Headline inflation comes down, but the Federal Reserve’s preferred inflation gauge is struggling to decline. The personal consumption expenditure (PCE) price index eased to 3.8 percent year-over-year in May, down from 4.3 percent in April. PCE rose 0.1 percent, down from 0.4 percent. Core PCE, which is the central bank’s top inflation measurement, dipped to […]
Archives for June 2023
World Economic Forum in China: CBDCs can stop you from buying ‘things that it deems less desirable’
Expiry dates and restrictions on “less desirable” purchases are some of the key advantages behind central bank digital currencies (CBDCs), according to an economist at a World Economic Forum (WEF) event. The WEF hosted the 14th annual Meeting of the New Champions in Tianjin, China, also known as Summer Davos. During one of the 30-minute […]
Atlanta Fed GDPNow shows second-quarter growth to be below 2%
The Federal Reserve Bank of Atlanta’s GDPNow model estimate was revised slightly upward on Tuesday. In the second quarter, the U.S. economy is projected to advance 1.9 percent, up from 1.8 percent in the previous week. From the Atlanta Fed Bank: “The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the […]
Hunter Biden pleads guilty in sweetheart deal, Trump calls it ‘a mere traffic ticket’
As you may have learned, Hunter Biden, President Joe Biden’s son, will plead guilty to two misdemeanor tax charges and admit to felony gun possession. From CBS News: Hunter Biden’s plea will include an acknowledgement that drug use was a contributing factor in his gun crime and is entering into a pretrial diversion agreement, according […]
Federal Reserve’s emergency bank bailout fund touches another record high
Is the U.S. banking system hanging on by Federal Reserve bailouts? Despite bullish sentiment washing over Wall Street and fears of a banking crisis abating, the financial institutions are tapping into the central bank’s lending facilities. According to the Fed’s balance sheet data, the Bank Term Funding Program (BTFP) touched a fresh record high of […]