The U.S. economy is expected to contract in the second quarter, the latest estimate from the Federal Reserve Bank of Atlanta found. According to the Atlanta Fed Bank’s GDPNow model, the economy is expected to fall 1 percent in the April-to-June period, down from the 0.3 percent projection from earlier this week. The regional central…
Atlanta Fed Predicts Negative Second-Quarter Growth, Indicating Recession Has Begun
Wells Fargo CEO: Americans Won’t Be Ready for What Fed Has in Store for Them
June 30, 2022
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Business & MarketsCompanieseconomic policieseconomyinflationinterest ratesInvestmentrecessionUSWells Fargo
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Wells Fargo CEO Charles Scharf revealed that Americans and the U.S. economy aren’t ready for Federal Reserve interest rate hikes after the central bank raised rates earlier this month. “We know rates are going up, it couldn’t be clearer,” Scharf told CNBC on Wednesday. “We know that consumers and businesses, while strong today, are going…
Wells Fargo CEO: ‘Rates Are Going Up, It Couldn’t Be Clearer’
June 30, 2022
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Business & MarketsCompanieseconomic policieseconomyinflationinterest ratesInvestmentrecessionUSWells Fargo
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Wells Fargo CEO Charles Scharf revealed that Americans and the U.S. economy aren’t ready for Federal Reserve interest rate hikes after the central bank raised rates earlier this month. “We know rates are going up, it couldn’t be clearer,” Scharf told CNBC on Wednesday. “We know that consumers and businesses, while strong today, are going…
Biden: Drivers Must Pay More for Gas ‘As Long as It Takes’ to End Russia War
June 30, 2022
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Business & Marketscommoditieseconomic policieseconomyEuropeExecutive BranchInvestmentJoe BidenMarketsNATOPoliticsRussia-Ukraine WarUSUS NewsWebstreamWorld
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President Joe Biden on Thursday said that American motorists should expect to pay elevated prices for gasoline until the Russia–Ukraine war is over. In a press conference following the NATO summit in Madrid, Biden was questioned about how long people should pay higher gas prices. “How long is it fair to expect American drivers and…
Monthly Mortgage Payments for Typical Home Rise $800 Since January
June 30, 2022
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Business & MarketseconomyFreddie MacinflationInvestmentmortgage paymentsmortgage ratesreal estateUSUS NewsUS Real Estate
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The battle waged by the Federal Reserve to curb inflation heightens mortgage costs, making homes less affordable for first-time buyers. The average rate on the popular 30-year fixed mortgage is now close to 6 percent, which is about double what it was at the beginning of the year. Consequently, the monthly mortgage payment for a typical home in the…
Monthly Mortgage Payments for Typical Home Rise $800 in Last 6 Months
June 30, 2022
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Business & MarketseconomyFreddie MacinflationInvestmentmortgage paymentsmortgage ratesreal estateUSUS NewsUS Real Estate
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The battle waged by the Federal Reserve to curb inflation heightens mortgage costs, making homes less affordable for first-time buyers. The average rate on the popular 30-year fixed mortgage is now close to 6 percent, which is about double what it was at the beginning of the year. Consequently, the monthly mortgage payment for a typical home in the…
Supreme Court Narrows EPA’s Ability to Regulate Carbon Dioxide Emissions
June 30, 2022
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Affordable Clean Energy RuleBusiness & MarketsClean Air ActClean Power PlaneconomyEPA - U.S. Environmental Protection AgencyInvestmentJudiciaryPolicies & ImpactsSupreme CourtUSWest Virginia
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The Supreme Court ruled 6–3 this morning that the Clean Air Act does not give the U.S. Environmental Protection Agency (EPA) widespread power to regulate carbon dioxide emissions that a popular theory says contribute to global warming. Chief Justice John Roberts wrote the court’s majority opinion (pdf) in West Virginia v. EPA, court file 20-1530. Roberts was…
Key Inflation Gauge Inches Down But Still Stuck at More Than Double Fed’s Target
A key inflation gauge heavily relied on by the Federal Reserve when setting interest rates inched down in May but remained elevated near multi-decade highs at a level more than twice the central bank’s inflation target, suggesting the Fed’s fight to relieve price pressures will be drawn out. The Fed’s preferred inflation gauge, the so-called…
Key Inflation Gauge Inches Down But Remains Stuck In High Gear
A key inflation gauge heavily relied on by the Federal Reserve when setting interest rates inched down in May but remained elevated near multi-decade highs at a level more than twice the central bank’s inflation target, suggesting the Fed’s fight to relieve price pressures will be drawn out. The Fed’s preferred inflation gauge, the so-called…
Audi Invests $19.2 Million to Restart Production in Brazil
SAO PAULO—Audi, a Volkswagen Group brand, announced on Wednesday an investment of 100 million reais ($19.22 million) to restart production at its plant in Parana state in Brazil, according to plans disclosed late last year. Initially, the plant will have a maximum production capacity of 4,000 vehicles per year, the company said in a statement….
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