Now that the Federal Reserve is on a path of monetary tightening—a blend of raising interest rates and reducing the $9 trillion balance sheet—the nation’s fiscal situation is coming under a microscope. The U.S. government’s debt recently topped $30 trillion, increasing the country’s debt-to-GDP ratio to nearly 130 percent. U.S. government debt is now about…
Fed’s Rate Hikes Will Add to US Government, Consumer Debt Levels, Experts Warn
Dow Falls Nearly 1,000 Points on May 5, Erasing Previous Day’s Rally
May 5, 2022
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Business & EconomyDow Jones futureseconomic policieseconomyInvestmentMarketsstock market lossstocksUS
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The Dow Jones Industrial Average lost 1,297 points, or 3.8 percent, on May 5, one day after the market rallied to the Fed’s raising of interest rates, with stocks suffering their worst losses of 2022 and one of its worst days since the start of the pandemic. The day’s massive tumble completely reversed the market’s gains…
Dow Falls Nearly 1,000 Points on May 5 After Market Losses Erase Previous Day’s Rally
May 5, 2022
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Business & EconomyDow Jones futureseconomic policieseconomyInvestmentMarketsstock market lossstocksUS
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The Dow Jones Industrial Average lost 1,297 points, or 3.8 percent, on May 5, one day after the market rallied to the Fed’s raising of interest rates, with stocks suffering their worst losses of 2022 and one of its worst days since the start of the pandemic. The day’s massive tumble completely reversed the market’s gains…
Analysts Expect Dollar to Remain Strong Over Next 6 Months, Fed Raises Interest Rates
The U.S. dollar is expected to retain much of its recent gains for at least the next six months according to a recent Reuters poll of foreign exchange strategists, which also predicted the currency weakening in a year. The dollar index has risen by more than 14 percent since the beginning of 2021, with about…
Biden Confirms Jen Psaki Leaving White House, Names Replacement
White House press secretary Jen Psaki is departing the Biden administration soon, President Joe Biden said on May 5. Psaki will leave the White House on May 13, Biden said in a statement. The president said Karine Jean-Pierre, currently the White House principal deputy press secretary, is replacing Psaki. “Karine not only brings the experience,…
Inflation Forcing Americans to Change Summer Travel Plans
May 5, 2022
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bankrateBusiness & Economyhigh inflationinflationtravel coststravel plans changetravel trendsUSUS News
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High rates of inflation are forcing Americans to change their summer travel plans according to a March 2022 survey by Bankrate. In the survey, 69 percent of respondents said they changed travel plans due to rising costs. While 25 percent have decided to take fewer trips or travel a shorter distance, 23 percent are engaging…
Florida Residents Sue to Stop Dissolution of Disney’s Private Government
A group of Florida residents has sued the state in a bid to stop it from dissolving Walt Disney World’s special district, which has allowed the company for decades to run its theme park and surrounding areas as it sees fit. The looming dissolution was triggered when Florida Gov. Ron DeSantis, a Republican, signed in…
19 Percent of Americans Have Cut Grocery Spending Due to Inflation: Survey
May 5, 2022
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American Consumer Credit CounselingBusiness & Economyconsumer spendingeconomyhigh inflationhigher food pricesinflationUS
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Americans restricted their spending activities in the first quarter of 2022 amidst a rise in inflation according to American Consumer Credit Counseling (ACCC). Over 93 percent of respondents to ACCC’s first quarter Financial Health Index survey admitted that they were impacted by the rising cost of commodities, an April 25 press release said. While 19…
Is the Market Rebound Already Over?
The rebound in the stock market following Wednesday’s interest rate hike may already be over. The SPDR S&P 500 ETF Trust, which tracks the broad stock market, stalled out at important resistance. As you can see on the following chart, SPY reversed off of the $430 level. Savvy traders were expecting this and here’s a…
Over 500 Kg of Cocaine Found in Coffee Delivery for Nespresso
ZURICH—Over 500 kg (1,102 lb) of cocaine estimated to be worth more than 50 million Swiss francs ($50.65 million) have been found in a container of coffee bean bags for Nestle’s Nespresso factory in Romont in western Switzerland, the cantonal police said on Thursday. Police were informed on Monday night by Nespresso that staff had…
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