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“New home sales unexpectedly rise 7.5% in October” Sales of new US single-family homes unexpectedly jumped in October, shrugging off rising mortgage rates and house prices, which have drastically eroded affordability. New home sales rebounded 7.5% to a seasonally adjusted annual rate of 632,000 units last month, the Commerce Department said Wednesday. September’s sales pace was revised down to 588,000 units from…
“Weekly jobless claims hit 3-month high” The number of Americans filing new claims for unemployment benefits increased to a three-month high last week amid rising layoffs in the technology sector, but that likely does not suggest a material shift in labor market conditions, which remain tight. Weekly jobless claims data tend to be volatile around the start of the holiday…
“Fed’s Loretta Mester supports smaller rate hike in December” The Federal Reserve can downshift to smaller interest rate hike increments from next month as it fine-tunes its policy actions to help bring down high inflation while keeping the economy humming, Cleveland Fed President Loretta Mester said Monday. “I think we can slow down from the 75 at…
“The US economy is at the mercy of Jerome Powell and Janet Yellen” While Americans struggle to pay their bills amid soaring inflation, the institutions we rely on to wrestle the economy back to stability are engaged in a secret power struggle which only worsens the impending crisis. Federal Reserve Chair Jerome Powell and Treasury…
“Home sales plunge to lowest level in 10 years as prices stay high despite high mortgage rates” Sales of previously occupied US homes fell in October for the ninth month in a row to the slowest pre-pandemic sales pace in more than 10 years, as homebuyers grappled with sharply higher mortgage rates, rising home prices…
” Fed paper looks at theoretical role of remuneration, convenience in CBDC design “ The importance of remuneration in the design of a central bank digital currency (CBDC) was emphasized in a paper the United States Federal Reserve Board released Nov. 17. The paper, part of the Fed’s Finance and Economics Discussion Series, reviewed the…
“Jobless claims drop as widespread layoffs remain low” The number of Americans filing new claims for unemployment benefits fell last week, showing widespread layoffs remain low despite a surge in technology-sector job cuts that has raised fears of an imminent recession. The weekly unemployment claims report from the Labor Department on Thursday, the most timely data on the economy’s…
“‘Might be in for soft landing after all:’ Retail sales rise more than expected in October” Retail sales increased more than expected in October as households stepped up purchases of motor vehicles and a range of other goods, suggesting consumer spending picked up early in the fourth quarter, which could help to support the economy. The solid retail sales reported…
“Wholesale inflation eases to 8% in October” Prices at the wholesale level rose 8% in October from a year ago, the fourth straight decline and the latest sign that inflation pressures in the US are easing from painfully high levels. The annual figure is down from a revised 8.4% in September. On a monthly basis, the government…
” NY Fed launches 12-week CBDC pilot program with major banks “ The Federal Reserve Bank of New York’s Innovation Center, or NYIC, announced that it would be launching a 12-week proof-of-concept pilot for a central bank digital currency, or CBDC. In a Nov. 15 announcement, the New York Fed said the program would explore…