A large number of Americans do not feel optimistic about their finances improving next year amid the continued cost of living crisis and higher interest rates, a new survey has found. The consumer financial services company Bankrate.com commissioned YouGov Plc. to conduct the survey among 3,656 adults in the United States between Nov. 15-18. Respondents were asked: “Compared…
Vast Majority of Americans Don’t Expect Their Finances to Improve in 2023, Cite Inflation
US Single-Family Housing Starts Drop in November Due to High Mortgage Rates
December 21, 2022
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Business & Marketseconomic policieseconomyHome ConstructioninflationMarketsmortgage ratespersonal financePolicies & Impactsreal estaterecessionUSUS Real Estate
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Monthly construction of new single-family homes and building permits fell to a two and a half year low in November. This was caused by higher mortgage rates combined with inflation, which further weakened housing market activity, according to a report from the U.S. Census Bureau, on Dec. 20. The single-family housing market once boomed during…
Yen Holds on to Big Gains After BOJ’s Surprise Policy Tweak
SINGAPORE/LONDON—The yen traded flat on Wednesday after surging almost 4 percent in the previous session, when the Bank of Japan (BOJ) unexpectedly tweaked a key policy, allowing government bond yields more room to move. The BOJ decided to change its “yield curve control” policy on Tuesday even as it kept broad policy settings unchanged. It…
Oil Prices Rise on US Drawdown, Chinese Fears Weigh
December 21, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices rose on Wednesday after data suggested a larger-than-expected draw in U.S. crude stockpiles, but gains were capped by growing concerns over demand in China and a snow storm that is expected to hit U.S. travel. Brent crude futures were up 93 cents, or 1.15 percent, at $80.92 a barrel by 1040 GMT. U.S….
Global Shares Edge Up, but Face Patchiest Yearly Performance Since 2008
December 21, 2022
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON/SINGAPORE—Global shares edged up on Wednesday after the Bank of Japan rocked the markets by unexpectedly deciding to loosen its tight leash on government bond yields, with the yen then scoring its biggest one-day gain against the dollar in 24 years. The MSCI All-World index rose 0.1 percent on the day, although it is on…
Homebuilder Sentiment Drops for 12 Months in a Row to Lowest in Decade
December 21, 2022
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Business & MarketseconomyFederal Reservehomebuilder sentimentinflationmortgagereal estaterecessionUSUS NewsUS Real Estate
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Homebuilder sentiment has dropped every month in 2022, amid a volatile economy, reaching the lowest level since 2012 in December, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) published on Dec. 19. The decline comes as inflation remains elevated and mortgage rates, driven by the Federal Reserve’s aggressive monetary tightening…
Wall Street Subdued at Open After BOJ’s Policy Surprise
Wall Street’s main indexes were subdued at the open on Tuesday after the Bank of Japan surprised global investors with a policy shift that would allow long-term interest rates to rise more. The Dow Jones Industrial Average fell 22.30 points, or 0.07 percent, at the open to 32,735.24. The S&P 500 opened lower by 7.19…
Businesses ‘Extremely Cautious’ Heading Into 2023
The question of whether or not the U.S. economy is in recession remains one of the most hotly debated topics of 2022, yet corporate America is bracing for a slump in consumer spending. As high inflation depresses consumer demand, businesses of all sizes expect the economy to worsen in 2023. Consumer spending has kept the…
Businesses ‘Extremely Cautious’ Heading Into 2023: Goldman Sachs CEO
The question of whether or not the U.S. economy is in recession remains one of the most hotly debated topics of 2022, yet corporate America is bracing for a slump in consumer spending. As high inflation depresses consumer demand, businesses of all sizes expect the economy to worsen in 2023. Consumer spending has kept the…
Yen Soars to 4-month High After Surprise BOJ Policy Tweak
LONDON—The yen surged to a four-month peak against the dollar on Tuesday after the Bank of Japan stunned markets by deciding to review its yield curve control policy and widen the trading band for the 10-year government bond yield. While it kept broad policy settings unchanged—pinning short-term JGB yields at -0.1 percent and the 10-year…
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