WASHINGTON—The U.S. economy grew at a lackluster 1.3 percent annual rate from January through March as businesses wary of an economic slowdown trimmed their inventories, the government said Thursday in a slight upgrade from its initial estimate. The government had previously estimated that the economy grew at a 1.1 percent annual rate last quarter. The…
US Economic Growth for Last Quarter Is Revised Up to a Still-Tepid 1.3 Percent Annual Rate
Euro Slips as Germany Enters Recession, Dollar Hits 2-month Peak
LONDON—The euro dropped on Thursday as Europe’s largest economy Germany was confirmed to be in a recession, while the dollar hit a two-month peak, benefitting from safe-haven demand as worries mounted about a U.S. default. The latest concern was raised by ratings agency Fitch, who put the United States’ “AAA” debt ratings on negative watch,…
Rep. McClain Rips Financial Regulators for SVB Collapse
May 25, 2023
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Business & Marketseconomic policieseconomyLisa McClainPeter SchiffPoliticsrecessionRepublicansSilicon Valley BankUSUS News
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The swift demise of Silicon Valley Bank (SVB) has raised serious concerns about the bank’s management and, more importantly, the failure of oversight. These issues were highlighted during Wednesday’s hearing of the Oversight Subcommittee on Health Care and Financial Services, where Chairwoman Lisa McClain (R-Mich.) expressed her apprehensions. “The speed that it failed raised immediate…
US Tech Sector Continues Laying Off Large Number of Employees
American tech firms have announced thousands of layoffs this year so far, with reasons for these terminations ranging from over-hiring during the pandemic, worries about a potential recession, and efforts to cut costs. Salesforce set the tone for the tech industry’s layoffs this year in January when it announced that 8,000 employees would be terminated….
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….
Several Federal Reserve Officials Mull 11th Round of Rate Hikes
May 23, 2023
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bank crisisBusiness & Marketseconomic policieseconomyFederal Reserveinflationinterest ratesInvestmentMarketsPolicies & ImpactsrecessionUS
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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…
Why the Debate Over the Debt Ceiling Is Critical
Commentary Let’s get one thing off the table. Putting aside the Biden administration’s fear-mongering, the U.S. government will not substantively default on its debt in June 2023. The game of high-stakes chicken being played right now with congressional leadership will resolve before it is too late. In brief, the administration and Democrat leadership want to raise…
US Housing Market in Ongoing Monthly Decline
May 23, 2023
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Business & Marketseconomyexisting home salesMarketsreal estaterecessionU.S. housing marketUSUS NewsUS Real Estate
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The U.S. housing market continued to show signs of decline as mortgage applications and sales of existing homes fell while properties are taking longer to get sold. Mortgage applications for new home purchases dropped by 11 percent in April 2023 compared to March, according to a Mortgage Bankers Association May 19 press release. “Since the…
Yellen Sounds Alarm on Default in New Warning to McCarthy on Debt Ceiling Deadlock
May 23, 2023
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Business & Marketscongressdebt ceilingeconomic policieseconomyExecutive BranchJanet YellenKevin McCarthyMarketspersonal financePoliticsrecessionUSUS News
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Treasury Secretary Janet Yellen has issued a renewed—and alarmist—warning to House Speaker Kevin McCarthy (R-Calif.) and other congressional leaders, reiterating her earlier position that the country could run out of money to pay its debt obligations as early as June 1, but this time around expressing more confidence in her dire prediction. Yellen has repeatedly…
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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