To combat inflation, the Fed will soon raise rates significantly again. The economy is balanced.
At a news conference, Fed Chair Jerome Powell defended the "unusually substantial" rate increase by stating that "the labor market is exceedingly tight and inflation is much, much too high."
Powell declared, "My colleagues and I are well aware that high inflation causes enormous hardship, particularly on those least able to manage the higher expenses of necessities like food, shelter, and transportation."
The average rate on a 30-year fixed-rate mortgage is at 5.54 percent, almost doubling from the start of the year, which has kept many buyers away, according to Freddie Mac. Sales and construction of new homes have both decreased.
The stock market comes next. The tech-heavy Nasdaq, which is in a bear market, has plunged by almost 25% this year, while the broadly based S&P 500 is down roughly 17%.
The Commerce Department will publish its quarterly report card on economic growth later this week. Gross domestic product decreased by 1.4 percent in the first quarter of the year.
According to Ryan Wang, a U.S. economist at HSBC, "there is a lot of evidence suggesting economic growth has slowed throughout the first half of this year."
ConocoPhillips and QatarEnergy ink an LNG agreement for Germany
Beginning in 2026, the arrangement will supply Germany with two million tonnes of LNG per year for at least 15 years. The first such
Biden is cautioned by Xi not to "play with fire" over Taiwan.
Amid simmering economic and geopolitical tensions, Chinese President Xi Jinping warned his US counterpart Joe Biden against "playing with fire" over
U.S. economic growth was negative for the second quarter in a row. Is a recession occurring?
In the past three months, the US economy fell by 0.9%. For the second consecutive quarter, the economy has shrunk. Gross domestic output, or GDP,
RECORDS ARE BROKEN AS A HEATWAVE BAKES WESTERN EUROPE.
For the first time, the UK, which is accustomed to gentler weather, experienced temperatures of over 40C (104F). The hottest day of the year so
Dollar climbs further, sticking euro, yen at multi-decade lows
The dollar resumed its relentless rise on Thursday, driven by both expectations for faster Federal Reserve policy tightening and safe-haven flows
The US annual inflation rate increased from 8.6 percent in May to 9.1 percent in June 2022, exceeding market expectations of 8.8 percent and
EUROPE - Five Things You Should Know Before You Begin Your Day
Europe's hard recovery is accompanied by sanctions against Russia, rate increases by central banks, and a contest for prime minister in the UK. Here
The story of Inflation in the 21st Century - the run-up and the way-forward
The article has been copied from LinkedIn profile of Sanjeev Kumar. Link of the original post:
Citigroup predicts further downward revisions in oil demand.
Citigroup predicts further downward revisions in oil demand.According to Ed Morse, global head of commodity research at Citigroup Inc., amid
WHAT HAPPEN HISTORICALLY ON JULY 1-3
In the first days of July 1863, two great armies converged at the small town of Gettysburg, in southern Pennsylvania. Begun as a skirmish between
House prices in Northern Ireland are at record highs nationwide, but there are hints of a slowdown as mortgage rates decline.
According to Nationwide Building Society, price growth slowed from 11.2 percent in May to 10.7 percent in June. The typical home price in the UK
What are some things that middle-class people believe that wealthier people do not?
Richness is wearing branded clothesRichness is imitating the rich .Show off first , pay your liabilities later .Richness is enjoying luxuriesSave
why should israel be inspired?
Israel being so tiny country has made a global recognition . Technology Israeli s are one of the finest technology innovators , there
Who is the most underrated Indian ever?
WORLD’S LARGEST GOLD COMPANY Rajesh Exports Limited (REL) is the world's largest gold company and world's only fully integrated
Mind your waste .
It is really sad to see just our waste is killing us . We feel our waste is not our responsibility . The waste if not segregated and treated
Why is the poor getting poorer and why is the rich getting richer?
Capitalism is the only reason In the early 1900 s there were only 12 to 20 billionaires , Now the count has reached 4000+ billionaires world
What can the rest of the world learn from Chinese people?
Speed . In the last 3 decades they evolved from a poor country to a global super power They work at immense speeds , they don't waste their
Believing in Yourself Has Unparalleled Power
You must totally believe in yourself and your potential to live a life of high achievement. Find me a highly successful individual who does not
ESPN is being sued by Sage Steele for allegedly infringing on her right to freedom of speech.
One of ESPN's long-serving anchors is suing the corporation and its parent firm, The Walt Disney Co., for allegedly violating his right to free