A leading economic indicator fell to its lowest level in 28 months, as signs point to a recession later this year. The latest Conference Board Leading Economic Index (LEI) report, published on April 20, fell 1.2 percent in March, for the twelfth month in a row, higher than The Wall Street Journal’s estimate of a 0.7 percent…
Leading Economic Indicator Sinks to Lowest Level in 28 Months: ‘Worsening Economic Conditions Ahead’
April 20, 2023
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Business & Marketseconomic indicatorseconomic policieseconomyinflationInvestmentMarketsrecessionThe Conference BoardUS
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Musk Says Tesla Will Put Sales Growth Ahead of Profit
Tesla Inc. boss Elon Musk on Wednesday doubled down on the price war he started at the end of last year, saying the electric vehicle (EV) maker would prioritize sales growth ahead of profit in a weak economy. The company posted its lowest quarterly gross margin in two years, missing market estimates, as it slashed…
Musk Says Tesla Likely to Launch Full Self-Drive Technology ‘This Year’
SAN FRANCISCO—Elon Musk said on Wednesday that electric vehicle (EV) giant Tesla likely will launch full self-drive technology this year and generate significant profits that offset some of the margin pressure it’s facing due to aggressive price cuts. “I hesitate to say this but I think we’ll do it this year,” said Tesla CEO Musk,…
Housing Agency Rules Will Force Homeowners With Good Credit to Subsidize High-Risk Borrowers
April 20, 2023
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Business & MarketsCompaniesCredit Scoreseconomic policieseconomyequityExecutive BranchFederal Housing Finance AgencyinflationInvestmentMarketsmortgagespersonal financePolicies & ImpactsPoliticsreal estaterecessionUSUS Real Estate
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The Biden administration will soon punish Americans with high credit ratings to pay more for their mortgages to subsidize loans for homebuyers with lower scores. Starting May 1, Americans purchasing a new home or are refinancing their existing mortgages will have to pay higher mortgage rates and monthly fees if they have a higher credit score, The…
Federal Government Struggles to Get Americans to Buy EVs: Here’s How Many Are Seriously Considering It
Amid recent a federal push to drive more Americans into purchasing electric vehicles, a new poll suggests that most Americans aren’t sold on the cars. As of late March 2023, only about 4 percent of all Americans own an electric vehicle, according to a survey published by Gallup last week. Another 12 percent told the…
‘Privacy Is a Top Concern’: Fed Governor Warns About CBDC Risks
April 20, 2023
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Business & MarketsCentral Bank Digital Currency (CBDC)economic policieseconomyFederal ReserveMarketsPolicies & ImpactsUS
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The use of Central Bank Digital Currencies (CBDC) poses considerable risks to the privacy of Americans, potentially even limiting how citizens can use their own money, Federal Reserve Governor Michelle W. Bowman warned during a recent speech. “In my view, safeguarding privacy is a top concern and is also often identified as a top concern…
White House Blasts GOP Debt-Ceiling Proposal: ‘Blueprint to Devastate’ American Families
April 20, 2023
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Business & Marketsdebt ceilingeconomic policieseconomyExecutive BranchPoliticsRepublican proposalUSUS NewsWhite House
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White House press secretary Karine Jean-Pierre has issued a sharply critical statement on the Republican debt-ceiling proposal, calling it a “blueprint to devastate hard-working American families” and accusing the GOP of “holding the American economy hostage” in order to push for spending cuts. Her statement, issued on Thursday, builds on a rebuke of the Republican plan…
US Unemployment Claims Tick Up to 245,000, but Still Low
WASHINGTON—The number of Americans applying for unemployment benefits rose last week but remains low by historic standards. U.S. jobless claims rose by 5,000 to 245,000, the Labor Department reported Thursday. The four-week moving average of claims, which evens out week-to-week ups and downs, fell by 500 to 239,750. At the start of the year, weekly…
Wall Street Opens Lower on Downbeat Earnings, Rate Jitters
U.S. stock indexes opened lower on Thursday as disappointing results from Tesla, AT&T and some regional banks dented investor sentiment already soured by prospects of further U.S. interest rate hikes. The Dow Jones Industrial Average fell 156.41 points, or 0.46 percent, at the open to 33,740.60. The S&P 500 opened lower by 24.04 points, or…
Risk of Debt Default Is ‘Non-Trivial,’ Warns JPMorgan
April 20, 2023
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Business & Marketsdebt ceilingdefaulteconomic policieseconomyJPMorganPolicies & ImpactsPoliticsUSUS News
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JPMorgan has warned that there’s a “non-trivial risk” of a default on U.S. government obligations as the debt-limit deadline looms with no agreement in sight. Analysts at the bank said in the Wednesday note that they expect the debate over the debt ceiling as well as the one on the federal funding bill to come…
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