Commentary Financially, it’s going to be an interesting summer. At the moment mortgage rates are hitting 7 percent, median rent prices are at $1,850 per month, and the average car payment is around $950 per month. Household debt is currently at $17.1 trillion, mortgages are at $12 trillion, and auto loans are at $1.6 trillion….
High Interest Rates, High Inflation, and Record Debt
June 8, 2023
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‘Worsening’ Trade Could Adversely Affect US GDP as Deficit Jumps to Highest Level in Six Months
The U.S. trade deficit rose in April to widen to a six-month high, potentially affecting second-quarter GDP growth. The trade deficit for April 2023 rose by $14 billion, to $74.6 billion, according to a June 7 news release from the Bureau of Economic Analysis (BEA). This is 23 percent rise from March’s $60.6 billion deficit…
‘Constrained’ Home-Purchase Activity: Mortgage Applications Register Fourth Consecutive Weekly Drop
June 8, 2023
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Business & Marketseconomyhigh mortgage ratesMarketsmortgage applicationreal estateUSUS NewsUS Real Estate
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Mortgage applications have fallen for the fourth straight week amid elevated mortgage rates, according to a recent report by the Mortgage Bankers Association (MBA). The volume of mortgage loan applications fell by 1.4 percent for the week ended June 2, on a seasonally adjusted basis, said an MBA press release on June 7. On an…
US Applications for Jobless Benefits Highest Since October 2021
The number of Americans applying for unemployment benefits last week rose to its highest level since October 2021, but the labor market remains one of the healthiest parts of the U.S. economy. The Labor Department reported Thursday that U.S. applications for jobless claims were 261,000 for the week ending June 3, an increase of 28,000…
A Century of Progressive Taxes: Targeting the Rich but Hitting the Middle Class and Poor
Economist Arthur Laffer’s newly published analysis of America’s 110-year history of income taxes is rife with paradoxes; among them, that the higher the tax rates that the U.S. government imposes on the rich, the smaller the share of taxes the rich pay compared to everyone else. Or put another way, the more the government attempted…
S&P 500, Nasdaq Open Higher as Jobless Claims Rise
The S&P 500 and Nasdaq opened slightly higher on Thursday as Treasury yields slipped after data showed weekly jobless claims rose more than expected, countering some concerns about further interest rate hikes. The Dow Jones Industrial Average fell 8.04 points, or 0.02 percent, at the open to 33,656.98. The S&P 500 opened higher by 1.17…
American Consumer Credit Growth Last Month Rose to Its Fastest Pace Since November
June 8, 2023
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Business & Marketsconsumer crediteconomic policieseconomyhousehold debtinflationinterest ratesInvestmentMarketspersonal financerecessionUSUS News
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U.S. consumer credit growth accelerated in April to the fastest pace since November 2022, according to recent data from the Federal Reserve. The June 7 data on consumer credit, or G.19, comes after the Federal Reserve raised interest rates in May by 25 basis points, to a range of 5.0–5.25 percent. Many economists are worried that…
Dollar Slips From Near 3-month Highs as Traders Gauge Rate Outlook
LONDON/SINGAPORE—The dollar fell slightly on Thursday from near three-month highs, a day after a surprise rate hike from the Bank of Canada suggested the Federal Reserve may also have more work to do to combat inflation. The euro was last up 0.3 percent at $1.073 against the dollar—the most traded currency pair in global markets….
Oil Rises as Saudi Cut Supports and Focus Turns to Fed
LONDON—Oil rose on Thursday as tighter supply resulting from Saudi Arabia’s pledged production cut and a potential pause to U.S. interest rate hikes offset worries over demand weakness and a global economic slowdown. At an OPEC+ meeting on Sunday, Saudi Arabia said it will cut its crude output by 1 million barrels per day (bpd)…
Shares Stall as Bond Markets Reprice Rate Expectations
June 8, 2023
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LONDON—Borrowing costs in government bond markets rose and share markets stalled on Thursday after a surprise interest rate hike in Canada gave investors their second reminder of the week that the surge in global interest rates isn’t done yet. Asian markets had struggled overnight and the cautious mood continued in Europe as London’s FTSE, Germany’s…
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