Bank of Canada officials said monetary policy easing is expected to be “gradual,” as they debate the timing of a pivot to rate cuts, Bloomberg News reported.

Canadian consumers haven’t tightened their belts this much in nearly a year, and there are no signs of spending growth since the start of 2024, Bloomberg News reported. Receipts for retailers were unchanged in March, according to an advance estimate from Statistics Canada released Wednesday. That followed a 0.1% drop in February. Taken together with the 0.3% plunge in January sales, the figures point to a flat reading in the first three months of the year, the weakest pace since the second quarter of 2023.

Mexico’s annual inflation shot past forecasts in the first half of April, likely cementing a rate hold at the central bank’s May monetary policy meeting, Bloomberg News reported. Official data released Wednesday showed consumer prices rose 4.63% from a year before, above all estimates in a Bloomberg survey that had a 4.51% median forecast. Core inflation, which excludes volatile items like food and fuel, slowed to 4.39%. Stubborn price pressures have made it more difficult for analysts to predict whether policymakers’ March interest rate reduction was the beginning of continuous easing.

The U.S. is drafting sanctions that threaten to cut some Chinese banks off from the global financial system, arming Washington’s top envoy with diplomatic leverage that officials hope will stop Beijing’s commercial support of Russia’s military production, the Wall Street Journal reported. But as Secretary of State Antony Blinken heads to Beijing on Tuesday, the question is whether even the threat of the U.S.

With Imperial Pacific International (CNMI) LLC’s filing of chapter 11 bankruptcy petition in federal court on Friday, it stops Commonwealth Casino Commission (CCC) executive director Andrew Yeom and IPI from completing their proposed settlement, the Saipan Tribune reported. CCC board chair Edward C. DeLeon Guerrero has been acting on behalf of Yeom in the settlement discussion with IPI throughout last week because Yeom’s temporary contract as executive director expired last April 13.

Mexico’s leading presidential candidate Claudia Sheinbaum said she expects Petroleos Mexicanos, the world’s most indebted oil producer, to refinance its bonds ahead of upcoming maturities in 2025, Bloomberg News reported. “By necessity it has to be in 2025, because there is a maturity of part of the debt coming up in the next year, and we have to work on that,” she said in an interview on the sidelines of Mexico’s annual banking convention in Acapulco.

Canadian consumer prices reaccelerated slightly as expected due to higher gasoline prices, while core metrics showed further disinflation progress, keeping the central bank on track to pivot to easier policy as early as June or July, Bloomberg News reported. The consumer price index rose 2.9% in March from a year ago, up from a 2.8% increase a month earlier, Statistics Canada reported Tuesday in Ottawa. That matched the median estimate in a Bloomberg survey. Excluding gasoline, the index slowed to 2.8% from a year ago, down from 2.9% in February.

Prime Minister Justin Trudeau’s government is set to unveil an ambitious budget aimed at fixing housing affordability and helping young Canadians — but the big question is whether it will raise taxes to pay for it, Bloomberg News reported. The government has already announced at least C$46 billion ($33.4 billion), including C$17 billion in loans, for measures that include boosting housing supply, supporting artificial intelligence development and increasing defense spending.

El Salvador returned to global debt markets with an offering that will pay investors a higher interest rate if the government fails to win credit upgrades or a deal with the International Monetary Fund, Bloomberg News reported. The Central American nation priced $1 billion in debt due in 2030 at 89.923 cents on the dollar to yield 12%, according to people familiar with the matter. The coupon is 9.25%, they said, and the note amortizes starting in 2028. The deal includes an additional interest-only security tied to nation’s credit score or an IMF deal.