Excessive spending by the government and accommodative policies of the Federal Reserve have triggered rampant inflation in the United States that is hurting poorer Americans more, according to Patrick T. Harker, president of the Federal Reserve Bank of Philadelphia. The COVID-19 pandemic threw the United States into one of the “sharpest recessions” in history. However,…
Fed’s Harker Blames ‘Scourge’ of High Inflation on Too Much Government Spending and Easy Money Policies
January 12, 2023
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Wall Street Expects Big Drop in Corporate Earnings and More Layoffs Starting January: Analysts
January 10, 2023
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Business & MarketsCompaniescorporate earningsEarnings Per ShareeconomyFed Rate Hikehigh inflationinflationlayoff workersrecessionUSUS News
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U.S. businesses are expected to see corporate earnings drop owing to a slowdown in the economy and rising interest rates, while many prominent tech firms will continue with staff layoffs starting this month, according to analysts. “Downgrades will be a key driver of the first quarter and especially this earnings season,” Joachim Klement, a market…
Governments Will Make You Poorer Again
Commentary The International Monetary Fund has warned about the optimistic estimates for 2023, stating that it will likely be a much more difficult year than 2022. Why would that be? Most strategists and commentators are cheering the recent decline in inflation as a good signal of recovery. However, there’s much more to the outlook than…
NY Legislators Pass Bill Increasing Pay to Highest in Country As Real Wages Fall For Everyday New Yorkers
December 25, 2022
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Legislators in New York voted on Thursday to increase their pay by $32,000 at a time when the state’s citizens are suffering from stagnant wages and decades-high inflation, making the lawmakers the highest-paid among peers across the United States. The pay raise will push up the yearly salary for lawmakers from the current $110,000 to…
Americans Spending Nearly $400 More per Month Owing to Inflation
December 15, 2022
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The elevated inflation rate is forcing U.S. citizens to spend hundreds of dollars a month extra than usual, forcing many into a financially tough spot as households struggle to make ends meet. The average U.S. household in November spent $396 more a month to buy the same goods and services they purchased a year back,…
Bond Traders Expecting Inflation to Plummet in 2023
December 13, 2022
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bond marketsBusiness & Marketseconomyhigh inflationinflationinflation looseningMarketsrecessionU.S. treasury yieldsUS
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U.S. inflation is set to decline next year, according to activity in the bond market, with the gap between the two-year and 10-year Treasury yields trading at its most negative level in decades. The gap between one-year Treasury inflation-protected securities and similar-dated nominal government notes is at 2.18 percent, indicating that average inflation over the…
CPI Numbers Reveal Inflation Cooled in November, but Consumer Prices Still Remain Significantly High
December 13, 2022
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The Consumer Price Index (CPI) released today shows that average prices for goods went up 0.1 percent in November compared to October, and increased 7.1 percent on an annual basis, revealing a cooling down of inflationary expansion as expected by economists even as prices persist at decades-high levels. The CPI, the most widely adopted inflation…
US Household Wealth Sees Second-Fastest Decline Since 1959
December 12, 2022
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Household wealth in the United States fell by its second-fastest pace in history, but was buoyed by a positive performance in real estate, according to a latest report by the U.S. Federal Reserve. “The net worth of households and nonprofit organizations declined $0.4 trillion to $143.3 trillion in the third quarter. The value of stocks…
Economy to Grow Slower, Inflation ‘Far Too High’: Fed’s Williams
November 30, 2022
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Business & Marketseconomic policieseconomyFederal Open Market Committee (FOMC)high inflationinflationinterest rate hikesNew York Federal ReserveU.S. economic growthUS
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John Williams, president of the Federal Reserve Bank of New York, is expecting America’s economic growth to slow down and inflation to cool in the coming years. Due to the Fed’s tightening monetary policy, broad measures of financial conditions, including borrowing, equity prices, and mortgage rates, have become “significantly less supportive of spending.” Williams said…
Americans Worried About the Economy Plan to Spend Less on Christmas Gifts: Survey
November 25, 2022
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Business & Marketsconsumer sentimenteconomic recessioneconomyhigh inflationHoliday Shoppingpersonal financepersonal savings raterecessionuniversity of michigan surveyUS
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U.S. citizens, worried about the state of the economy, are now planning to spend less on buying holiday gifts and cut down on shopping this holiday season. According to a survey by the University of Michigan, consumer sentiment declined 15.7 percent year-on-year to 56.8 in November. On a monthly basis, it fell by 5.2 percent….
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