After witnessing over a decade of strong growth, landlords are now facing the worse real estate crisis since 2008. Even in the first months of the pandemic, areas of the country like Florida were able to benefit, as millions of Americans fled major metropolitan regions to more welcoming locations. Despite a temporary drop in tenants in…
Landlords Face a Crisis After Years of Strong Growth
May 24, 2023
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Central Bankers, Economists Failed to Predict Soaring Inflation: Former Fed Chair Bernanke
Central bankers and most economists failed to anticipate the sharp increase in inflation that started in 2021, and public policymakers were slow to respond after insisting price pressures were “temporary,” a new paper co-authored by former Federal Reserve Chair Ben Bernanke stated. The Fed misjudged the economic impact of pandemic-era fiscal programs, which explains why…
Europe Turning Less Competitive, Losing Business to North America, Says Survey
May 24, 2023
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Business & Marketseconomic policieseconomyenergyEuropeEurope economyinflationinflation in europeInvestmentWorld
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Europe’s competitiveness is weakening and many firms are considering moving operations to North America, a survey of business leaders from the region has found. The survey (pdf), published by the European Round Table for Industry (ERT) on May 23, found that 84 percent of CEOs and Chairs believe Europe’s competitiveness is weakening, with 16 percent…
UK Inflation Drops But Prices Remain High
The UK inflation rate has dropped for the first time in eight months, but prices on basic essentials remain high. The latest data from the Office of National Statistics (ONS) showed a drop in the Consumer Prices Index (CPI) 12-month inflation rate in April to 10.5 percent, which is lower than November’s 10.7 percent, and…
Jamie Dimon Sees Rough Times Ahead for Smaller Banks, Predicting Interest Rates as High as 7 Percent
May 24, 2023
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Business & MarketsCompanieseconomic policieseconomyinflationJamie DimonJPMorgan ChaseMarketsrecessionregional banksUS
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JPMorgan CEO Jamie Dimon, predicts rough times ahead for regional banks and warns of more deposit runs, as future interest rate hikes become increasingly likely. Dimon warned at a May 22 Q&A Investor Day meeting at JPMorgan Chase that interest rates were likely to go higher from here and rise to as much as 7 percent….
The Victorian State Budget Targeting Big Business, Housing Investors and Private Schools
May 24, 2023
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AustraliaBusiness & Marketsbusiness and private schoolseconomic policieshuge debtinflationInvestmentpersonal financevictorian state budgetWorld
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The Victorian state government will target big business, housing investors and private schools as the main drive to collect tax revenues as outlined in its new budget report released on May 23. But despite the targeted taxes, Treasurer Tim Pallas has denied the state budget is steeped in class warfare. “Nobody’s engaging in a terminology…
Several Federal Reserve Officials Mull 11th Round of Rate Hikes
May 23, 2023
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Several Federal Reserve officials are open to at least one more interest rate hike in the coming months to cool inflation. Several top policymakers have publicly spoken in favor of returning to the hawkish policy of the previous year at the next meeting in June, reported Fox Business. However, the central bank has come under increasing…
Eurozone Business Growth Solid in May but Shows Signs of Easing: Flash PMI
LONDON—Eurozone business growth remained resilient but slowed slightly more than thought this month as the bloc’s dominant services industry lost a little of its shine and the downturn in the manufacturing sector deepened, a survey showed on Tuesday. HCOB’s flash Composite Purchasing Managers’ Index (PMI) for the bloc, compiled by S&P Global and seen as…
Unions Robbing Productive Taxpayers
May 22, 2023
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AustraliaAustralian Labor Partyaustralian unionsBusiness & MarketseconomyinflationInternationalOpinionproductivityViewpointsWorld
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Commentary It’s payback time. The Community Public Sector Union (CPSU), having helped bankroll Labor’s victory by donating its members’ funds to the tune of hundreds of thousands of dollars, appears to be now expecting a quid pro quo from Labor for its members by the use of taxpayer funds. This is evident from the public…
Fed’s Kashkari Open to Holding Rates Steady at Next Policy Meeting in June
May 22, 2023
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Business & Marketseconomic policieseconomyFederal Open Market Committee (FOMC)inflationinterest ratesMarketsNeel KashkarirecessionU.S. InflationUS
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Minneapolis Fed President Neel Kashkari, a member of the central bank’s rate-setting monetary policy committee, is open to pausing interest rates at the next policy meeting in June. He told the Wall Street Journal on May 21 that members of the Federal Open Market Committee (FOMC) need more time to assess the results of previous rate increases…
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