Elon Musk, the founder and CEO of Tesla and SpaceX, predicted a global recession that will last through the spring of 2024, while at the same time attacking policy actions by the Federal Reserve. On Oct. 21, Musk exchanged tweets with Dogecoin co-creator Billy Markus, who uses the Twitter handle Shibetoshi Nakamoto (the name used…
Elon Musk Says a Global Recession Could Last Until Spring 2024, While Slamming the Fed for Hiking Rates
October 21, 2022
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Business & MarketsCompanieseconomic policieseconomyElon MuskFederal ReserveinflationMarketsrecessionUSWorld
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IRS Raises 401(K) Contribution Limit by Record Amount Amid Raging Inflation
The Internal Revenue Service (IRS) on Friday announced it would raise the 401(k) contribution limit by a record 9.8 percent amid decades-high inflation. Starting in 2023, Americans can contribute as much as $22,500 into 401(k), 403(b), the federal government’s Thrift Savings Plan, and most 457 retirement plans, according to the IRS’s announcement. That’s $2,000 more…
Midterms Could Deal a Blow to Progressive Housing Agenda
October 21, 2022
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2022 Midterm ElectionsBusiness & MarketsBusiness Columnistseconomic policieshousingMidtermsPoliticsprogressiveUS
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News Analysis Challenges to single-family zoning are gathering steam nationwide, but an ambitious progressive agenda to promote high-density housing could suffer a major setback if Democrats lose control of Congress in the November midterm elections. The stakes include billions of dollars in federal grants and hundreds of thousands of housing units, as President Joe Biden…
Biden Delivers Remarks on Deficit Reduction, Economic Plan
U.S. President Joe Biden delivers remarks on his deficit reduction and economic plan. * Click the “Save” button below the video to access it later on “My List.” Follow EpochTV on social media: Twitter: https://twitter.com/EpochTVus Rumble: https://rumble.com/c/EpochTV Truth Social: https://truthsocial.com/@EpochTV Gettr: https://gettr.com/user/epochtv Facebook: https://www.facebook.com/EpochTVus Gab: https://gab.com/EpochTV Telegram: https://t.me/EpochTV …
Wall Street Opens Lower as Snap’s Ad Warning Spurs Social Media Selloff
Wall Street’s main indexes opened lower on Friday as Snap Inc.’s forecast of no revenue growth in the lucrative holiday quarter sparked a selloff in social media companies, with galloping U.S. Treasury yields adding to the losses. Meanwhile, a report on Federal Reserve officials to likely debate how to signal plans to approve a smaller…
Existing Home Sales Fall to a 10-Year Low as US Housing Recession Deepens
October 21, 2022
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Business & Marketseconomic policieseconomyHome salesinflationmortgage ratesreal estateUSUS Real Estate
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Existing home sales have fallen to their slowest pace in 10 years, as the U.S. housing recession worsens. Home sales have not been this slow since September 2012, with the exception of the first few months of the pandemic, and are 23.8 percent lower from the same time last year. Sales of previously owned homes in…
Musk Says Recession Could Last Until 2024
Tesla Chief Executive Elon Musk said on Friday he thinks a recession will last until spring of 2024 after earlier raising concerns on demand in China and Europe. “Just guessing, but probably until spring of ’24,” Musk said on Twitter when a user asked him how long the recession would last. Shares of Tesla slid…
Yen Slides Further to 151 per Dollar, Pound Falls on UK Turmoil
LONDON—The yen was on track for its 10th straight weekly decline against the relentlessly strong dollar on Friday, while sterling fell as political turmoil once again gripped Britain. The dollar gained across the board, also pushing the Swiss franc to its lowest level since May 2019. Investor bets on the U.S. Federal Reserve ratcheting up…
Oil Steadies as Rate Hike Talk Offsets China Demand Hopes
October 21, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil steadied on Friday as investors weighed the impact of sharp interest rate rises on energy consumption, offsetting hopes of higher Chinese demand and output cuts by OPEC and its allies. To fight inflation, the U.S. Federal Reserve is trying to slow the economy and will keep raising its short-term rate target, Federal Reserve Bank…
Fed’s Harker Says Rate Hikes Could Be ‘Well Above’ 4 Percent by Year End Amid ‘Disappointing Lack of Progress’
Philadelphia Federal Reserve President Patrick Harker on Thursday said he expects the central bank will raise interest rates to “well above” 4 percent this year in an effort to tame soaring and persistent inflation. Harker made the remarks during a speech at an event with the Greater Vineland Chamber of Commerce in Vineland, New Jersey, CNBC…
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