Democrats warn that Congress is still facing the threat of a shutdown at the end of the year, despite an agreement on the Federal budget. The agreement earlier this month between House Republicans and the Democrats was supposed to create a bipartisan framework for annual spending bills that would take a government shutdown off the…
Democrats Warn That Congress Is Still Heading Toward a Shutdown Despite Agreement on Budget
June 16, 2023
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Business Sector Disappointed With South Australia’s Budget
Unions have applauded South Australia’s big spending budget, but the business sector has lamented the lack of support for local companies and traders amid a cost-of-living crisis. SA Treasurer Stephen Mullighan described the Labor government’s budget delivered on Thursday as “the largest package of cost-of-living relief measures ever deployed in South Australia”. The budget focused…
US Consumer Sentiment Jumps to Four-Month High on Debt-Cap Deal
June 16, 2023
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Declining fears over inflation lifted American consumers’ spirits this month. U.S. consumer sentiment reading rebounded in June following a decline in May, after concerns over the debt-ceiling crisis faded and investor were buoyed by a strong labor market and stock market gains due to artificial intelligence (AI). Consumers’ near-term inflation expectations dropped to more than…
Bank Executive Pay Could Be Seized for Failures Under Senate Bill Proposal
June 16, 2023
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The Senate Banking Committee will consider a bipartisan bill that would allow government regulators to seize compensation from executives deemed responsible for a bank failure. The committee’s chairman, Sen. Sherrod Brown (D-Ohio), and Sen Tim Scott (R-S.C.), the panel’s ranking Republican, came to a deal on June 16 after a wave of regional bank failures…
Fed’s Barkin Says ‘Comfortable Doing More’ If Inflation Does Not Fall
WASHINGTON—Richmond Federal Reserve president Thomas Barkin said Friday he is comfortable with further interest rate increases if coming data does not show that weakening demand for goods and services is feeding through to slower inflation. “I am still looking to be convinced of the plausible story that slowing demand returns inflation relatively quickly” to the…
US Homes for Sale Fall Nearly 40 Percent Amid Tight Market Conditions
June 16, 2023
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The number of homes for sale has declined from pre-COVID-19 pandemic levels, with high mortgage rates discouraging prospective sellers from putting their properties on the market, said real estate brokerage Redfin. There are now 39 percent fewer homes for sale on the market compared to five years ago in June 2018, according to a June…
Tesco Boss Sees ‘Early Signs’ Food Inflation Starting to Ease
There are “encouraging early signs that inflation is starting to ease,” Tesco’s boss has said as the retail giant reported higher sales for the past quarter. Ken Murphy, chief executive of the UK’s largest grocery chain, suggested that rampant food inflation could have passed its peak, though he stressed that customers continue to face cost-of-living…
Wall Street Opens Higher as Rate Hike Worries Ebb
Wall Street’s main indexes opened higher on Friday as signs of easing price pressures and slowing economic growth raised hopes the Federal Reserve could end its monetary tightening campaign soon. The Dow Jones Industrial Average rose 55.96 points, or 0.16 percent, at the open to 34,464.02. The S&P 500 opened higher by 15.11 points, or…
High Borrowing Costs Signify a New Era of Inflation: Bankrate.com
How is the Federal Reserve’s interest rate decision impacting regular Americans? And what can you do to protect your money? NTD speaks to Sarah Foster, principal U.S. economic reporter at financial information platform Bankrate.com. …
American Citizens’ 401(k) Accounts Lost a Fifth of Their Value in 2022
June 16, 2023
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The balances of 401(k) retirement accounts have declined in 2022, with the share of participants who are making “hardship withdrawals” hitting a “new high,” according to a recent report by investment firm Vanguard. “In 2022, the average account balance for Vanguard participants was $112,572; the median balance was $27,376. Vanguard participants’ average account balances decreased…
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