U.S. mortgage rates dropped from an eight-month high, after nearing 7 percent last week, as inflation slows ahead of next week’s Federal Reserve policy meeting. The Fed’s aggressive interest-rate hike policy sent mortgage rates well above 7 percent last year, causing the once booming housing market to crash. Rates have been slow to decline from the nearly two-decade high,…
US Mortgage Rates Fall in Biggest Decline Since March
July 21, 2023
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The Fed Is Raising Rates, but What About the $8.3 Trillion Balance Sheet?
July 21, 2023
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All financial eyes will be on next week’s policy meeting of the Federal Open Market Committee (FOMC). The futures market is penciling in a quarter-point increase to the benchmark federal funds rate. But while all the focus among economists, investors, and market analysts is on interest rates, what about the Federal Reserve’s massive balance sheet?…
ANALYSIS: The Fed Is Raising Rates, but What About the $8.3 Trillion Balance Sheet?
July 21, 2023
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News Analysis All financial eyes will be on next week’s policy meeting of the Federal Open Market Committee (FOMC). The futures market is penciling in a quarter-point increase to the benchmark federal funds rate. But while all the focus among economists, investors, and market analysts is on interest rates, what about the Federal Reserve’s massive…
US Corporate Debt Defaults in 2023 Surpass Last Year’s Total: Moody’s
July 19, 2023
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The total amount of corporate debt defaults in the United States this year have already exceeded the amount seen in 2022. Experts have been warning of a wave of defaults to hit the economy for some time due to higher borrowing rates. At least fifty-five American-based companies defaulted on their loans in the first half…
Top Fed Regulator Cautions AI Risks Violating Lending Laws
July 19, 2023
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Artificial intelligence could come with both advantages and risks in the financial system, cautions the Federal Reserve’s chief banking regulator. Michael S. Barr, the Fed Vice Chair for Supervision, told the National Fair Housing Alliance 2023 National Conference on July 18 that underserved communities could have greater access to housing because AI technology, such as…
Federal Reserve Not a Climate Policymaker, Says Central Bank Supervisor
Despite the Federal Reserve’s supervisory work related to the financial risks of climate change, the U.S. central bank is not a climate policymaker, says a supervisory and regulatory director at the institution. Dr. Michael Gibson reiterated Chair Jerome Powell’s remarks earlier this year that the Fed is not crafting climate policy. However, the central bank…
Is Inflation Over? Ask Your Pocketbook
July 17, 2023
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Commentary There was much rejoicing last week as June’s headline CPI (Consumer Price Index) came in at 3 percent, the lowest level of overall price level growth since March 2021. Financial media declared that the United States has entered “disinflation mode” and that the season of post-pandemic inflation was nearing an end. The previously scorned…
Inflation Closing In on Fed’s Target: Analyst
U.S. consumer prices saw their smallest increase on a yearly basis in more than two years in June. The headline CPI reported on Wednesday showed that inflation is subsiding. The considerable slowdown in underlying inflation sparked a rally in the stock and bond markets. Some investors are convinced the U.S. central bank’s fastest monetary policy…
US Desperately Needs a Long Deflation
Commentary Consumer Price Index (CPI) day has been the same for most of the last 12 months. Data comes in and it’s not good. The mainstream media, however, immediately broadcasts the Biden administration spin that inflation is easing so stop worrying about it. Today, the report is elevated beyond expectations: 0.2 percent for the month…
US Annual Inflation Slows to Lowest Level Since March 2021
The U.S. annual inflation rate slowed to 3 percent in June, down from 4 percent in May, according to the Bureau of Labor Statistics (BLS). This came in below the consensus estimate of 3.1 percent. Annualized inflation has now fallen for 12 consecutive months and represented the lowest reading since March 2021. The notable easing…
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