NEW YORK—Wall Street fell again Wednesday as stocks tumbled worldwide on worries about the economy. The S&P 500 dropped 0.7 percent after House Speaker Kevin McCarthy said Republicans and Democrats remain “far apart” in their efforts to prevent a potentially disastrous default on the U.S. government’s debt. The main U.S. stock index is on track for its worst week in...
Read moreAfter witnessing over a decade of strong growth, landlords are now facing the worse real estate crisis since 2008. Even in the first months of the pandemic, areas of the country like Florida were able to benefit, as millions of Americans fled major metropolitan regions to more welcoming locations. Despite a temporary drop in tenants in 2020, property owners in major...
Read moreHomes taking longer to sell while mortgage rates remaining persistently high point to signs of a housing market recession The U.S. housing market continued to show signs of decline as mortgage applications and sales of existing homes fell while properties are taking longer to get sold. Mortgage applications for new home purchases dropped by 11 percent in April 2023 compared...
Read moreNew data show that delinquency rates are rising across the U.S. marketplace as consumers contend with high inflation, real negative wage growth, and rising interest rates. According to the Federal Reserve Bank of New York’s (FRBNY) Household Debt and Credit Report, the overall flow into serious delinquency rate (90 days or more delinquent) rose to 1.08 percent in the first...
Read moreLONDON—The dollar was steady against the euro and yen on Monday, as U.S. debt ceiling negotiations were set to resume and after Federal Reserve Chair Jerome Powell indicated he favours a meeting-by-meeting approach when it comes to future policy moves. The greenback was down 0.1 percent at 137.85 yen to start the week, having snapped a six-day winning streak on...
Read moreNews Analysis SAN FRANCISCO—San Franciscans started to feel the impact of a massive exodus starting with the COVID-19 pandemic and continuing as crime skyrocketed more recently. Residents have found that there are not as many people walking the streets downtown now. Usually there are more tourists than office workers, even during lunch break. No more crowds of people line up waiting...
Read moreTwo months after the collapse of Silicon Valley Bank (SVB), triggered by a social media-fuelled panic, banking executives across America are reevaluating their approach to online platforms. The crisis sparked a broad recognition of the impact of social media on the financial industry, prompting a renewed focus on risk management and mitigation. An array of strategies are now under development...
Read moreRecent surveys have indicated a growing concern among U.S. citizens about the financial impact of inflation. According to a recent poll, 61 percent of Americans are now stating that the rising costs have been causing financial difficulties, a notable jump of six percent from the previous survey carried out in November 2022. This figure is the highest reported since Gallup...
Read moreLONDON—Oil prices eased on Thursday as traders warily watched for signs of progress on talks to raise the U.S. debt ceiling, after surging in the previous session on optimism over U.S. fuel demand. Brent crude futures dipped 37 cents, or 0.5 percent, to $76.59 a barrel as of 0841 GMT. U.S. West Texas Intermediate crude dropped 34 cents, or 0.5...
Read moreHome Depot’s revenue during the first quarter fell short of expectations and the company on Tuesday cut its annual sales forecast and projected a decline in profit for the first time since 2009. Shares of the nation’s largest home improvement chain tumbled about 4 percent, while those in rival Lowe’s dropped nearly 3 percent. For the three months that ended April...
Read moreA key aide to President Joe Biden said Sunday that American business leaders’ chief concern is not inflation or recession but the looming threat of a “catastrophic” government debt default. Lael Brainard, director of the White House National Economic Council, told CBS’ “Face the Nation” on Sunday that the country’s top business leaders have told her that their biggest concern is...
Read moreWASHINGTON—Wholesale prices in the United States rose modestly last month, the latest sign that inflationary pressures may be easing more than a year after the Federal Reserve unleashed an aggressive campaign of steadily higher interest rates. From March to April, the government’s producer price index rose just 0.2 percent after falling 0.4 percent from February to March, held down by...
Read moreShop For Night Vision | See more... UN & WEF Seeking Global Slavery By Frank De Varona, 5/10/23 The Great Reset and Transhumanism was published in 2022 by The New American (author) and Gary Benoit (editor). Amazon describes this book the following way: “What’s at Stake? The Great Reset is supposed to benefit humankind. But unless it is stopped, it...
Read moreAll eyes this week will be on the April inflation report. Will it continue its downward trend, or will the consumer price index (CPI) continue to be stubborn and sticky? The Federal Reserve Bank of Cleveland’s Inflation Nowcasting is penciling in an annual inflation rate of 5.2 percent, which would be up from 5 percent in March. The core inflation...
Read moreShop For Night Vision | See more... Prepare for Economic "Trainwreck": Reagan Budget Chief The American economy is headed toward a “trainwreck” as out-of-control money printing and government spending collide with reality, warned former director of Ronald Reagan’s Office of Management and Budget, David Stockman, in this interview on Conversations That Matter with The New American magazine’s Alex Newman. The question...
Read moreBillionaire Warren Buffett said during Berkshire Hathaway’s annual meeting in Omaha that he’s bullish on America’s economic prospects despite the bitter political divisions of today, although value investors like himself should get used to “making less” in part because so many are following similar strategies. In the annual event that Buffett calls the “Woodstock for Capitalists” that draws tens of...
Read moreCommentary The pace slowed, but people overall still are exiting California, according to the latest population report by the California Department of Finance. The decline of 138,400 people from 2021 to 2022 dropped the state’s population to 38,940,231, or -0.35 percent. Which put it below 39 million for the first time since 2015. The report notes some of the decline...
Read moreCommentary Reserve Bank of Australia (RBA) governor, Philip Lowe, has fired a warning shot over the bow of the federal treasurer by raising official interest rates another quarter of a percent this week to 3.85 percent. The hard work on inflation has to be done by the government which has access to a large number of tools—fiscal and regulatory—to make...
Read moreCommentary Charlie Munger, believed by some to be the real “brains” behind Berkshire-Hathaway, the multinational investment leviathon helmed by Warren Buffet, recently told The Financial Times, “We have a lot of troubled office buildings, a lot of troubled shopping centres, a lot of troubled other properties. There’s a lot of agony out there” in real estate. His comments are well-founded....
Read moreTop investors at the annual Milken conference have warned of more economic pain to come after the collapse of First Republic Bank. Attendees at the conference said that the third seizure of a U.S. regional bank by the Federal Deposit Insurance Corporation (FDIC) since March is threatening to constrain credit and accelerate the path toward a severe economic slowdown. The...
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