that we can go down in history, but at the end of the day it’s still a business trip, we have to do what we have to do.”Syracuse (18-8, 14-4 Atlantic Coast) will play eight-seeded Yale (19-4, 13-1 Ivy League) at 5 p.m. on Nov. 30, at Penn State, the first of what the Orange is determined to make several tournament games. The winner of Penn State vs. Howard at 7:30 p.m. will play the winner of Syracuse’s game on Dec. 1 at 7 p.m.Laura Angle | Digital Design EditorAdvertisementThis is placeholder textSyracuse, which is 36th in rating percentage index, matches up with Ivy League champions Yale, which rank 41st in RPI. But nothing about SU’s opponent stuck out to Orange head coach Leonid Yelin.“Every team you know who has made the 64 from my previous experience, they are good,” Yelin said. “Otherwise, they wouldn’t make it. Even some people think, ‘Yale is in the Ivy League’ but they are dominating in that league and they are getting a lot of really good players from all over the nation.”The only opponent Yale and Syracuse have had in common this season is New Hampshire. On Aug. 31, Syracuse beat New Hampshire in straight sets 3-0. On Sept. 7, New Hampshire beat Yale 3-1.“You don’t want to have people feel pressure,” Yelin said. “I said, ‘Enjoy this moment, guys. You got it, out of almost 360 teams, you’re there. Be happy. Just go there, lose there, just have fun playing … And whatever happens, happens. But please, you will be able to play the way  you know how to play. Don’t think it happens if you’re going to be tight. You’re not going to demonstrate what you’re actually capable of.’”While SU boasts All-ACC first team member senior Santita Ebangwese, the Orange have largely been driven by fellow first team member and ACC Freshman of the Year Polina Shemanova.Shemanova leads the Orange in kills with 425, almost 200 ahead of Ebangwese who has the second most with 237.“As a freshman, this is all new for me but I’m really excited because it’s the first time we made the NCAA tournament,” Shemanova said. “We did our best and it worked.”Despite the historic year for the program, the Orange still enter the tournament as an underdog. In Syracuse’s region alone stands No. 1 Stanford, No. 8 Penn State, No. 9 Creighton and No. 16 Washington State. Ebangwese said the role is something she loves.And for the seniors it’s not about just making the tournament. It’s not even about trying to win one game. The Orange want to prove something about the program and put the team on a path to make the tournament on a consistent basis.“We don’t want to make this just a one time thing, a Cinderella story,” Ebangwese said. “We want to create a legacy.”center_img Facebook Twitter Google+last_img read more

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Ohio Ag Net Podcast | Episode 39 | Hot Topics on a Cold Day

first_imgShare Facebook Twitter Google + LinkedIn Pinterest After driving in the snow and freezing rain on a cold January morning, Matt Reese and Ty Higgins hoped to thaw things a bit by covering some hot topics in agriculture for the 1st Ohio Ag Net Podcast if 2018, brought to you by AgriGold. Matt highlights his conversations with Dr. Tony Forshey and Director David Daniels with the Ohio Department of Agriculture about the upcoming County Fair season. Matt also talks water quality with Dr. Kevin King with USDA. Ty recently caught up with Dr. Carl Zulauf about the prospects of a 2018 Farm Bill actually happening in 2018.last_img read more

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PH gets first bronze in pencak silat

first_imgDon’t miss out on the latest news and information. Ethel Booba on hotel’s clarification that ‘kikiam’ is ‘chicken sausage’: ‘Kung di pa pansinin, baka isipin nila ok lang’ Princesslyn Enopia took home the bronze medal in tanding – women’s class A event of pencak silat in the 2017 Southeast Asian Games Tuesday at Kuala Lumpur Convention Centre Hall 2. The 19-year-old lost in her semifinals match in the 45-50 kilogram category to settle for the bronze medal.ADVERTISEMENT LATEST STORIES Celebrity chef Gary Rhodes dies at 59 with wife by his side Rockets donate $4 million to help storm victims MOST READ Trending Articles PLAY LIST 00:50Trending Articles02:49World-class track facilities installed at NCC for SEA Games03:07PH billiards team upbeat about gold medal chances in SEA Games05:25PH boxing team determined to deliver gold medals for PH03:04Filipino athletes share their expectations for 2019 SEA Games00:45Onyok Velasco see bright future for PH boxing in Olympics02:25PH women’s volleyball team motivated to deliver in front of hometown crowd01:27Filipino athletes get grand send-off ahead of SEA Games00:36Manny Pacquiao part of 2019 SEA Games opening ceremony Sports Related Videospowered by AdSparcRead Next Trump signs bills in support of Hong Kong protesters NATO’s aging eye in the sky to get a last overhaul Biggest Pogo service provider padlocked for tax evasion Hotel says PH coach apologized for ‘kikiam for breakfast’ claim Still, her achievement can’t be disregarded as Enopia gave the Philippines its first medal in the sport in this games.Pham Thi Tuoi of Vietnam won the gold medal, Atiq Shazwani Roslan of Singapore got the silver, while Nurul Annisa Mohd Sobri of Malaysia got the other bronze.FEATURED STORIESSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSPrivate companies step in to help SEA Games hostingSPORTSBoxers Pacquiao, Petecio torchbearers for SEA Games opening Robredo should’ve resigned as drug czar after lack of trust issue – Panelo Lacson: SEA Games fund put in foundation like ‘Napoles case’ View commentslast_img read more

