The rate of home price inflation in the United States is expected to decline to about 10 percent by the end of 2022 and slow even further over the next two years, as high housing prices and increased mortgage rates push out prospective buyers, according to a Reuters poll on May 31. Forty-year high consumer…
Inflation of US Housing Market Slows Down as Higher Mortgage Rates Shrink Demand
Israel Signs Historic Free Trade Pact With United Arab Emirates
Israel has signed a free trade pact with the United Arab Emirates (UAE), an agreement expected to accelerate economic growth in the region during the coming years. The deal was signed by UAE Minister of Economy Abdulla bin Touq Al Marri and Israel’s Minister of Economy and Industry Orna Barbivai on May 31 in Dubai…
Inflation in France Exceeds 5 Percent in May
Annual French inflation exceeded 5 percent in May as citizens continued to be battered by surging prices of food and energy, according to provisional data from the state’s statistical agency. The 12-month Consumer Price Index (CPI), a measure of inflation, came out at 5.2 percent in May 2022, according to data from INSEE, the French…
Consumer Confidence Weakens on High Inflation, Rising Rates
May 31, 2022
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U.S. consumer confidence fell to a 3-month low in May as soaring prices and rising interest rates fed into a cooling of buying intentions for goods like cars and houses, and as consumers expressed worry about the future pace of inflation. The Conference Board said in a May 31 statement that its Consumer Confidence Index fell…
US Wheat Crop Hit by Dry Winter Then Soggy Spring, Adding to Global Tightness
May 31, 2022
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North Dakota farmer Dwight Grotberg wanted to plant more wheat this spring to capitalize on soaring prices since Ukraine’s war cut grain exports and left the world short of millions of tons of wheat supply. Heavy rain has prevented Grotberg from planting as much wheat crop as he wanted and is hampering farmers across the…
Gas Prices Hit Record High After EU’s Partial Ban on Russian Oil Imports
Gasoline prices hit a new record on May 31 after the European Union agreed to a partial ban on Russian oil imports by the end of 2022 as part of the sixth package of sanctions against Russia over its invasion of Ukraine. In the United States, prices at the pump rose to a national average of $4.622 per…
Biden’s Inflation Agenda: Build Back More Expensive
May 31, 2022
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Commentary The Biden administration’s plans to reduce inflation will make it worse even though it has accurately identified inflation as the greatest threat facing the United States. “The President’s top economic priority is tackling inflation and reducing costs for American families,” according to a White House statement released on May 10. In 2021, the budget…
Russian Central Bank Plays Down Role of Dollar and Euro at Home and Globally
May 31, 2022
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Russia’s central bank said on Tuesday that the role of the dollar and the euro as global currencies would decline as central banks rethink their strategies after the West froze Russian reserves, suggesting it could consider imposing negative rates for dollar and euro deposits. Unprecedented Western sanctions have frozen around half of Russia’s gold and…
S&P 500, Dow Open Lower on Inflation Fears; Powell-Biden Talks in Focus
The S&P 500 and Dow opened lower on Tuesday as soaring oil prices and hawkish comments from a Federal Reserve official spooked investors, with focus turning to talks between President Joe Biden and Fed Chair Jerome Powell later in the day. The Dow Jones Industrial Average fell 52.37 points, or 0.16 percent, at the open…
Biden to Meet With Fed Chairman Jerome Powell About Inflation Crisis
May 31, 2022
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President Joe Biden is set to meet with Federal Reserve Chairman Jerome Powell as American households grapple with the effects of high inflation. The meeting, which will take place on May 31, comes weeks after Powell’s second term as Fed Chair was confirmed by the Senate. Biden will congratulate Powell on the Senate confirmation during…
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