U.S. Commerce Department Secretary Gina Raimondo urged lawmakers to quickly approve $52 billion in funding for chipmakers as multiple companies have stalled their expansion plans in the country. “Mark my words … if Labor Day comes and goes and this Chips Act isn’t passed by Congress, these companies will not wait and they will expand…
Chipmakers Will Abandon Plans for US Plants Unless Congress Passes $52 Billion Funding, Warns Raimondo
The Stock Market Is Tumbling. What Now?
It has not been a lucrative year for the stock market. The S&P has fallen for a whopping 10 weeks out of the past 11. The Dow closed below 30,000 for the first time since January 2021. If we turn to historical data for insight into the future, things don’t look much more optimistic. According…
Housing Market Facing Mixed Results As Pending Home Sales Fall Sharply From 2021
June 27, 2022
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Business & Marketseconomyhome lendinghousing marketinflationInvestmentMarketsreal estateUSUS NewsUS Real Estate
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Pending U.S. home sales in May edged higher, ending a six-month streak of declines, with a slight rise of 0.7 percent from April, according to the National Association of Realtors on June 27. Month-over-month regional results were mixed with a slight pickup on average, and the Northeast and Southern states experiencing a rise in sales,…
Falling Home Values and Rising Mortgage Rates Create Potential for Perfect Storm
June 27, 2022
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Business & MarketsBusiness ColumnistseconomyhouseinflationInvestmentMarketsmortgageOpinionrecessionViewpoints
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Commentary The red-hot housing market is showing signs of cooling down, but it’s not just in America where this is happening. Globally, cities all over are feeling the crunch, with price-to-rent and price-to-income ratios skyrocketing. These two ratios are important measurements as they measure housing affordability in given housing markets. In New Zealand alone, the…
Oil Billionaire Blasts Biden’s Gas Price Blame Game, Says Only One Thing Will Fix Inflation
June 27, 2022
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Business & Marketscommoditieseconomic policieseconomyExecutive Branchgas priceinflationInvestmentJoe BidenMarketsPoliticsrecessionUSUS News
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New York billionaire and refiner John Catsimatidis, who owns hundreds of gas stations, blasted President Joe Biden’s pinning the blame on high prices at the pump on gas station owners, arguing there’s only one solution for inflation—boosting production of crude. Catsimatidis made the remarks in an interview on Fox News on June 24, after being…
Back to the Future: Progressives Imagine the Good Old Days of Price Controls
Commentary When the Bourbon dynasty was restored to power in France in the early 1800s, after Napoleon’s abdication, the French statesman Charles-Maurice de Talleyrand famously said of that family: “They had learned nothing and forgotten nothing.” In modern economic parlance, one can say the same thing about progressives, who once again are demanding price controls to “fight inflation.”…
Americans Become More Pessimistic About the Future of the Country
The share of American adults who say they’re optimistic about the future of the country has dropped to a new tracking low, according to a poll by Morning Consult, which comes on the heels of a closely-watched consumer confidence gauge that fell to its lowest level on record. The Morning Consult survey, carried out on…
Australian States Build on International Trade Networks Through New Offices Abroad
June 27, 2022
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AustraliaBusiness & Marketseconomic policieseconomyInvestmentinvestment and tradeNew South WalesSouth Australiatrade commissionersWestern AustraliaWorld
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The Australian states of Western Australia (WA) and New South Wales (NSW) are seeking to boost investment and trade with foreign nations by establishing new trade offices and envoys abroad, while South Australia’s London office will remain the state’s gateway into Europe after the former government’s plan to set up a new office in France…
‘A Recession Is Inevitable’: Former New York Fed President
June 25, 2022
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Business & Marketseconomic policieseconomyinflationInvestmentMarketsNew York Federal ReserverecessionUS
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William Dudley, the former president of the Federal Reserve Bank of New York, wrote this week in Bloomberg, that a recession is inevitable by the end of next year, after warning that the Fed took too long to fight inflation. Writing in his June 22 Bloomberg Opinion column William Dudley said that in the next 12 to 18 months, the…
US Mortgage Delinquency Rates Hit A Record Low In May
June 25, 2022
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Business & MarketseconomyforeclosuresinflationInvestmentMarketsmortgage paymentspersonal financereal estateUS Real Estate
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The number of borrowers in a state of delinquency from not making their mortgage payments on time in the U.S. declined five basis points from April at 2.80 percent to 2.75 percent in May, continuing the downward trend since March, with another new low. The national delinquency rate started to decline in March, according to the May…
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