At its FOMC meeting, the Federal Reserve decided to maintain the target range for the federal funds rate at 4.25–4.50%.
Wood Markets News
Bank of Canada Cuts Interest Rates and Updates GDP Projections for 2025
The Bank of Canada has reduced its target for the overnight rate to 3.0%, with the Bank Rate at 3.25% and the deposit rate at 2.95%.
CPKC Reaches Tentative Agreement With Unifor, Avoiding Strike
Canadian Pacific Kansas City (CPKC) railway and Unifor Local 101R have reached a tentative four-year collective agreement, CPKC reported.
Southern Pine Exports Fall 2% in November
Southern pine lumber exports declined 15.3% year-over-year and declined 2% month-over-month in November, the USDA and SFPA reported.
State-Level Construction Employment Data for December
Construction sector employment (both residential and nonresidential) increased in 26 states in December. Overall, the industry added a net 8,000 jobs.
US Mortgage Applications Decline in the Week Ending January 24
Mortgage loan application volume decreased 2.0% on a seasonally adjusted basis from one week earlier, MBA reported.
CN and IBEW of Canada Reach Tentative Agreement, Averting Strike
CN and the International Brotherhood of Electrical Workers of Canada have reached a tentative agreement on a contract, averting a strike slated to begin Tuesday, FreightWaves reported.
FHFA House Price Index Rises 4.2% Year-Over-Year in November
FHFA reported that according to its seasonally adjusted House Price Index, US home prices rose 0.3% in November. Year-over-year, prices rose 4.2%.
Russia’s VLP Group to Invest $20 Million in Its Sawmill in Novgorod Oblast
Russia’s VLP Group will invest more than 2 billion rubles (US$20.4 million) to modernize its sawmill in Malaya Vishera, Novgorod Oblast. The facility was acquired from the Hasslacher Group in 2023.
US Consumer Confidence Index Declines for Second Consecutive Month in January
The Consumer Confidence Index declined 5.4 points to a reading of 104.1 in January. December’s reading was revised up by 4.8 points to a reading of 109.5.