In another sign that builders are putting down their tools, housing starts — or the number of homes that began construction in a given period — declined a sharp 9.6 percent in July, with single-family homes leading the drop-off. This is the second indicator in as many days that the housing market is entering a …
Continue reading “Housing Market Continues to Slow as Recession Fears Loom”
Crude oil prices fell further on Tuesday, with WTI falling to its lowest benchmark price since January this year. Crude oil prices began their fall on Monday, dragged down by China’s disappointing economic data that led to China’s central bank cutting lending rates. WTI prices fell to $86.13 per barrel by 2:24 pm ET, down …
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The United Kingdom’s Consumer Price Index (CPI) increased by 10.1% in July in comparison to the same period a year earlier, the report from the Office for National Statistics showed on Wednesday. The figure came in above analysts’ expectations of 9.8% and saw a rise from June’s figure of 9.4%, marking a fresh 40-year high. …
Continue reading “UK inflation jumps to record 10.1% in July”
Republican Representative Liz Cheney lost the Wyoming primary, according to media projections. She conceded the race to Harriet Hageman, who was endorsed by former United States President Donald Trump. Cheney is currently the highest-profile Trump critic in the GOP, voting to impeach him following the Capitol riot. She is also one of only two Republican …
July economic data soured on the back of China’s restrictive zero-Covid policy. China’s central bank cut lending rates on Monday. Crude prices crashed by more than 5% on Monday morning. Oil prices fell sharply on Monday, dragged down by disappointing economic data from the world’s largest crude oil importer and the world’s second-largest crude oil …
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Wells Fargo & Co. is planning to reduce its vast mortgage empire, which once produced out one of every three home loans in the US Wells Fargo (NYSE:WFC) is planning to dramatically reduce the size of its mortgage lending business, Bloomberg reported Monday, shedding its commitment to be No. 1 in the business x years …
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https://youtu.be/AIfKJAm2Fmo Jerry Howard, National Association of Home Builders (NAHB) CEO, has plenty of experience in the housing industry. Prior to joining NAHB, Jerry served as the Chief Lobbyist for the National Council of State Housing Agencies. For over a quarter of a century, Jerry has been analyzing the housing market. In a interview with Bloomberg, …
Markets have misinterpreted the most recent statements from the Fed – and its likely the central bank will push rates past 4%, former New York Fed president says Stocks have rallied since the last Federal Reserve meeting, and since data showed inflation easing in July. But markets have misinterpreted the Fed’s statements on its …
New York Empire State factory gauge plunges in August deep into contraction territory General conditions index drops 42 points to negative 31.3 — the second largest decline on record The New York Fed’s Empire State business conditions index, a gauge of manufacturing activity in the state, plummeted 42.4 points to negative 31.3 in August, the …
Inflation at 2% target needed for months to be sure, he says Richmond Fed leader cites research work of Marvin Goodfriend Federal Reserve Bank of Richmond President Thomas Barkin said the central bank needs to keep raising interest rates until it’s clear inflation is running at its 2% target even if the economy weakens to …
Continue reading “Fed’s Barkin Urges Keeping Rates High to Avoid 1970s-Style Error”