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Bank of Canada governors communication approach under scrutiny at conference

first_imgOTTAWA – The central bank governor’s communications style is under a microscope — but the jury is still out on whether he needs to change his strategy.Experts shared a range of views Thursday at a Bank of Canada conference about governor Stephen Poloz’s messaging ahead of his interest-rate decisions, which included a hike last week that caught some analysts by surprise.The rate decision attracted open criticism from forecasters over the fact the bank didn’t offer more-explicit signals about its intentions beforehand.Others, however, have dismissed the concerns. They’ve argued that stronger-than-expected economic numbers released before the rate increase provided more than enough information to persuade markets that, despite the bank’s silence, a hike was on the way.The debate over central bank communications emerged as a central theme at the Bank of Canada headquarters, where dozens of the country’s top economic experts gathered for a conference on monetary policy.Attendees offered different opinions as well as some advice on the issue.Some suggested the bank offer a consistent level of public transparency when it comes to its expected interest-rate path, while others recommended senior officials spend more time updating the public.But those perspectives were countered by experts who insist there’s no need for the bank to give more signals to markets, which economists often refer to as “forward guidance.”The issue made headlines in recent days after BMO chief economist Doug Porter wrote a paper to clients calling the central bank’s pre-decision communications an “epic” failure.Porter said he had no problem with the rate hike itself, because the stronger economy had made a solid case for it.But he argued the bank caused significant uncertainty and a “fairly violent” market reaction by not making any public remarks for about two months before the rate increase.In contrast, critics have also noted that, ahead of the bank’s July rate increase, Poloz sent clear signals he had shifted to a rate-hiking path.Porter’s criticism caught the central bank’s attention, which responded with a detailed defence.The bank argued that a large percentage of traders had correctly read Poloz’s most-recent messaging in July, which had indicated future rate decisions would be guided by economic data. Market expectations in the days before the announcement showed the odds of a hike were about 50-50, bank spokesman Jeremy Harrison said.Harrison also pointed to the unexpectedly strong numbers for second-quarter growth released less than a week before the rate announcement — during the bank’s pre-decision blackout period. The bank has a policy of avoiding any external communications about the economic outlook and monetary policy in the week before rate decisions are announced.With so much attention paid to the issue in recent days, it became an unofficial theme of a conference on the renewal of the bank’s inflation-targeting commitment in 2021. The issue popped up on stage during panel discussions and on the sidelines of the event.After the conference, senior deputy governor Carolyn Wilkins said she’d like to study transparency and communications suggestions that could add clarity that’s useful for credibility, anchoring expectations and avoiding unproductive volatility.“My hope is that there’s some way to interact that makes it easier for people to understand how we think about the economy, what information is important to us and how that might be evolving,” Wilkins told reporters.“My hope is that we will continue to improve that. My assessment is that, in general, it’s OK. It’s pretty good.”Wilkins said if the bank decides to increase the number of speeches and news conferences, those changes could be implemented soon.During one session, panellist Michelle Alexopoulos, a University of Toronto economist, said the debate over how the bank communicated — or did not communicate — its thoughts before the July and September hikes suggests that forward guidance should become a regular tool to ensure consistency.“If we don’t want to give it all the time, that’s fine, but we should give some guidance as to when we’re going to use the guidance so that we’re not actually caught in some situations where individuals are guessing,” Alexopoulos told the audience, which included Poloz himself.She suggested the bank introduce a form of “conditional” forward guidance to leave it some wiggle room in case of sudden economic changes.But others said Poloz doesn’t need to adjust his communications.Don Drummond, a Queen’s University professor, said he didn’t think the recent rate hike hinged on the strong growth number released just days before the decision.The economy, he added, had been showing strength for a while.“I think the onus is on everybody else — why wouldn’t they raise interest rates?” said Drummond, who sat beside Poloz in the audience at conference.“I would have been shocked if they had not gone ahead and taken that as an opportunity to raise interest rates. So, I think there’s some misunderstanding about how monetary policy is geared.”Drummond, a former senior official with the federal Finance Department, also said there’s an incorrect notion out there that monetary policy is a precise science.Poloz did not address the conference, which included many international experts.About three years ago, Poloz announced the bank would move away from forward guidance, which was adopted by the bank in the wake of the financial crisis.At the time, he said forward guidance reduced uncertainty for markets about the path of interest rates when they were already at a very low level.However, Poloz noted guidance could also create significant volatility when markets perceived the bank was preparing to change its position.Follow @AndyBlatchford on Twitterlast_img read more

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