Real GDP increased at an annual rate of 2.3% in Q4, following an increase of 3.1% in Q3.
Wood Markets News
BC Extends Old-Growth Deferral in the Fairy Creek Watershed
BC has extended temporary protections in the Fairy Creek watershed until September 30, 2026. The extension applies to the same forest lands as those deferred in June 2021.
HS Timber Group Acquires Latvian Wood Processing Company Kurekss
Austria-based HS Timber Group acquired 100% of the shares of Latvian wood processing company Kurekss SIA. The transaction also includes the pellet manufacturer Kurzemes Granulas.
US Pending Home Sales Fall 5.5% in December
The NAR Pending Homes Sales Index declined 5.5% to a reading of 74.2 in December. Year-over-year, sales were down 5.0%.
US Mortgage Application Payments Edge Lower in December
The national median payment requested by applicants decreased from $2,133 in November to $2,127 in December, MBA reported.
US Mortgage Rates Inch Lower in the Week Ending January 30
The 30-year fixed-rate mortgage averaged 6.95%, down from last week when it averaged 6.96%, Freddie Mac reported.
US Weekly Initial Jobless Claims Decline in the Week Ending January 25
The advance figure for seasonally adjusted initial unemployment claims was 207,000, a decline of 16,000 from the previous week’s unrevised level.
Federal Reserve Holds Interest Rates Steady
At its FOMC meeting, the Federal Reserve decided to maintain the target range for the federal funds rate at 4.25–4.50%.
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.