Commentary Estimates of U.S. growth have improved, but remain massively below the Federal Reserve’s projections. After the largest monetary and fiscal stimulus in recent years, growth remains well below trend and debt is significantly higher. It is interesting to hear Treasury Secretary Janet Yellen say that “trickle-down economics did not work,” when in reality this…
2023: A Year of Surprises
July 3, 2023
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Commentary Bank failures, an artificial intelligence-led bull market, persistent inflation, eurozone recession, France engulfed in riots, and perhaps the biggest U.S. presidential corruption scandal ever. Looking back on the first half of 2023, it is hard to believe the extraordinary events and outright surprises of recent months. Some of the possibilities I forecast in January…
Yen Weak, Dollar Edges Up as Traders Weigh Fed Rate Hike Path
LONDON/SINGAPORE—The yen fell on Monday to near eight-month lows against the dollar with investors saying intervention was in sight, while ahead of the 4 July holiday, the dollar edged up after U.S. economic data last week showed slightly easing inflation and consumer spending. The yen weakened 0.35 percent to 144.82, after on Friday touching its…
World Stocks Firm, Nikkei Closes at 33-year Peak
July 3, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—World stocks rose to a two-week peak on Monday, with Japan’s Nikkei closing at its highest level in 33 years, drawing support from signs that cooling inflation might temper central banks’ appetite to further hike rates. European shares rallied, while U.S. equity futures pointed to a positive open for Wall Street which closes early ahead…
$80,000 a Year Considered ‘Low Income’ in Orange County: California State Report
July 2, 2023
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The California Department of Housing and Community Development released its annual income limit report this week, which showed that the cost of living has increased in most counties. The calculations, which are created using federal guidelines, are used to determine residents’ eligibility for things like affordable housing programs and other social welfare and government entitlements….
Borrowers Cross Fingers Ahead of Live Cash Rate Call
Mortgage holders will be feeling uneasy ahead of another close interest rate call that could see their monthly repayments blow out even further. The Reserve Bank of Australia (RBA) has been battling high inflation with higher interest rates since May last year and has so far handed out 400 basis points of increases. The board…
Small Business Owners Nationwide Struggling to Make Rent: Survey
A recent report states that many small business owners are failing to pay rent on time due to rising rental amounts, with sectors like education and manufacturing struggling the most. Rents rose for the fifth straight month in June for small businesses, according to a June 28 report by the small business network Alignable based…
Consumer Spending Grows by Just 0.1 Percent in May, Inflation Remains High
U.S. consumer spending stalled in May to the lowest growth rate this year as inflation remained elevated. Consumer spending or personal consumption expenditures (PCE) only rose by 0.1 percent in May, according to a June 30 news release (pdf) by the U.S. Bureau of Economic Analysis (BEA). This is the lowest growth rate so far…
An Inflation Gauge Tracked by the Federal Reserve Falls to Its Lowest Point in 2 Years
WASHINGTON—An inflation index that is closely monitored by the Federal Reserve tumbled last month to its lowest level since April 2021, pulled down by lower gas prices and slower-rising food costs. At the same time, consumers barely increased their spending last month, boosting it just 0.1 percent, after a solid 0.6 percent gain in April….
Wall Street Opens Higher as Apple Hits Record High, Inflation Cools
June 30, 2023
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U.S. stocks opened higher on Friday, setting up Wall Street for a strong quarterly performance, as Apple shares hit record high and signs of easing inflation offered relief to investors worried about more interest rate hikes. The Dow Jones Industrial Average rose 147.50 points, or 0.43 percent, at the open to 34,269.92. The S&P 500…
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