The latest inflation numbers are a mixed bag, accelerating sharply in monthly terms though easing a little in annual terms, with experts largely saying that the data remains too hot for the Federal Reserve (Fed) to start dropping interest rates. However, a pause in the rate-hiking cycle could be in the cards. While the annual…
IN-DEPTH: Inflation Still Too High for Fed to Start Lowering Rates, Experts Say
Is the Fed Done Messing Up Everything?
May 4, 2023
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Commentary There is a scene in a Fred Astaire and Ginger Rogers film in which the boss of a law firm leaves for vacation and puts his intellectually limited Cousin Egbert in charge. The note adds “don’t do anything.” This is exactly the note that the Fed needs now. Just stop doing things. Its record-breaking…
Former Brazilian President Jair Bolsonaro Home Raided, Phone Taken
May 3, 2023
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Two days after another major bank collapse, the Federal Reserve hikes interest rates once again. Senators from both parties will vote on overturning a Biden administration rule on importing solar panels that are made in China—often with forced labor. We hear from Sen. Rick Scott (R-Fla.), who’s leading the effort. A business leader joins us…
ANALYSIS: Will Commercial Real Estate Be the Next Market to Crash?
News Analysis A storm is brewing in the U.S. commercial real estate market, says Charles Munger, vice chair of Berkshire Hathaway. During an interview, the 99-year-old legendary investor told the Financial Times that U.S. banks have plenty of “bad loans” and will be vulnerable when the “bad times come” and commercial property prices crater. “It’s…
Federal Reserve Raises Interest Rates by 25 Basis Points, Opens Door to Pause
The Federal Reserve raised interest rates by 25 basis points, lifting the benchmark federal funds rate to a range of 5.00 and 5.25 percent, the highest level since September 2007. The vote to raise rates by a quarter point was unanimous, according to a statement from the Federal Open Market Committee (FOMC). Markets had mostly…
Democratic Lawmakers Urge Fed Chair Not to Raise Interest Rates
In a letter to Federal Reserve chair Jerome Powell, a group of lawmakers urged the central bank to stop raising interest rates to avoid additional damage to the U.S. economy. Ten senators and representatives, led by Sen. Elizabeth Warren (D-Mass.) and Rep. Pramila Jayapal (D-Wash.), expressed concern about the Fed’s current monetary-policy initiatives and how…
Another Fed Rate Hike Could Cost Credit Card Users $1.7 Billion Over Next 12 Months: Report
Another interest-rate hike by the Federal Reserve could cost credit card users at least $1.7 billion in added interest charges over the next 12 months, according to a new report from WalletHub. The report, published on May 1, found that consumers will pay around $31.7 billion in extra interest charges over the next year due to…
Now It’s Housing Again
April 21, 2023
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AnalysisBusiness & MarketsBusiness Columnistsfinancial crisishousing marketinflationinterest ratesmortgage loansOpinionreal estateU.S. economy
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Commentary Fifteen years ago, the entire housing sector sunk from its highs. Because so much debt is involved in this market, carried by banks but then bundled without regard to risk and resold in financial markets, this turn of events precipitated a financial crisis that spread around the world. Government and central banks undertook unprecedented…
Canadian Consumers Pull Back on Spending Amid High Prices, Interest Rates: Experts
Canadian consumers are pulling back on spending as rising prices and high interest rates appear to be taking a toll on retail sales. Retail sales slipped 0.2 percent to $66.3 billion in February amid a drop in spending at general merchandise stores and gasoline stations and fuel vendors, Statistics Canada said Friday. The early estimate…
The Fed Has Been Raising Rates, But What’s Next?
April 21, 2023
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On March 22, 2023, the Federal Reserve raised the target fed funds rate from 4.75 to 5.00 percent. This marked a 475 bps increase in interest rates since March 2022. With the Fed’s next planned meeting scheduled for May 2023, many are wondering if the Fed will continue the trend of aggressive rate hikes, keep…
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