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Fannie Mae’s gauge of housing sentiment dropped 3.8 points in February to 58.0, falling close to its record low set last year.
Higher Taxes May Not Be Enough to Save Medicare Without Program Cutbacks, Says ExpertMar 8, 2023 - 05:26:37 PST
Higher taxes may not be enough to save Medicare, with program cutbacks needed to bring down rising costs, Doug Holtz-Eakin, President of the American Action Forum, tells Yahoo! Finance Live. The growing cost of Medicare and other social services is rising at a pace that's outstripping even ambitious tax programs, with rates of up to 7 percent per year, says Holtz-Eakin.
The bond market is doubling down on the prospect of a US recession after Federal Reserve Chair Jerome Powell warned of a return to bigger interest-rate hikes to cool inflation and the economy.
Stocks fell, the dollar hit multi-month highs and U.S. and German short-term bond yields were parked at their highest levels since at least 2008 as Federal Reserve chair Jerome Powell put big rate hikes back on the table to tame inflation.
During testimony on Capitol Hill, Federal Reserve Chairman Jerome Powell said the central bank may have to raise interest rates higher than previously expected to bring down price inflation.Despite the speed of Fed hiking and the enormous amount of debt in the US economy, most people in the mainstream seem convinced the central bank can keep hiking rates without breaking the economy.Economist Thorsten Polleit disagrees.
Every government policy has consequences - some intended and some unintended.There is at least one serious unintended consequence of the economic sanctions levied against Russia after its invasion of Ukraine - an erosion of the US dollar dominance.
In January, retail sales came in much hotter than expected. Now we know how consumers paid for the spending spree. They put it on credit cards.After slowing modestly in December, growth in revolving debt spiked again in January. But a slowdown in non-revolving credit moderated the overall increase in consumer debt.Overall, this signals a pretty bleak trajectory for the economy.
Federal Reserve Chairman Jerome Powell performed some "open mouth operations" on Capitol Hill Tuesday.Powell talked and the markets freaked out.
The drop in gold prices came after Powell spoke to US lawmakers on Tuesday, warning that the Federal Reserve may need to raise interest rates more than anticipated in response to the recent surge in strong economic data. He also suggested that if needed, the central bank could take larger steps to control inflation, a move that could come sooner than anticipated.
Mar 7, 2023 - 13:13:53 PST
Physical gold prices in Asia have been buoyant this week, with India seeing a rise in purchases and China experiencing healthy demand and fresh imports. In China, gold imports have been steadily flowing into the Free Trade Zone over the past few weeks, with quotas to import approved by the People's Bank of China, according to Bernard Sin, regional director at MKS PAMP.
Russia is one of the world's biggest holders of gold and is using its stockpile to skirt international sanctions.
The Central Bank of Iran is discussing with Russia the possibility of creating a token that could replace the US Dollar, Russian Ruble, and Iranian Rial in foreign trade payments. The token would be backed by gold, meaning it would work as a stablecoin, a cryptocurrency tied to the exchange rate of fiat monies.
Investors who are sitting in U.S. dollars now risk missing out on the possible next leg of a precious metals bull market.
Intellectuals and politicians often try to verbally summarize or justify conventional thinking in pithy ways. Milton Friedman (in 1965) and Richard Nixon (in 1971) both said different versions of the phrase “we are all Keynesians now.” . . .
Mar 7, 2023 - 12:17:46 PST
Effectively, Congress is covering financial losses for huge companies — including corporations like Lockheed Martin, which is worth over $122 billion. More than 70 percent of Lockheed’s net sales were from the U.S. government in 2021, meaning taxpayers largely underwrote the $11 billion it handed back to its shareholders in 2022.
The United States should change its "distorted" attitude towards China or "conflict and confrontation" will follow, China's foreign minister said on Tuesday, while defending its stance on the war in Ukraine and defending its close ties with Russia.
A new nationwide study from the Trafalgar Group and Convention of States Action (COSA) reveals that 43.4 percent of US voters believe the country is on the brink of World War III, considering the war in Ukraine, perceived threats against other European nations, and China's aggressive posture against the US.
The United States risks long-term damage if Congress does not raise the national debt ceiling, Federal Reserve Chair Jerome Powell said on Tuesday.
Sales of shares in publicly listed U.S. companies had their strongest showing last week in more than a year, as companies and some of their shareholders, such as private equity firms, capitalized on the risk appetite of stock market investors.
Morgan Stanley’s Michael Wilson says he still sees some 20% downside on some of the big technology and meme stocks, without specifying which ones.