The Federal Reserve Bank

The Federal Reserve Bank is not a US governmental institution. even though most Americans think it is. This has been a fallacy perpetrated on the American people for almost 100 years now. It is independent of the US government but through some nonbinding laws is somewhat accountable to the US Congress but has never been audited or truly overseen by the Congress. The chair and board of governor's staff testify before Congress and submit a Monetary Policy Report twice a year. Independently audited financial statements and FOMC meeting minutes are public but they are only superficial to reality. In reality, it is a cabal of bankers that have had free reign to print money out of thin air for almost 100 years. They then charge the American people interest on that creation of money. Not a bad gig if you can get it.

Unconstitutionality of Racial Preferences Stirs Concern about Social Division in US – Watching America

The U.S. Supreme Court has ruled that taking race into consideration in the college admissions process is unconstitutional, breaking with 45 years of legal precedent. Inevitably, there are concerns about whether diversity will suffer and deepen social division. Affirmative action, which involved taking proactive, corrective measures to support the social advancement of racial minorities such as Black, Latino (from Central...

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US Mortgage Rates Fall in Biggest Decline Since March

U.S. mortgage rates dropped from an eight-month high, after nearing 7 percent last week, as inflation slows ahead of next week’s Federal Reserve policy meeting. The Fed’s aggressive interest-rate hike policy sent mortgage rates well above 7 percent last year, causing the once booming housing market to crash. Rates have been slow to decline from the nearly two-decade high, forcing many potential buyers out...

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Top Fed Regulator Cautions AI Risks Violating Lending Laws

Artificial intelligence could come with both advantages and risks in the financial system, cautions the Federal Reserve’s chief banking regulator. Michael S. Barr, the Fed Vice Chair for Supervision, told the National Fair Housing Alliance 2023 National Conference on July 18 that underserved communities could have greater access to housing because AI technology, such as machine learning, might ensure affordable...

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Dollar Slips Towards 15-month Low, Euro Scales 17-month Peak

LONDON—The dollar drifted near a 15-month low against its major peers on Tuesday, as investors awaited fresh catalysts to gauge for downside in the wake of last week’s cooler-than-expected U.S. inflation. The U.S. dollar index, which measures the greenback against a basket of six currencies, fell as low as 99.587, languishing near Friday’s trough of 99.574, its lowest since April...

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To ‘Reestablish Contact’ in Economic and Trade Relations with China, the US Should Show Sincerity – Watching America

Another senior U.S. official is coming to China. U.S. Treasury Secretary Janet Yellen is visiting from July 6 to July 9. The New York Times, Associated Press, the U.K.’s Guardian, Reuters and many other media outlets all promptly followed up on this. The close attention of the foreign media showed that the world is looking forward to an improvement in...

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Small-Business Optimism Rises, but Inflation Concerns Remain Persistent

American small-business confidence slightly climbed to a seven-month high last month, but concerns about inflation remain persistent, according to a recent report. Pessimism over the U.S. economy diminished sharply, while sales expectations improved, but a persistently tight labor market is continuing to concern analysts about future inflation rates. The National Federation of Independent Business (NFIB) Small Business Optimism Index, which...

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What Will Yellen Talk about in China? – Watching America

The positive impact of U.S. Secretary of State Antony Blinken’s “icebreaker trip” in June is now emerging: Another heavyweight member of President Joe Biden’s cabinet, Treasury Secretary Janet Yellen, will be on Chinese soil this week.* The first female chair of the Federal Reserve and the first female treasury secretary in U.S. history has the important task of further easing...

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You Will Own Nothing and You Will Be Starving

Commentary “You will own nothing, and you will be happy.” This confronting statement emanates from the World Economic Forum (WEF), a non-governmental organisation established in 1971 by Klaus Schwab. By all appearances, the WEF is the most powerful organisation in the world. For decades, it has been at the centre of bringing together the world’s richest and most powerful in...

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Dollar Recovers a Touch, Inflation Data Boosts Norway’s Crown, Hurts China’s Yuan

SINGAPORE/LONDON—The dollar regained ground on Monday, partly recovering from a knee-jerk reaction to Friday data showing U.S. job gains were the smallest in two-and-a-half years, while disappointing inflation figures in China weighed on the yuan and proxies. The dollar index, which tracks the greenback against a basket of major peers, was up 0.15 percent at 102.44 having tumbled 0.87 percent...

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Mortgage Rates Soar to Highest Level for the Year

U.S. home mortgage rates soared towards 7 percent this week, pushing away many potential home buyers as affordability pressures for some pushed home ownership further out of reach. The average rate on the popular 30-year fixed mortgage hit 7.22 percent on July 6, reaching its highest point since November, according data published by to Mortgage News Daily. Freddie Mac’s report showed...

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Federal Reserve Economists Still Expect a Recession Later This Year, FOMC Minutes Show

Federal Reserve economists still expect a recession starting later this year, according to minutes from the June Federal Open Market Committee (FOMC) policy meetings. The economic forecast put together by staff at the policy meeting “continued to assume that the effects of the expected further tightening in bank credit conditions, amid already tight financial conditions” would trigger a “mild recession”...

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