Friday 30 September 2016

New CSO housing data due on Wednesday

Published 19/09/2016 | 02:30

US Federal Reserve chair Janet Yellen
US Federal Reserve chair Janet Yellen

The US Federal Reserve's Open Market Committee will debate the pros and cons of an interest rate rise when its members meet tomorrow and Wednesday.

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It's expected to be a lively session and, regardless of the outcome, Janet Yellen's press conference on Wednesday will be watched closely for signals of plans, including the most likely - a rate increase in December.

The European Central Bank and Britain's Bank of England kept monetary policy unchanged this month, both could move to lower rates. In the US, a domestic recovery means the pressure is to raise rates, but global uncertainty makes that potentially fraught.

At home, the Central Statistics Office will publish its residential property price index for July on Wednesday. For the first time, the data will include cash buyers, in addition to properties bought with a mortgage. Data to June showed house prices up 6.6pc over the previous 12 months, but the new index will make comparisons difficult in the near term.

The new index model will track stamp duty paid and is therefore expected to capture all residential sales, regardless of buyer type.

Meanwhile, the National Ploughing Championships, the country's biggest trade show and Europe's biggest agricultural show, kicks off on Wednesday in Co Offaly.

Irish Independent

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