Bond volatility has jumped and yields have fallen as the American banking crisis cast doubts on whether the Federal Reserve will continue with its policy of rate hikes. On March 10, Santa Clara-based Silicon Valley Bank (SVB) failed, which is the second-biggest bank failure in American history. Two days later, on March 12, U.S. regulators…
Bond Market Volatility Spikes Amid Uncertainty Over Fed Rate Hikes
March 16, 2023
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Argentina’s Inflation Exceeds 100 Percent in February
March 15, 2023
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Argentina’s annual inflation has shot past 100 percent for the first time in three decades, with the country’s citizens finding it difficult to make ends meet due to the rising prices. Twelve-month inflation for February 2023 came in at 102.5 percent, according to data (pdf) from the country’s statistics agency. This essentially means that the…
American Cities With Highest and Lowest Inflation
March 15, 2023
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The cities of Tampa, Philadelphia, and Phoenix are seeing the highest inflation rates in the United States, while Washington, Anchorage, and Honolulu have the lowest price rises. Personal finance website WalletHub compared 22 major metropolitan statistical areas (MSA) in two metrics related to the Consumer Price Index (CPI), the main measure of inflation. MSA refers…
Quarter of Americans Would Use Credit Cards for $1,000 Emergency: Poll
February 25, 2023
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A quarter of U.S. citizens would resort to using credit cards when faced with a $1,000 emergency expense, even as credit card interest rates are elevated amid decades-high inflation. When asked how they would pay for a $1,000 emergency, 25 percent of respondents to a Feb. 23 survey by Bankrate replied they would finance the…
Major Banks See Federal Reserve Raising Interest Rates Beyond 5 Percent as Inflation ‘Refuses to Soften’
February 17, 2023
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Bank of AmericaBusiness & MarketsDeutsche Bankeconomic policieseconomyFederal Reserve PolicyGoldman Sachshigh inflationinflationU.S. interest rate hikesUS
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Goldman Sachs, Deutsche Bank, the Bank of America (BofA), and other financial institutions are expecting the Federal Reserve to extend its interest-rate hikes as elevated inflation and strong employment maintain upward pressure on prices. BofA now expects a pause in interest rate hikes in July rather than earlier expectations of June. “Resurgent inflation and solid…
‘Washington Taxes You and Lights Your Hard-Earned Money on Fire’: Gov. Sanders Responds to Biden’s Address
February 8, 2023
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In her response to President Joe Biden’s State of the Union address on Feb. 7, Arkansas Gov. Sarah Huckabee Sanders came down heavily on the administration’s tax policies burdening Americans who are already struggling with decades-high inflation. “In the radical left’s America, Washington taxes you and lights your hard-earned money on fire. But you get…
Hardship Withdrawals From Retirement Accounts Surge as Americans Battle Rising Prices
February 3, 2023
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Last year, a higher proportion of Americans with 401(k) accounts carried out hardship withdrawals—emergency removal of funds from a retirement plan—as many people financially struggled under decades-high inflation rates. “A record 2.8 percent of the 5 million people in 401(k) plans run by Vanguard tapped their retirement savings in 2022 to cope with hardships such…
Reserve Bank of Australia Says Less Living Cost Pressures but More Mortgage Pain in 2023
Australian consumers may soon see a drop in the prices of daily necessities as the Reserve Bank of Australia (RBA) says inflation is likely to ease throughout 2023. However, the shadow of mortgage hikes still hovers around for borrowers. During a parliamentary hearing on living cost pressures, RBA head of economic analysis Marion Kohler acknowledged…
Mortgage Rates Decline to Lowest Level in Four Months, 2023 Recession ‘Still an Issue’
January 20, 2023
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U.S. mortgage rates for 30-year fixed-rate loans have fallen to their lowest in four months amid a slowdown in the pace of interest rate hikes by the Federal Reserve and a decrease in home sales last year, with some experts predicting the easing down of mortgage rates to be the trend for 2023. The average…
Fed Policymakers Foresee Need for More Rate Hikes to Control Inflation
January 19, 2023
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Multiple Federal Reserve policymakers are expecting interest-rate hikes to continue, albeit at a smaller magnitude, as the central bank attempts to rein in inflation, with Patrick Harker, president of the Federal Reserve Bank of Philadelphia, predicting the economy will experience only a “modest” growth in 2023. The Federal Reserve is “absolutely committed” to bringing down inflation…
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