Tavi Costa, portfolio manager at Crescat Capital, has criticized the Biden administration’s spending measures, warning that Americans’ inflation woes might have only just begun. During the recent White House celebration of the passage of the “Inflation Reduction Act,” the president defended his government’s massive spending by saying that “we spend, but we pay.” Biden said…
Biden’s Spending Policies Result From ‘Lack of Understanding,’ Maybe Beginning of ‘Inflationary Regime’: Portfolio Manager
September 18, 2022
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Stocks Heading to New Lows as Inflation ‘Ain’t Over’: Bank of America
September 17, 2022
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Despite falling for much of the year, the U.S. stock market might decline even further rather than recover due to elevated inflation rates, according to a note by a Bank of America (BofA) strategist. Warning that the “inflation shock ain’t over,” strategist Michael Hartnett highlighted that past bear markets show the average peak-to-trough declines of…
Real Estate Firm Predicts Sharpest Turn in Housing Market Since 2008 Crash
September 16, 2022
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The average rate for a 30-year fixed mortgage topped 6 percent this week for the first time since the financial crisis of 2008–09, making it difficult for buyers as well as considerably softening the sellers’ grip on the market. Mortgage lender Freddie Mac reported on Sept.15 that the 30-year fixed mortgage rate for the week…
Average Social Security Payments Could Hit $1,800 Owing to Inflation
September 15, 2022
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Inflation could drive up Social Security payments by a record-high level next year due to inflation, with average payments reaching $1,800, according to an analysis by the Senior Citizens League, a nonpartisan group that focuses on issues related to older U.S. citizens. Based on the inflation data through August, the Senior Citizens League estimates the…
These Are the Cities Where Inflation Is Rising the Most
September 13, 2022
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As Americans deal with decades-high inflation, some regions of the country have been hit harder than others, such as the Arizona cities of Phoenix, Mesa, and Scottsdale; the Florida cities of Tampa, St. Petersburg, and Clearwater; and the Texas cities of Dallas, Fort Worth, and Arlington, according to official numbers released by the U.S. Bureau…
Small-Business Optimism Inches Up, but Inflation Remains ‘Serious Problem’: NFIB
September 13, 2022
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Small-business sentiment saw an improvement in August, but continued to remain depressed, according to a survey by the National Federation of Independent Business (NFIB). The NFIB Small Business Optimism Index rose by 1.9 points last month, to 91.8, data from a Sept. 13 press release showed. Though the index reversed some of the declines seen…
Americans’ Household Wealth Falls by Record $6.1 Trillion
September 12, 2022
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The net worth of American households dropped by $6.1 trillion in the second quarter of 2022, triggered by a decline in the stock market, according to a latest report by the Federal Reserve. Total net worth of households and nonprofit organizations at the end of the second quarter was at $143.8 trillion, according to the…
Annual Inflation in Laos Exceeds 30 Percent in August
Inflation in the Southeast Asian nation of Laos spiked to 30.1 percent on an annual basis last month according to the Lao Statistics Bureau. August inflation was roughly five percentage points higher than the 25.6 percent inflation rate posted in July. In August 2021, inflation was only at 3.81 percent. As such, the August 2022…
Has Inflation Peaked? White House Admits Maybe Not
August 31, 2022
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Jared Bernstein, a member of the White House Council of Economic Advisers, has admitted that inflation might not have hit its highest level yet. In an interview with Saleha Mohsin, senior Washington correspondent for Bloomberg News, Bernstein was asked about the inflation situation. “I’ve seen folks say that the peak is behind us. I’m just…
Inflation Can ‘Take Years, Not Months,’ to Cool Off: Former CBO Director
August 30, 2022
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Former Congressional Budget Office Director Douglas Holtz-Eakin has warned that the high inflation rate troubling American citizens isn’t going away anytime soon and is here to stay for several years. In an interview with Fox, Holtz-Eakin cited Federal Reserve Chairman Jerome Powell’s statement on Aug. 26 about inflation. “One of the things that Powell emphasized…
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