The head of the International Monetary Fund (IMF), Kristalina Georgieva, has cautioned against the Federal Reserve slowing down with its interest rate hikes as it attempts to tame soaring inflation. Speaking in an interview with The Associated Press on Tuesday, the IMF Managing Director was asked for her thoughts on pausing interest amid concerns that a strengthening U.S….
IMF Chief Says US Must Keep Raising Interest Rates Because ‘They Owe It’ to the World
Federal Reserve Braces for Smaller Rate Hikes Ahead, Talks Recession Risks: Minutes
The Federal Reserve does not believe inflation pressures are easing, according to minutes from the November Federal Open Market Committee (FOMC) policy meeting. Meeting participants noted that inflation risks were “skewed to the upside,” adding that “a persistent reduction in inflation could require a greater-than-assumed amount of tightening in financial conditions.” With risks to real…
Recession Signals Get Louder as Key Economic Gauge Drops for Eighth Straight Month
The possibility that the United States might slip into a recession has strengthened with the Conference Board Leading Economic Index (LEI) remaining in the red in October. The LEI fell by 0.8 percent last month, to 114.9, after falling by 0.5 percent in September, according to a press release on Nov. 18. During the six-month period between…
Fed’s Bullard Says Rates as High as 7 Percent May Be Necessary to Reduce Inflation
November 18, 2022
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The Federal Reserve may have to raise rates as high as 7 percent in order to have an impact on inflation, said James Bullard, president of the Federal Reserve Bank of St. Louis. Even if one allows for a “generous” assessment regarding the recent progress the Fed has made to fight inflation, it must continue…
Stocks Fall as Fed Signals Rates Need to Go Still Higher
Stocks closed lower on Wall Street and Treasury yields rose Thursday afternoon after more indications from the Federal Reserve that it may need to raise interest rates much higher than many people expect to get inflation under control. The S&P 500 fell 0.3 percent, with retailers and banks among the biggest weights on the benchmark…
A Republican House–Now What?
November 17, 2022
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Commentary With Rep. Mike Garcia projected to win California’s 27th congressional district, giving the Republicans 218 seats in the House of Representatives, the GOP will take control of the lower house in January 2023. So now what? Well, certainly there will be investigations and perhaps even perhaps a performative impeachment of Homeland Security Secretary Alejandro Mayorkas…
New Measure of Inflation Expectations Jumps to Record High as Americans Brace for Even Higher Prices
A weekly measure of inflation launched in February last year has surged to a record high, and is predicting a tougher inflationary environment for American consumers ahead. The Indirect Consumer Inflation Expectations (ICIE) is a joint effort between economists from the Federal Reserve Bank of Cleveland and Morning Consult. It asks survey participants how their…
The Age of Easy Money Is Over
November 15, 2022
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AnalysisBen BernankeBig TechBusiness & MarketsBusiness Columnistsdeieasy moneyESGFederal ReserveFTXinflationinterest ratesjerome powellOpinionquantitative easingrecessionSam Bankman-FriedU.S. economy
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Commentary What began in 2008 and continued for the better part of 14 years appears finally to be coming to an end. The era of cheap money and credit is over. It’s hard to wrap one’s brain around the implications. It will affect all of business life and personal finances. It will dramatically change financial…
Toronto’s House Prices Will Continue to Fall, but Not at the Speed Seen This Spring: RBC Report
Despite soaring interest rates that have dampened Toronto’s housing market in recent months, a new RBC report says the slide in activity “seems to be stabilizing.” “The last four months have been very quiet but the sharp declining trend seems to be stabilizing,” said Robert Hogue, assistant chief economist at RBC, in his Nov. 7…
Auto Loan Delinquencies Rise to Highest Level in a Decade as Borrowing Costs Rise
November 9, 2022
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The number of Americans failing to pay their auto loans has risen to the highest level in a decade as borrowing costs rise. Credit agency TransUnion tracks more than 81 million auto loans throughout the United States. It announced that 1.65 percent of auto loans, or 200,000 customers, were at least 60 days behind their…
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