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Federal Reserve hikes interest rates by 75 basis points for fourth time this year The Federal Reserve on Wednesday hiked interest rates by three-quarters of a percentage point, pressing even harder on the brakes of the economy in a scramble to slow inflation. The Federal Open Market Committee, the panel of Fed officials responsible for…
“Inflation drives homebuyers to target these more affordable cities” Decades-high inflation is driving many prospective homebuyers to consider a move to cities deemed to be more affordable, according to data released by real estate firm Redfin on Monday. Surging mortgage rates have crimped buying demand in the US housing market. But among homebuyers still looking…
Seriously low diesel supply threatens to worsen inflation A seriously low U.S. and global diesel supply is likely to drive up fuel costs and worsen inflation, raising concerns as the cold weather months approach. “The national numbers for distillates are pretty tight,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “It’s uncomfortable. That doesn’t…
“US home price plunge is ‘just beginning’ as housing market rapidly cools: economist” A substantial plunge in US home prices is likely “just beginning” as decades-high mortgage rates cause a downturn in the housing market, a prominent economist cautioned Friday. The warning from Pantheon Macroeconomics chief economist Ian Shepherdson followed more dismal data that showed…
“‘So little of it has kicked in’” Former Democratic US senator and comedian Al Franken slammed his own party for doing little to reduce inflation despite passing its signature Inflation Reduction Act. “The unfortunately named Inflation Reduction Act — unfortunately, mainly because so little of it has kicked in and we are not seeing inflation…
“US recession forecast hits 100% as inflation rages, midterms loom” The US economy falling into recession within the next 12 months is a virtual certainty, according to the latest Bloomberg Economics forecast model released on Monday. The dire projection surfaced just weeks before national midterm elections that will determine control of Congress. Just one week…
“Nearly every CEO bracing for recession over next 12-18 months: survey” CEO confidence has plunged to its lowest levels since the Great Recession as central banks scramble to tame decades-high inflation, according to the results of a key survey. A whopping 98% of US-based CEOs say they are preparing for an economic recession over the…
“Jeremy Siegel warns Fed risks causing ‘depression’ by using core inflation to set policy” The Federal Reserve risks causing an economic “depression” if it relies on core inflation readings to determine when it should stop hiking interest rates, Wharton professor Jeremy Siegel warned Thursday. Siegel, who has previously accused the Fed of tanking the economy,…
“Fed’s Charles Evans says inflation fight top priority even if unemployment ‘goes up a lot’” Chicago Federal Reserve President Charles Evans reiterated Monday that the fight against inflation is the Fed’s most important mission — even if that effort causes a major rise in US unemployment. Evans argued that any uptick in unemployment would be…
“Elon Musk says it’s ‘obviously correct’ that Fed is tanking US economy” Billionaire Elon Musk backed a prominent Wharton economist who accused the Federal Reserve and its chairman Jerome Powell of completely botching their response to the current economic slump. Musk reacted to a fiery rant from Wharton professor Jeremy Siegel, who told CNBC’s “Halftime…