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Citi Expands Program To Help Diverse Communities Reach ‘Transformational’ Homeownership MilestoneSep 9, 2022 - 07:45:54 PDT
Citi is working on several new initiatives to boost financial inclusion, making mortgages, credit cards and small business funding more available.
Sep 9, 2022 - 07:35:49 PDT
Canada is a mediocre economy with an uninspired central bank. So, if their staff is bold enough to be super cute with words instead of forthright today… just imagine what baseless claptrap...
1st Look at Local Housing Markets in August, Sales and New Listings Down Sharpy Year-over-yearSep 9, 2022 - 07:32:42 PDT
This is the first look at local markets in August. I’m tracking about 35 local housing markets in the US. Some of the 35 markets are states, and some are metropolitan areas. I’ll update these tables throughout the month as additional data is released.
The US housing market is facing stress thanks to The Federal Reserve’s “war on inflation.” As The Fed starts trimming its excess ballast and M2 Money growth YoY slows to the lowest since Pre-Covid, we are seeing housing markets like San Francisco beginning to experience declines in home prices.
Investors are rushing out of US equities as the likelihood of an economic downturn increases amid a myriad of risks, according to Bank of America Corp. strategists.
ECB Scrutinizes Banks' Readiness For Possible Tsunami Of Energy Company DefaultsSep 9, 2022 - 07:14:20 PDT
It appears financial armageddon nears for Europe as the European Central Bank calls for a meeting with top bank executives to discuss how to prepare for a potential 'Lehman-style' collapse of energy companies amid worsening energy crisis.
EU Crisis Is Global: Neocolonialism, Hyper-Financialization, Hyper-Globalization Come Home to RoostSep 9, 2022 - 07:00:08 PDT
What's the status quo fix? Cannibalization: The System Is Busy Cannibalizing Itself (August 31, 2022). Turning financialization and globalization into Hyper-Financialization and Hyper-Globalization didn't resolve the internal contradictions, it only accelerated their demise.
Gold advanced to the highest since late August, as the dollar weakened and expectations firmed for a super-sized interest rate increase from the Federal Reserve later this month.
The threat to Europe’s industrial might and living standards is particularly acute as policymakers race to decouple the continent from Russia’s power sources.
The US dollar tumbled the most in a month as a bout of stronger risk appetite curbed demand for the world’s haven currency of choice.
With virtually every currency weakening against the dollar, Chinese policy makers have to decide whether it’s worth their while resisting the decline of the tightly managed yuan.
Global equity funds remained out of favour in the seven days to Sept. 7 as a strong U.S. services industry report fuelled concerns that the Federal Reserve would keep hiking interest rates to tame inflation.
As central banks obsess over far-off dangers, a tsunami of energy-price bankruptcies approaches.
Lagarde insisted that the ECB stands ready to provide liquidity to banks, not energy firms and that "watering down the prudential requirements for clearing houses and derivative counterparties should be avoided."
The dollar was on track for its first weekly fall in four on Friday, as a hawkish rate hike from the European Central Bank lifted the euro and investors looked to U.S. inflation data early next week.
Add the rapid drop in the value of the yuan to the litany of challenges facing global commodities prices.
Japanese Prime Minister Fumio Kishida ordered the putting together of a fresh stimulus package in October to help the economy weather the impact of inflation in addition to a round of price-relief steps updated on Friday.
The ECB raised rates by an unprecedented 75 basis points on Thursday just weeks after a 50 basis point move and promised several more steps over the coming months as euro zone inflation was at its highest rate in nearly a half a century and at risk of becoming entrenched. "Inflation remains unacceptably high," Peter Kazimir, Slovakia's central bank chief said.
Asian shares crept higher as the dollar eased, with markets turning calmer after a record interest rate hike from the European Central Bank and hawkish comments from the U.S. Federal Reserve Chair reinforced bets of aggressive tightening ahead.
This week was the calm before the storm that will begin next week with the August CPI data and continue with the September FOMC meeting the following week. Friday Gold Wrap host Mike Maharrey takes advantage of the lull to cover some interesting topics including some more tough talk on inflation from Jerome Powell, the prospect of the Fed recording its first operating loss since 2023, and silver on sale.