Noted economist Mohamed El-Erian said the U.S. economy is facing higher odds of a recession and stagflation after a series of high-profile bank collapses last month. “The flashing red light resulting from a speed-of-light run on the U.S. banking system, or what economists broadly refer to as financial contagion, is behind us,” the longtime economist…
Top Economist Sounds Recession Alarms and Warns of Stagflation After Bank Failures
Bank Deposits Edge Up After Record Withdrawals, Fed Data Show
Deposits at U.S. commercial banks rose near the end of March for the first time in about a month after two of the largest U.S. banks failed, according to Federal Reserve data released on Friday. The data showed deposits at all commercial banks rose to $17.35 trillion in the week ended March 29, on a…
Jobs Print Near Expectations, but Economy Clearly Is Slowing
April 7, 2023
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Business & MarketsBusiness Columnistseconomic policieseconomyFederal Reserveinflationinterest ratesJay PowellMarketsstocksUS
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Commentary New jobs created printed at 236,000 on April 7, according to the Establishment Survey, on par with market expectations of 230,000 jobs. The Household Survey printed lower, at 160,000. Net revisions were down 17,000 from January and February. Both the unemployment rate, at 3.5 percent, and the number of unemployed persons, at 5.8 million,…
US Economy Adds 236,000 Jobs as Labor Market Slows in March
The U.S. economy added 236,000 new jobs in March, below the market estimate of 239,000, according to the Bureau of Labor Statistics (BLS). This was also down from the 326,000 new jobs that were created in February. The unemployment rate edged down to 3.5 percent, down from 3.6 percent. This came in below economists’ expectations…
Federal Reserve Making Worst ‘Policy Mistake in Several Decades’, Top Economist Warns
April 3, 2023
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Business & Marketseconomic policieseconomyFederal Reserveinflationjerome powellMarketsMohamed El-ErianrecessionUSUS News
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The Federal Reserve’s year-long aggressive monetary tightening efforts could turn out to be one of the most significant policy errors in the last several decades, according to renowned economist Mohamed El-Erian. El-Erian shared excerpts from the Peterson Institute for International Economics (PIIE) and the Financial Times that reinforced his view that the U.S. central bank…
Sharp Spending Slowdown Lowers Fourth-Quarter US GDP Ahead of Banking Crisis
The U.S. economy grew 2.6 percent in the fourth quarter, down from 3.2 percent in the third quarter, according to the Bureau of Economic Analysis (BEA). This is slightly below the second estimate of 2.7 percent. The real GDP growth rate (inflation-adjusted) was 2.1 percent in 2022, down from 5.9 percent in 2021. Most of…
Sharp Spending Slowdown Lowers 4th-Quarter US GDP Ahead of Banking Crisis
The U.S. economy grew 2.6 percent in the fourth quarter, down from 3.2 percent in the third quarter, according to the Bureau of Economic Analysis (BEA). This is slightly below the second estimate of 2.7 percent. The real GDP growth rate (inflation-adjusted) was 2.1 percent in 2022, down from 5.9 percent in 2021. Most of…
Federal Reserve ‘Asleep at the Wheel’ in Banking Crisis: Senate Republicans
The Federal Reserve failed to use the tools at its disposal and was late in responding to the banking crisis, according to Senate Republicans. The U.S. Senate Banking, Housing, and Urban Affairs Committee held a hearing on Tuesday with Fed Vice Chair for Supervision Michael Barr, Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg, and…
The CARES Act: A Three-Year Retrospective
March 28, 2023
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bank crisisCARES actCCP VirusFederal ReserveinflationlockdownsOpinionPandemic ResponseU.S. economyViewpoints
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Commentary On the very day that lockdowns were announced (March 16, 2020), the Federal Reserve revved up its printing press and Congress prepared the CARES Act that spent $2.2 trillion to feed the lockdown beasts at the state level. It was a huge turning point in U.S. history that changed everything. We are still dealing…
Silicon Valley Bank a ‘Textbook Case of Mismanagement,’ Fed’s Barr Tells Senate
The failure of Silicon Valley Bank (SVB) was driven by a “textbook case of mismanagement,” Federal Reserve vice chair of supervision Michael Barr told a Senate hearing. Appearing before the Senate Banking, Housing, and Urban Affairs on Tuesday, Barr diagnosed the driving force behind the financial institution’s collapse. “SVB’s failure is a textbook case of…
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