President Joe Biden has called on the Federal Trade Commission (FTC) to probe possible anti-competitive or “illegal conduct” by oil and gas companies that may have pushed up prices at the pump, drawing a critical reaction from a major oil lobby that blamed the president’s policies for stifling American energy production. Biden said in a…
Biden Asks FTC to Probe Energy Companies for Possible ‘Illegal Conduct’ as Gas Prices Soar
November 17, 2021
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Paul Krugman Admits He ‘Got Inflation Wrong’ But Stands by ‘Transitory’ Narrative
Paul Krugman, Nobel-prize winning economist and New York Times columnist, has conceded that his prediction that the inflationary wave now battering American households would be benign was wrong and he “didn’t see the current surge coming,” though he continues to see the upward price pressures as “transitory.” Krugman made the admission in a series of…
Homebuilder Confidence Rises for Third Consecutive Month Even as Supply-Side Challenges Persist
Homebuilder confidence rose for the third consecutive month in November, beating forecasts despite the persistence of supply-side challenges like shortages of construction materials, lots, and labor. Sentiment among single-family homebuilders moved up by three points to a reading of 83 in November, according to the NAHB/Wells Fargo Housing Market Index (HMI), marking the third month in row…
Germany’s Regulator Suspends Certification Process of Nord Stream 2 Gas Pipeline
Germany’s energy regulator the Bundesnetzagentur announced on Tuesday that it has suspended the certification process for a major new pipeline connecting the country and Russia, after ruling that its operator within Germany does not comply with conditions set by German law. The watchdog said on Tuesday it had temporarily halted the certification process because the Swiss company behind…
US Treasury’s Yellen to Visit Tribal Communities, Vows Greater Engagement
WASHINGTON—U.S. Treasury Secretary Janet Yellen on Tuesday said she would visit tribal communities over the next year as her department continues to expand its engagement with Native American tribes, which were hit disproportionately hard by the COVID-19 pandemic. Yellen told the second day of a White House Tribal Nations Summit that nearly 100 percent of…
China’s Retail Sales Outpace Forecast, But Property Sector Overcasts Outlook
November 17, 2021
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China’s industrial production and retail sales climbed faster than forecast in October, according to official data. However, the Chinese regime’s new control measures against the Chinese Communist Party (CCP) virus pandemic and a weakening property sector have weighed down the economic outlook. According to China’s National Bureau of Statistics (NBS), retail sales increased by 4.9 percent…
Europe’s Planned Rival to Visa and Mastercard Appeals for Public Funding
LONDON—A planned pan-European payments network backed by 22 banks to compete with U.S. duo Mastercard and Visa appealed on Tuesday for public money, saying its private backers were not prepared to stump up all the cash needed. The European Payments Initiative (EPI) was launched last year and is seeking to get more banks and other…
Nearly 1 in 5 American Homes Bought by Investors in Last Quarter Sales
November 16, 2021
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Almost 1 in every 5 American homes sold in the third quarter of this year was bought by an investor entity rather than an individual looking to live in or rent out the home, according to data from Redfin, a brokerage. Investors snatched up more than 90,000 houses totaling more than $63 billion, representing 18…
Investors Bought Nearly 1 in 5 American Homes Sold in 3rd Quarter
November 16, 2021
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Business & EconomyBusinesses in COVID-19Economieseconomyhome ownershiphome pricesinflationInvestmentMarketsmortgagereal estaterentUS
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Almost one in every five U.S. homes sold in the third quarter of 2021 was purchased by an investor entity, rather than an individual looking to live in or rent out the residence, according to data from Redfin, a real estate brokerage. Investors bought more than 90,000 houses totaling more than $63 billion, representing 18…
Bullard Says Fed Should Tack ‘Hawkish’ in Next Couple of Meetings
November 16, 2021
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WASHINGTON—The U.S. Federal Reserve should “tack in a more hawkish direction” over its next couple of meetings to prepare in case inflation does not begin to ease, St. Louis Federal Reserve bank president James Bullard said on Tuesday. “If inflation happens to go away we are in great shape for that. If inflation doesn’t go…
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